Senate, NDIC partner to protect depositors’ funds against cyber-attack in banks

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The Nigerian Senate is set to partner the Nigeria Deposit Insurance Corporation (NDIC) to protect depositors’ funds against cyber-attack across commercial banks.

This was disclosed by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani.

According to him, the decision was part of the outcome of a retreat organised by the NDIC for the committee in Kaduna, the Kaduna State capital.

The lawmaker expressed concerns over the menace at the retreat, which was tagged ‘Financial system stability: a panacea for sustainable economic growth and development.’

He explained that the committee would strengthen the existing NDIC law to fight cybercrime.

Sani described the development as troubling and disturbing the issue of cybercrime in the financial sector of the nation’s economy.

According to him, the NDIC was ready, prepared, and had expertise but needed the support of the committee to carry out its mandates of protecting depositors’ funds in banks.

What NDIC is saying about the sector

The Managing Director, NDIC, Alhaji Bello Hassan, explained that the theme of the retreat was topical, particularly in the light of current developments in the economy and the challenges presented by the complexity of the financial system.

He said, “The corporation would continue to contribute its quotas for the nation’s economic growth and development by ensuring financial system stability.

“The stability of the financial system in developing nations, such as Nigeria, was tied to economic growth and welfare.”

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