From Adanna Nnamani, Abuja
The Nigeria Deposit Insurance Corporation (NDIC) has assured Nigerians of the safety of their savings, disclosing that over 99 per cent of bank depositors in the country are now fully covered under its deposit insurance scheme.
The Managing Director and Chief Executive of the NDIC, Mr Thompson Sunday, gave the assurance during the Corporation’s Special Day at the ongoing Abuja International Trade Fair on Thursday.
Sunday, who was represented by Director Performance Management Department, Olabimpe Akande, revealed that the maximum deposit insurance coverage had been significantly increased, ensuring that depositors of Deposit Money Banks (DMBs), Mobile Money Operators, and Non-Interest Banks are now insured up to N5 million, while those in Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), and Payment Service Banks (PSBs) are insured up to N2 million.
According to him, the enhanced coverage translates to protection for 98.98 per cent of depositors in Deposit Money Banks, 99.27 per cent in Microfinance Banks, 99.34 per cent in Primary Mortgage Banks, and 99.99 per cent in Payment Service Banks.
“NDIC’s unwavering commitment is to protect your deposits and promote confidence in the banking system. Nigerians can be assured that their savings are safe,” Sunday stated.
Citing the case of Heritage Bank, whose licence was revoked in June 2024, the NDIC boss explained that depositors were promptly reimbursed using their Bank Verification Numbers (BVNs), with payments continuing through liquidation dividends from recovered assets.
He said this demonstrated the corporation’s efficiency in ensuring comprehensive depositor protection and financial stability.
Sunday also cautioned Nigerians against patronising Ponzi schemes and unlicensed investment platforms, stressing that only deposits in Central Bank of Nigeria (CBN)-licensed banks enjoy NDIC coverage.
He urged visitors at the trade fair to take advantage of the NDIC pavilion to learn more about deposit insurance and other activities of the corporation.
Earlier in his remarks, ACCI President Emeka Obegolu said the theme of this year’s Trade Fair, “Sustainability: Consumption, Incentives and Taxation,” is timely, and addresses the urgent need to build resilient businesses and institutions that can withstand shocks while promoting inclusive economic growth.
Obegolu, who was represented by the organisation’s Director General, Agabaidu Jideani, noted that the theme aligns with the mandate of the NDIC, which provides a safety net for depositors, contributes to financial system stability, and supports confidence in our banking sector.
He commended the Corporation for showing responsiveness to the evolving dynamics of the country’s financial landscape, adding that the interventions not only protect depositors but also create a more enabling environment for SMEs and entrepreneurs to participate confidently in the economy.
“Your continuous participation in our annual trade fair affirms the long-standing partnership between our two institutions, and we deeply value NDIC as a reliable ally in strengthening Nigeria’s financial system stability,” the president added.
Leave a comment