The Nigeria Deposit Insurance Corporation (NDIC) has announced that about 99 per cent of bank depositors in Nigeria are now fully protected under its enhanced deposit insurance coverage framework.<\/p>\n
The Managing Director and Chief Executive Officer of NDIC, Mr. Oludare Sunday, disclosed this at the Corporation\u2019s Special Day during the 47th Kaduna International Trade Fair. He explained that the expanded coverage, introduced in 2024, was designed to ensure that the vast majority of Nigerians with bank accounts are fully safeguarded in the event of bank failure.<\/p>\n
According to him, NDIC currently insures depositors of Deposit Money Banks, Mobile Money Operators and Non-Interest Banks up to \u20a65 million, while customers of Payment Service Banks, Microfinance Banks and Primary Mortgage Banks are covered up to \u20a62 million.<\/p>\n
Sunday said the revised insurance limits have boosted financial inclusion and strengthened public confidence in Nigeria\u2019s banking system.<\/p>\n
Beyond deposit protection, he noted that NDIC\u2019s mandate includes bank supervision, resolution of distressed banks and liquidation of failed institutions in collaboration with the Central Bank of Nigeria (CBN). The Corporation, he said, has intensified risk-based supervision and resolution planning to reduce systemic risk and protect depositors.<\/p>\n
He cited the recent payouts to customers of defunct Heritage Bank Limited, Union Homes Plc and Aso Savings and Loans Plc as evidence of improved efficiency in settling insured deposits.<\/p>\n
The NDIC boss added that the Bank Verification Number (BVN) system is now being used to trace depositors\u2019 alternative accounts, enabling payouts within days of a bank\u2019s closure. He urged Nigerians to ensure their BVNs are properly linked to their bank accounts to guarantee seamless access to insured funds when necessary.<\/p>\n
Meanwhile, the President of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), Alhaji Faruk Suleiman, described NDIC as a key pillar of Nigeria\u2019s financial safety net, noting that its interventions have helped prevent bank runs and reduce systemic risk.<\/p>\n
He called for stronger collaboration between NDIC and the organised private sector to deepen public awareness of deposit insurance, especially among MSMEs, traders, farmers and informal sector operators using microfinance banks and fintech platforms.<\/p>\n","protected":false},"excerpt":{"rendered":"