Communication Strategies Adopted by Nigeria Deposit Insurance Corporation (NDIC) in Building Public Trust among Financial Institutions in Nigeria
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Abstract
This study investigated the communication strategies adopted by the Nigeria Deposit Insurance Corporation (NDIC) to build public trust among depositors and financial institutions in Nigeria. The study was anchored on the Situational Theory of Publics and adopted a mixed-methods research design, combining quantitative data collected from 383 survey respondents with qualitative insights from interviews conducted with six (6) NDIC staff members. Descriptive statistics and Chi-square goodness-of-fit analysis were used to analyse the quantitative data, while thematic analysis was employed for the qualitative data. The findings revealed that NDIC adopts a multi-channel communication framework comprising mass media, digital platforms, print materials, and stakeholder engagement initiatives such as workshops and community outreach programmes. The inferential analysis indicated that stakeholders' perceptions of the effectiveness of NDIC's communication strategies were statistically significant (χ² = 156.67, df = 4, p < .001), demonstrating that the Corporation's communication efforts have substantially enhanced transparency, financial literacy, stakeholder engagement, and public trust. It further showed that television, radio, and community-based programmes remain the most accessible communication channels, particularly in rural and semi-urban communities, although challenges such as limited public awareness, language barriers, digital inequality, technical complexity of messages, and the rapid spread of misinformation continue to constrain communication effectiveness. The study concludes that NDIC's integrated communication strategies play a significant role in strengthening public trust and confidence in Nigeria's financial system. It recommends that the Corporation should sustain its multi-channel communication approach while expanding participatory communication initiatives, simplifying technical messages, strengthening digital communication, and promoting multilingual outreach to improve stakeholder engagement and financial literacy.
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