The managing director/chief executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Sunday, has called for the coming together of the regulators and operators to proffer solutions which would help to build a stronger financial ecosystem that withstand the vagaries of innovations to deliver value to the economy.
Sunday made the call during a recent courtesy visit by the president/chairman of council of the Chartered Institute of Bankers of Nigeria (CIBN), Prof Pius Olanrewaju and members of his executive team to the NDIC head office in Abuja.
He said there was the need for enhanced collaboration between the Corporation and the CIBN to address the emerging risks and challenges within Nigeria’s banking sector.
The NDIC chief emphasised the need for stronger partnership between both institutions in critical areas such as digital banking, cyber- security, fraud and forgery prevention, and sound risk management.
While commending the growth of the CIBN as a professional body over the years as well as its positive impact on the banking system, Sunday further called on the Institute to take critical interest in working more closely with regulators to fashion innovative failure resolution strategies that strengthen the overall resilience of the banking sector.
He reiterated the Corporation’s commitment to supporting professional institutions such as the CIBN in developing and implementing programs that foster innovation while maintaining sound risk management frameworks and financial system stability.
In his remarks, Olanrewaju congratulated Sunday on his appointment as the chief helmsman of the Corporation and expressed confidence that he (Sunday) would uphold the trust the public reposes reposed in the NDIC.
Particularly, he commended the NDIC for its notable milestones, highlighting the upward review of deposit insurance coverage aimed at strengthening public confidence in the banking system, the deployment of technology to expedite the reimbursement of depositors of the failed Heritage Bank and the commencement of liquidation dividend payments within one year of the bank’s closure.
Olanrewaju noted that the accomplishments have significantly enhanced depositor and investor confidence in the financial system.
In addition, the CIBN President expressed appreciation to the NDIC for its invaluable contributions and active role as a member of the Institute’s governing council, noting that its participation has greatly strengthened the Council’s oversight functions, policy direction, and ethical leadership.
