The Nigeria Deposit Insurance Corporation (NDIC) has assured Nigerians that about 99 per cent of bank depositors are fully covered under its enhanced deposit insurance scheme, reinforcing public confidence in the safety of their funds.
NDIC Managing Director/CEO, Mr. Thompson Sunday, made the disclosure on Wednesday during the NDIC Special Day at the 47th Kaduna International Trade Fair, organized by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture under the theme: “From Reforms to Results: Economic Transformation through Sustained Local Content Development.”
Represented by Assistant Director of Communication and Public Affairs, Regina Dinlung, Sunday said the theme aligns with ongoing financial sector reforms aimed at delivering tangible benefits to Nigerians. He commended the Kaduna Chamber for sustaining the trade fair, describing it as “a catalyst for innovation, business networking, financial sector awareness, and investment promotion.”
Highlighting NDIC’s mandate, Sunday emphasized the corporation’s role over three decades in protecting depositors especially the most vulnerable from the adverse effects of bank failures. “Our mandate covers deposit guarantees, supervision of insured institutions, distress resolution, and orderly liquidation of failed banks,” he said.
He explained that NDIC works closely with the Central Bank of Nigeria (CBN) to strengthen risk-based supervision, resolution planning, and inter-agency collaboration to safeguard the banking system. “Our tagline, ‘Protecting Your Bank Deposits,’ reflects our commitment to financial inclusion and stability, reassuring Nigerians that their savings are safe,” he added.
Sunday disclosed that in 2024, NDIC increased the maximum deposit insurance coverage to N5 million per depositor per bank for Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks. Depositors of Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks are insured up to N2 million per depositor per bank.
“This expanded coverage protects about 99 per cent of depositors, underscoring our commitment to safeguarding Nigerians’ savings,” he said. Sunday noted that in the event of a bank failure, insured depositors are promptly paid up to the insured limit, while depositors with balances above the threshold receive liquidation dividends as the assets of the failed bank are realized.
Citing the recent closures of Heritage Bank Limited, Union Homes Plc, and Aso Savings and Loans Plc, Sunday highlighted NDIC’s improved payout efficiency, noting that the corporation leveraged the Bank Verification Number (BVN) to trace alternate accounts and credit depositors within days. “I urge all depositors to ensure their BVNs are properly linked to their bank accounts to facilitate timely access to insured deposits,” he said.
The President of the Kaduna Chamber of Commerce, Alhaji Farouk Suleiman, praised NDIC’s role in protecting depositors’ funds, particularly at a time when economic confidence and institutional trust are under pressure. “Hosting one of Nigeria’s most critical financial sector institutions underscores its impact on the economy and commitment to public education and stakeholder engagement,” he said.
