The Lagos Chamber of Commerce and Industry (LCCI) has urged the Nigeria Deposit Insurance Corporation (NDIC) to adapt its framework to address the growing complexities posed by digital finance and heightened economic volatility.
The Chamber noted that the pursuit of a “fully secure and inclusive financial system” faces new realities and challenges, stressing the need for the Corporation to evolve its operations in line with the rapidly changing dynamics of modern banking.
While commending the NDIC as a vital pillar of Nigeria’s financial safety net, the LCCI called for proactive reforms to sustain depositor confidence and financial stability.
Speaking during the “NDIC Special Day” at the ongoing 2025 Lagos International Trade Fair, the Deputy President of the LCCI, Engr. Leye Kupoluyi, representing the Chamber’s President, Mr Gabriel Idahosa, praised the NDIC for its decades-long “unwavering commitment to promoting financial system stability, safeguarding depositors’ funds, and strengthening public confidence in Nigeria’s banking sector.”
According to Kupoluyi, the Corporation’s “dedication to protecting depositors, supporting sound risk management practices, and enhancing trust” has significantly contributed to the resilience of the national economy.
The Chamber further commended the NDIC’s ongoing efforts, including proactive stakeholder engagement, advocacy for financial inclusion, and sustained public awareness campaigns on deposit protection.
However, the LCCI identified two major threats—digital risk and economic volatility—that require urgent strategic action from the Corporation.
It noted that the rapid expansion of digital finance, driven by fintech innovation, virtual banking, and digital currencies, has introduced “emerging risks that require forward-thinking and adaptive strategies.”
Specifically, it pointed to cybersecurity threats, cross-border transactions, and non-traditional banking models as areas necessitating a “more agile and modernised deposit insurance framework.”
On economic volatility, the LCCI observed that persistent inflation and exchange rate instability continue to “test the resilience of financial institutions and deposit protection mechanisms,” thereby compounding the challenges of digital transformation.
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NDIC Reassures Public on Depositor Protection
In his remarks, the NDIC Managing Director and Chief Executive, Mr Thompson Oludare Sunday, represented by the Director of the Claims Resolution Department, Mr Olawale Sule, reaffirmed the Corporation’s commitment to its mandate of guaranteeing depositors’ funds, supervising banks, resolving distressed institutions, and liquidating failed banks.
Mr Sunday highlighted the significant progress made in enhancing depositor protection, including the recent expansion of insurance coverage.
He stated that the NDIC currently insures depositors of Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), and Non-Interest Banks (NIBs) up to ₦5,000,000 per depositor.
For Payment Service Banks (PSBs), Microfinance Banks (MFBs), and Primary Mortgage Banks (PMBs), coverage stands at ₦2,000,000.
This, he explained, ensures that approximately 99 percent of depositors are fully covered.
The NDIC also urged depositors and stakeholders to remain vigilant and proactive, reiterating its dedication to promoting financial system stability and inclusion.
Key Priorities for a Stable Banking System
To address emerging challenges and advance the NDIC’s vision of a “sound and stable banking system,” the LCCI outlined several key priorities for the Corporation:
- Increase the deposit insurance coverage limit to reflect current economic realities.
- Strengthen digital infrastructure to safeguard against cyber and systemic risks.
- Deepen financial inclusion to reach underserved communities.
- Enhance cross-border supervisory cooperation.
The LCCI emphasised that achieving this vision “will require sustained innovation, collaboration, and investment across all stakeholders,” as the NDIC continues its “noble mission to build a resilient, inclusive, and trustworthy financial system that inspires confidence among Nigerians.”