By Bashir Bello, Kaduna
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to safeguarding the savings of Nigerians, assuring that 99 per cent of bank depositors are now fully protected under its expanded deposit insurance coverage.
Managing Director/Chief Executive, Mr. Thompson Oludare Sunday, delivered the assurance during the Corporation’s Special Day at the 47th Kaduna International Trade Fair. Speaking on the theme “From Reforms to Results: Economic Transformation through Sustained Local Content Development,” he emphasized NDIC’s role in strengthening public confidence in the banking system.
Represented by Dr. Regina Timlong, Assistant Director of Communications, Sunday highlighted that in 2024, the Corporation raised the maximum deposit insurance coverage to ₦5 million for depositors of Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks. Depositors of Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks are now covered up to ₦2 million.
This expanded coverage, he noted, ensures that about 99 per cent of depositors are fully protected, particularly the most vulnerable.
“In the event of a bank failure, insured depositors are reimbursed promptly up to the guaranteed limit, while those with balances above the threshold receive liquidation dividends as assets are recovered” he said.
Sunday cited recent payouts to depositors of the defunct Heritage Bank Limited, Union Homes Plc, and Aso Savings and Loans Plc as evidence of NDIC’s improved processes.
“Leveraging Bank Verification Numbers (BVN), the Corporation swiftly identified alternate accounts and transferred insured funds within days of closure” he said.
He urged depositors to ensure their BVNs are properly linked to their accounts for seamless access to insured funds.
He further stressed NDIC’s collaboration with the Central Bank of Nigeria through risk-based supervision and resolution planning to minimize systemic disruptions.
Commending the Kaduna Chamber of Commerce, Industry, Mines and Agriculture for sustaining the trade fair as a hub for innovation and financial sensitisation, Sunday reaffirmed NDIC’s resolve to evolve into a responsive, technology-driven deposit insurer.
He thereafter noted that NDIC’s mission is not only to prevent bank failures but also to strengthen financial stability and contribute to Nigeria’s long-term economic resilience.
