Nigeria, Oct. 10 -- The Nigerian Deposit Insurance Corporation (NDIC) is setting its sights on forging a stronger alliance with the Chartered Institute of Bankers of Nigeria (CIBN) to develop a risk management mechanism robust enough to address emerging threats in the country's financial services sector.

Thompson Sunday, the managing director of the regulator, made the remark on Thursday during a visit by the president and chairman of the council of the CIBN, Pius Olanrewaju, to the NDIC headquarters in Abuja.

The NDIC guarantees deposits in licensed banks and oversees insured institutions.

The corporation, which is eyeing a stronger collaboration in areas such as digital banking, cybersecurity, fraud prevention, and sound risk managem...