The Nigeria Deposit Insurance Corporation (NDIC) has moved to reassure Nigerians about the safety of their savings, announcing that more than 99 per cent of bank depositors in the country are now fully covered under its deposit insurance scheme.
NDIC Managing Director, Thompson Sunday, made the disclosure during the Corporation’s Special Day at the Abuja International Trade Fair on Thursday. He was represented at the event by the Director of the Performance Management Department, Olabimpe Akande.
According to Sunday, the Corporation has significantly raised its insurance limits: depositors in Deposit Money Banks (DMBs), Mobile Money Operators, and Non-Interest Banks are now insured up to ₦5 million, while customers of Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), and Payment Service Banks (PSBs) are covered up to ₦2 million.
The revised framework, he noted, means 98.98% of depositors in DMBs, 99.27% in MFBs, 99.34% in PMBs, and 99.99% in PSBs are fully protected.
“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 said.
He pointed to the case of Heritage Bank, whose licence was revoked in June 2024, as an example of NDIC’s effectiveness. Using depositors’ Bank Verification Numbers (BVNs), the Corporation reimbursed customers promptly, with further payouts continuing through liquidation dividends from recovered assets.
The NDIC boss also issued a warning against Ponzi schemes and other unlicensed investment ventures, stressing that only deposits in banks licensed by the Central Bank of Nigeria (CBN) are insured by the Corporation.
At the Trade Fair, visitors were encouraged to engage with NDIC representatives to learn more about deposit protection and other initiatives.
Also speaking at the event, President of the Abuja Chamber of Commerce and Industry (ACCI), Emeka Obegolu, described this year’s trade fair theme—“Sustainability: Consumption, Incentives and Taxation”—as timely. Represented by Director General Agabaidu Jideani, Obegolu said the theme aligned with NDIC’s role as a stabilising force in Nigeria’s financial sector.
He praised the Corporation’s efforts in safeguarding depositors and strengthening confidence in the banking system, noting that its interventions also create a safer environment for small businesses and entrepreneurs.
“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,” Obegolu said.
