WorldStage– The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele has said that deposit insurance is a strategic tool for strengthening public trust and promoting economic stability across Africa while stressing the need for effective crisis preparedness, describing it as a continuous culture rather than a one-off event.
Oyedele said this in Abuja at the 2026 International Association of Deposit Insurers (IADI) Africa Regional Committee Annual Meeting and Workshop, hosted by the Nigeria Deposit Insurance Corporation (NDIC).
He said deposit insurance went beyond protecting depositors’ funds, noting that it also promoted financial inclusion and confidence in the banking system.
According to him, when people trust financial institutions, they save more, enabling banks to extend more credit to businesses, stimulate investment and create jobs.
Oyedele, however, noted that public trust remained fragile, especially in the digital era where misinformation could trigger liquidity pressures, even in solvent institutions.
“If depositors do not know their funds are protected, they will act on fear.
“Building public awareness during normal times is not a public relations exercise but a core risk-mitigation strategy.
“Our messaging must reach every segment of society, from retail depositors and MSMEs to underserved rural communities,” he said.
He said institutions must establish communication channels, coordination mechanisms and simulation exercises ahead of potential crises to prevent panic and preserve confidence.
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said financial systems were undergoing profound transformation driven by digital innovation, changing consumer behaviour and increasing cross-border risks.
Represented by Mr Solaja Olayemi, Director of Other Financial Institutions Supervision Department, Cardoso said public awareness and crisis preparedness were essential to maintaining confidence in the financial system.
He said deposit insurance played a critical role in protecting depositors and supporting the orderly resolution of distressed institutions, thereby reducing the risk of bank runs during periods of uncertainty.
Earlier, the Managing Director of NDIC, Mr Thompson Sunday, said deposit insurers were adapting to a rapidly evolving financial environment shaped by fintech, artificial intelligence and cross-border financial activities.
Sunday described the workshop’s theme, “Safeguarding Stability: Public Awareness and Crisis Readiness for a Stronger Future,” as timely.
He said building public confidence required not only effective protective frameworks but also ensuring that people understood and trusted those frameworks in both stable and challenging periods.
Also speaking, the Secretary-General of IADI, Ms Eva Hupkes, commended NDIC for its leadership in advancing deposit insurance across Africa.
She said Africa’s fast-growing financial sector, particularly the rapid expansion of mobile money, underscored the need for financial safety-net institutions to keep pace with technological developments.
According to her, maintaining public confidence in the banking sector remains critical to financial system stability.
The workshop attracted deposit insurers and financial sector regulators from across Africa.IADI is the global standard-setter for deposit insurance systems and serves as the principal forum for sharing knowledge and expertise on effective deposit insurance, bank crisis management and resolution.
