NDIC: 99% of depositors now fully insured
The Nigeria Deposit Insurance Corporation (NDIC) yesterday declared that nearly 99 per cent of Nigerian bank depositors are now fully protected under its enhanced deposit insurance coverage framework. Managing Director/Chief
The Nigeria Deposit Insurance Corporation (NDIC) yesterday declared that nearly 99 per cent of Nigerian bank depositors are now fully protected under its enhanced deposit insurance coverage framework.
Managing Director/Chief Executive of NDIC, Mr. Oludare Sunday, made this known at the Corporation’s Special Day at the 47th Kaduna International Trade Fair.
Represented by Assistant Director, Communications and Public Affairs, Dr. Regina Timlong, the NDIC boss said the expanded coverage introduced in 2024 was designed to ensure that the vast majority of Nigerians with bank accounts have their savings fully safeguarded in the event of bank failure.
He explained that NDIC currently insures depositors of Deposit Money Banks, Mobile Money Operators and Non-Interest Banks up to N5 million, while depositors of Payment Service Banks, Microfinance Banks and Primary Mortgage Banks are covered up to N2 million.
According to him, the revised insurance limits have significantly deepened financial inclusion and strengthened public confidence in the banking system.
Sunday noted that NDIC’s mandate goes beyond deposit guarantees to include bank supervision, distress resolution and liquidation of failed banks in collaboration with the Central Bank of Nigeria (CBN).
He said the Corporation has intensified risk-based supervision and resolution planning to minimise systemic disruptions and better protect depositors.
The NDIC boss cited the recent payment of depositors of defunct Heritage Bank Limited, Union Homes Plc and Aso Savings and Loans Plc as evidence of improved payout efficiency.
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He explained that the Corporation deployed the Bank Verification Number (BVN) system to trace depositors’ alternate accounts and effect payments within days of the banks’ closure.
He urged depositors to ensure proper linkage of their BVNs to their accounts to enable seamless access to insured funds whenever necessary.
Speaking at the event, President of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), Alhaji Faruk Suleiman described NDIC as a critical pillar of Nigeria’s financial safety net whose interventions have helped prevent bank runs and reduce systemic risk.
He said for businesses and the organised private sector, financial stability is the foundation for investment decisions, access to credit, payroll obligations and long-term planning.
The chamber president called for stronger collaboration between NDIC and the organised private sector to extend deposit insurance awareness to MSMEs, traders, farmers and informal sector operators who engage with microfinance banks and fintech platforms but remain insufficiently informed about financial protection mechanisms.