Trust, Inclusion, Innovation: NDIC Outlines Path for Nigeria’s Digital Economy at FICAN 35

L-R: Team Lead Media and Communications Union Bank Adebukola Ayeni ; Assist. Comptroler-General of Customs (ICT modernization) Aondona Christopher Fanyam; Head, Communications and Public Affairs Nigeria Deposit Insurance Corporation (NDIC) Hajia Hauwa Gambo; National Chairman Finance Correspondents Association of Nigeria(FICAN) Mr. Chima Nwokoji; Head, Corporate Communications Nigeria Sovereign Investment Authority(NSIA) Ms Joyce Onyegbule;
and Acting Chief Marketing Officer, Sterling Bank Limited Donatus Okpako at the 2025 annual conference of FICAN in Lagos over the weekend

At the Finance Correspondents Association of Nigeria (FICAN) 2025 Annual Conference and 35th Anniversary Edition, held on Saturday, September 20, in Lekki, Lagos, the call was clear: Nigeria’s future in the digital economy must be anchored on trust, financial inclusion, and sustainable innovation.

The high-level conference, themed “Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance,” brought together government regulators, banking executives, fintech innovators, academics, and trade officials to reflect on the nation’s financial journey and explore strategies to safeguard its digital future.

The Managing Director/CEO of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Sunday O. Thomas, was ably represented by Mr. Olawale Sule, Director of Claims and Resolutions at NDIC, who delivered a compelling message on the Corporation’s evolving role in protecting the integrity of Nigeria’s financial system.

Thomas highlighted NDIC’s long-standing collaboration with FICAN, commending the association’s pivotal role in financial education and public sensitization. He recalled a past FICAN African conference where discussions focused on the dangers of fraudulent financial operators exploiting Nigerians with promises of unrealistic returns.

“FICAN has been a dependable partner in sensitizing Nigerians about the risks of patronizing quacks,” Thomas noted. “This collaboration between regulators and journalists ensures that financial literacy is not confined to regulators’ offices but spreads across the country, reaching the people who need it most.”

He further underscored the NDIC’s reforms and innovations, noting that the Corporation has adopted artificial intelligence, machine learning, and digital platforms such as the Nigeria Inter-Bank Settlement System (NIBSS) and the Bank Verification Number (BVN) framework to seamlessly reimburse depositors of failed banks, eliminating the delays of traditional physical verification.

• ₦5 million coverage for deposit money banks, up from ₦500,000.
• ₦2 million coverage for microfinance banks, to protect vulnerable depositors.
• Establishment of the Payment Service Bank Deposit Insurance Fund (PSB-DIF) since 2020, safeguarding Nigeria’s fast-growing fintech and digital banking sector.

He also emphasized that consumer protection, financial inclusion, and transparency remain central to NDIC’s agenda, especially as digital banks emerge as key players in the financial ecosystem.

Turning to the conference theme, NDIC boss reflected on the nexus between taxation, banking, and the digital economy, stressing that banks now play a major role as tax collection agents for the Federal Inland Revenue Service (FIRS). This, he said, enhances compliance and plugs leakages, making tax processes more efficient through technology-driven systems.

“Compliance has become a hallmark of Nigeria’s financial system. With digital tools, even tax declarations and asset reporting can now be done seamlessly, without the need for physical visits. This builds transparency, accountability, and efficiency across the economy,” he said.

In his closing remarks, Sule, on behalf of NDIC’s MD/CEO congratulated FICAN on its 35th anniversary milestone and reaffirmed NDIC’s commitment to supporting a safe, resilient, and inclusive digital financial system.

“For 35 years, FICAN has been the standard-bearer of credible financial journalism in Nigeria,” he said. “As the nation embraces the digital economy, NDIC will continue to work with stakeholders to ensure that innovation is built on accountability, and that depositors’ trust in the system remains unshaken.”

At FICAN’s 35th Anniversary Conference, NDIC MD/CEO Sunday O. Thomas (represented by Olawale Sule) emphasized that Nigeria’s digital economy must be built on trust, financial inclusion, and innovation.