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NDIC, Senate Committee on Banking hold retreat in Kaduna

In furtherance of fulfilling its core mandate of protecting depositors’ cash in Nigerian banks, the Nigeria Deposit Insurance Corporation NDIC, has developed platforms and established a Fintech and Innovation Unit to effectively combat the potential risks posed by cyber-attacks on the nation’s financial system.

The Managing Director/Chief Executive Officer of the NDIC, Mr Bello Hassan, disclosed this at the opening of the annual retreat for members of the Senate Committee on Banking Insurance and other Financial Institutions held in Kaduna and led by the Chairman of the Committee, Senator Uba Sani.

Mr Bello Hassan said the same platform is used by the Corporation to commence supervisory measures on digital banks and enhance existing protection measures on digital deposits.

The Chair of the Board of the NDIC Mrs Ronke Sokefun, also said while bank online portals and apps enhance customer convenience, they also pose unique risks of cybersecurity breaches.

She said to combat such risks, insured banks are constantly being monitored by the NDIC and encouraged to put in place risk management tools and practices that will guarantee cybersecurity in the nation’s financial system.

The theme of the 2021 retreat is “Financial System Stability: Panacea for Sustainable Economic Growth and Development – The Role of the NDIC.”

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