Nigeria Deposit Insurance Corporation (NDIC) and the Economic and Financial Crimes Commission (EFCC) have agreed to strengthen collaboration to enhance the investigation and prosecution of offences that lead to bank failures, while also improving the recovery of assets and debts of failed banks.

Thompson Oludare Sunday, managing director and chief executive of the NDIC, made this known during a courtesy visit by the Corporation’s management team to Olanipekun Olukoyede, executive chairman of the EFCC, at the Commission’s headquarters in Abuja.

In a statement issued on Sunday by the NDIC’s Hawwau Gambo, head of Communication and Public Affairs, Sunday said robust partnership with the EFCC is critical to the effective liquidation of failed banks, a process that involves asset realisation and debt recovery, with proceeds used to settle uninsured deposits.

He noted that cases of asset stripping and concealment require coordinated efforts, particularly in asset tracing, recovery and enforcement, adding that the EFCC’s expertise is vital in achieving these objectives.

Sunday also identified banking fraud investigations and the prosecution of individuals whose actions contribute to bank collapses as key areas where both institutions can further strengthen their cooperation.

He stressed that NDIC plays a vital role in maintaining financial system stability through the execution of its four statutory mandates in deposit guarantee, bank supervision, distress resolution and bank liquidation.

According to him, the Corporation’s overarching goal is to safeguard depositors’ funds, ensure prompt compensation when banks fail, and sustain public confidence in the financial system.

He also observed that both institutions share common values of integrity, professionalism and accountability, describing the visit as a step towards reinforcing institutional partnership, especially in areas where EFCC’s investigative and prosecutorial capacity is essential to NDIC’s mandate.

“We aim to further strengthen our collaboration, deepen institutional synergy and explore additional avenues for mutual support in the pursuit of national financial system stability.

“The EFCC has been our partner and we want this to continue. We look forward to an expanded and more impactful partnership between our two esteemed institutions.

“Your experience has and will continue to greatly enhance our recovery efforts.  Additionally, we have that strategic responsibility for prosecuting individuals whose actions contribute to the failure of banks. We therefore seek closer collaboration with the Commission in this critical area”

Responding, the EFCC boss, Olukoyede, reiterated the Commission’s commitment to its longstanding working relationship with the NDIC in tackling financial crimes within the banking sector.

He acknowledged the history of cooperation between the two agencies, particularly in investigations and capacity development related to banking operations.

Olukoyede also briefed the delegation on key departments within the EFCC, including the Bank Fraud Section, which handles matters related to the NDIC.

He encouraged the Corporation to submit any outstanding cases for prompt assessment, noting that this would enhance tracking, accountability and case resolution.

The EFCC Chairman further highlighted the role of the Commission’s Fraud Risk Assessment and Control Department, which focuses on proactive monitoring, compliance, sound risk management and internal controls in both public and private sector institutions.

He described these efforts as part of the EFCC’s broader mandate to protect and strengthen the Nigerian economy.

Olukoyede assured the NDIC of the EFCC’s continued support in deepening institutional synergy to combat financial crimes, improve asset recovery, and ensure that offenders who undermine the banking sector are brought to justice.

 Paga, Nigeria’s pioneering fintech company, and global payments leader PayPal have launched live account linking for Nigerian users, unlocking seamless cross-border payments and local Naira access after years of limited service.

The integration allows Nigerians to directly connect PayPal accounts to Paga wallets, receive funds from PayPal’s vast network spanning over 200 markets and 436 million active users, shop with international merchants, and withdraw balances for everyday needs like bill payments, bank transfers, or Visa card spending.

This ends longstanding “send-only” restrictions, empowering freelancers, online sellers, and small businesses to earn globally and spend locally without cumbersome workarounds.

Nigerian merchants gain a competitive edge, tapping PayPal’s 400 million-plus customer base to accept payments in up to 25 currencies, with funds settling swiftly via Paga’s nationwide infrastructure. Currency conversions occur at market-driven willing-buyer-willing-seller rates, positioning the service against informal channels and crypto alternatives. Paga’s upcoming merchant gateway enhancements will support larger business transactions directly.​

Paga Founder and Group CEO Tayo Oviosu described the rollout as transformative: “Whether you’re a freelancer receiving international payments, a business selling online, or a consumer shopping globally, this collaboration makes it easier to access and use global funds locally, in a way that’s simple, secure, and built for our markets.” PayPal’s Senior Vice President for Middle East and Africa, Otto Williams, added: “We’ve been intentional about partnering with local innovators like Paga… to expand financial inclusion and enable more consumers and businesses to participate confidently in the digital economy.”

The move bolsters Nigeria’s explosive digital payments sector, where 2023 transaction values hit ₦657.8 trillion ($730.9 billion)—averaging ₦54 trillion monthly—and active mobile wallet users exceed 30 million. Backed by Central Bank of Nigeria reforms like IMTO guidelines and fraud protections, it taps a $25 billion annual remittance flow and projects an $18.3 billion digital economy by year-end.

Paga, with over 21 million users, CBN nationwide licensing, and a $250 million valuation, serves as the ideal partner through its API ecosystem and settlement network. To start, users log into the Paga app or site, link their PayPal account (personal or business via individual Paga setup), and begin transacting instantly.

This partnership not only bridges global finance to local realities but also accelerates Nigeria’s fintech dominance, fostering SME growth and diaspora remittances in Africa’s largest economy.

The Nigeria Inter-Bank Settlement System (NIBSS) is looking into offline payment solutions as part of its efforts to increase financial inclusion and reach Nigerians who have limited or no access to mobile data.

The project was announced by Ngover Nwankwo, NIBSS executive director for business and products, at the 2026 CHBO Conference in Lagos.

Nwankwo pointed out that the rapid expansion of digital payments must be matched by purposeful inclusion initiatives, cautioning that innovation should not exclude groups of the population that still rely largely on cash.

She emphasised that cash is still an important element of Nigeria’s economy and that digital and cash-based payments must coexist to safeguard disadvantaged users while boosting efficiency for digitally connected customers.

Nwanko also commended banks for operational performance, particularly during the December 2025 cash demand period, which she said was met with few public complaints.

Lloyd Onaghinon, Bankers Warehouse Plc,had similar sentiments on the enduring need of cash. He explained that cash usage remained high globally due to cultural, demographic, and trust-related factors

However, he cautioned that surplus currency outside the banking system undermines financial intermediation and monetary policy efficacy, demanding greater cooperation among regulators, banks, and other stakeholders.

Director Solaja Olayemi, representing the Central Bank of Nigeria, stated that around 90% of Nigeria’s cash remained outside the banking system and encouraged banks to collaborate with fintechs and microfinance institutions..

He added that fintechs with substantial agent networks, such as Moniepoint, OPay, and Kuda, are better positioned to drive inclusion, with some companies now holding national licenses.