The Nigeria Deposit Insurance Corporation (NDIC) and the National Credit Guarantee Company (NCGC) have agreed to collaborate in strengthening risk management frameworks and enhancing early warning systems within Nigeria’s financial services industry.
The commitment was made during a courtesy visit by the Managing Director and Chief Executive Officer of the NCGC, Mr. Bonaventure Okhaimo, and members of his management team to the Managing Director/Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, in Abuja.
Discussions during the meeting focused on strategies to reinforce the resilience of the banking sector and promote greater stability within the financial system.
The two institutions highlighted the importance of leveraging their complementary mandates to improve financial sector oversight and support sustainable economic growth.
While the NCGC is focused on expanding access to credit through risk-sharing mechanisms, the NDIC remains committed to protecting depositors’ funds, promoting public confidence in the banking system, and strengthening financial intermediation.
Both chief executives agreed to work towards the development of a Unified Risk Management and Early Warning System aimed at identifying potential threats to financial stability and improving the sector’s capacity to respond proactively to emerging risks.
They noted that enhanced collaboration between the two institutions would not only strengthen banking sector resilience but also facilitate increased access to credit for businesses and individuals, thereby supporting financial inclusion and economic development.
The partnership is expected to contribute significantly to the ongoing efforts to build a more robust, stable, and inclusive financial system in Nigeria.
