Key points
- NDIC is hosting deposit insurers from across Africa to strengthen financial crisis preparedness.
- The workshop focuses on public awareness, institutional readiness and regional cooperation.
- Officials say digital innovation has increased the need for coordinated responses to financial risks.
- Participants emphasised that public confidence remains central to financial system stability.
Main story
The Nigeria Deposit Insurance Corporation (NDIC) is hosting deposit insurers from across Africa to strengthen financial crisis preparedness through knowledge sharing, experience exchange and regional collaboration.
The Managing Director of NDIC, Mr Thompson Sunday, said this on Tuesday in Abuja at the International Association of Deposit Insurers (IADI) Africa Regional Committee Annual Meeting.
Sunday said the meeting was aimed at promoting public awareness and strengthening financial crisis preparedness amid rapid changes in the financial environment driven by digital innovation.
He said deposit insurance systems were adapting to a rapidly evolving financial landscape shaped by technological innovation.
According to him, lessons from the 2023 banking crisis and the 2007–2008 Global Financial Crisis underscored the need for greater readiness in safeguarding financial stability.
He noted that although different factors triggered the bank failures, they resulted in widespread loss of confidence in banks and financial markets.
“These events serve as a reminder that financial crises can emerge unexpectedly and evolve rapidly, particularly in digital environments where information travels instantaneously and depositors’ reactions can be amplified by technology and social media.
“In such circumstances, preparedness, effective coordination and timely intervention can make the difference between maintaining stability and allowing contagion to spread throughout the financial system,” he said.
Sunday said Nigeria remained committed to strengthening the resilience of its financial system through sound regulation, effective supervision and robust depositor protection arrangements.
He added that the corporation would continue to work closely with the Federal Ministry of Finance, the Central Bank of Nigeria (CBN) and other financial safety-net participants to maintain financial stability and protect depositors.
He also called for stronger partnerships, greater information sharing, enhanced cross-border cooperation and continuous investment in institutional capacity as financial systems become more interconnected.
Also speaking, the Secretary-General of IADI, Ms Eva Hupkes, commended NDIC for its leadership in advancing deposit insurance across Africa.
She said Africa’s rapidly growing financial sector and the expansion of mobile money required financial safety-net institutions to keep pace with technological developments to maintain public confidence and economic stability.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, described deposit insurance as a proactive tool for strengthening public trust and promoting economic stability.
He said public confidence remained fragile in the digital age, where rumours and misinformation could quickly trigger liquidity pressures, even in solvent financial institutions.
The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, represented by Mr Solaja Olayemi, Director of the Other Financial Institutions Supervision Department, said public awareness and crisis preparedness were fundamental to maintaining confidence in the banking system.
The issues
Rapid technological change, digital banking and social media have increased the speed at which financial crises can develop, making stronger coordination, public awareness and crisis preparedness essential to preserving confidence in financial systems.
What’s being said
“Preparedness, effective coordination and timely intervention can make the difference between maintaining stability and allowing contagion to spread throughout the financial system.” — Thompson Sunday, Managing Director, NDIC
What’s next
Deposit insurers and financial regulators across Africa are expected to deepen collaboration, strengthen crisis response frameworks and improve public awareness to enhance financial system resilience.
Bottom line
NDIC says stronger regional cooperation, crisis preparedness and public confidence are critical to safeguarding financial stability as Africa’s financial sector becomes increasingly digital and interconnected.
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