• Says misinformation currently poses significant threats to banking systems, adds public trust, crisis preparedness crucial • Cardoso: bank recapitalisation has strengthened financial safety net; public awareness remains key stability • Says stronger bank capital reduces failures, protects deposit insurance fund, others •NDIC boss urges coordinated crisis response as fintech reshapes Africa’s banking landscape •Warns confidence built over years can disappear in days if misinformation spreads James Emejo and Deborah Adekoya in Abuja Minister of Finance and Coordinating Minister for the Economy, Mr. Taiwo Oyedele, yesterday declared that deposit insurance was a strategic pillar for preserving public confidence and financial stability. Oyedele warned that misinformation in the digital age now posed one of the biggest threats to the banking system. He spoke at the opening of the 2026 International Association of Deposit Insurers (IADI) Africa Regional Committee (ARC) Annual Meeting and Workshop. The forum, hosted by Nigeria Deposit Insurance Corporation (NDIC), in Abuja, had the theme, “Safeguarding Stability: Public Awareness and Crisis Readiness for a Stronger Future.” Oyedele said while technological innovation, fintech, and cross-border financial integration presented enormous opportunities for financial inclusion and economic growth, they also exposed financial systems to new vulnerabilities that required stronger crisis preparedness. He stressed that no economy could achieve sustainable growth without a stable financial system founded on public trust. The minister said in an era where rumours and misinformation could spread across digital platforms within seconds, triggering liquidity pressures even in fundamentally sound institutions, public awareness had become a core risk management strategy rather than a public relations exercise. He said depositors who understood that their savings were protected were less likely to panic during periods of uncertainty, adding that crisis preparedness must become an institutional culture rather than a reaction to emergencies. According to him, effective crisis management requires seamless coordination among ministries of finance, central banks, deposit insurers, and regulatory agencies long before crises emerge. Oyedele stressed, “Confidence cannot be legislated, purchased, or imposed. It must be earned – through strong institutions, transparency, effective communication, preparedness, and consistent action. “The stronger our institutions, the greater the confidence they inspire; the greater the confidence, the more resilient our financial systems become; and the more resilient our financial systems, the stronger our economies and the greater the prosperity we can create for our people. “I commend the International Association of Deposit Insurers, the Africa Regional Committee, and the Nigeria Deposit Insurance Corporation for convening this important dialogue.” Highlighting Nigeria’s ongoing economic reforms under President Bola Tinubu, Oyedele pointed to the successful conclusion of the banking sector recapitalisation programme, under which 33 of the country’s 37 banks met the new capital requirements, raising about N4.65 trillion in fresh capital. He said stronger bank balance sheets had significantly reinforced the country’s financial safety net by reducing the likelihood of bank failures and limiting potential exposure of the deposit insurance system. Oyedele also cited Nigeria’s removal from the Financial Action Task Force (FATF) grey list in October 2025 as another milestone that had strengthened confidence in the country’s financial system. He described deposit insurance as an important driver of financial inclusion, pointing out that increased public confidence encourages savings, expands lending, and ultimately supports investment, job creation and inclusive growth across Africa. In his remarks, Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, said safeguarding confidence had become the foremost responsibility of financial authorities as banking systems underwent rapid transformation driven by technology and digital finance. Cardoso said the effectiveness of deposit insurance extended beyond sound legal frameworks to ensuring that the public clearly understood how those protections worked. According to him, public awareness should no longer be viewed as a communication exercise, but as a strategic component of financial stability, particularly at a time when misinformation can spread rapidly through social media and digital platforms. Represented by CBN’s Director, Other Financial Institutions Supervision Department (OFISD), Mr. Solaja Mohammed-Jamiu Olayemi, Cardoso
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