The Nigeria Deposit Insurance Corporation (NDIC) has stepped up its grassroots financial literacy campaign with a sensitisation session for transport operators in the Federal Capital Territory, aimed at deepening public understanding of deposit protection and discouraging unsafe savings practices.
The event, titled “NDIC Nyanya Terminal Park Focus Group Discussion”, was held on Wednesday in Abuja. It brought together members of the Road Transport Employers Association of Nigeria (RTEAN) and the National Union of Road Transport Workers (NURTW) under the theme “From Savings to Security: NDIC Protects What Matters Most.”
Speaking during the session, Mr. Adegbenga Fabuyi, Assistant Director, Communication and Public Affairs Department at NDIC, said the initiative is part of the Corporation’s commitment to safeguarding depositors’ funds and enhancing public confidence in the banking system.
“Most small-scale transporters don’t know the protection they enjoy under deposit insurance, making them vulnerable to fraudsters and Ponzi schemes,” Fabuyi said. “That’s why we’re engaging them directly — beyond traditional media — to share accurate information and receive feedback.”
Fabuyi explained that NDIC’s insurance coverage guarantees the safety of deposits up to ₦5 million in commercial banks, and up to ₦2 million in microfinance and mortgage banks. He also clarified that while mobile money operators are licensed, they are not banks, adding that NDIC is working to strengthen deposit protection within that sector.
He cautioned transporters against unsafe savings habits, stressing that funds kept outside the banking system are at risk of theft, fire, or flood.
“People should not keep their money at home. Saving with a regulated bank — especially one with the NDIC sticker — ensures government protection of your deposits,” he said.
Fabuyi also warned against fraudulent investment schemes promising unrealistic returns.
“If anyone tells you they can double your money in 30 days, be very sceptical. No legitimate financial institution can make such a promise,” he said.
Many participants welcomed the outreach, expressing relief at learning about the safety of their deposits. One transporter noted, “Before this session, I didn’t know our mobile account money was protected. Now I feel confident saving in the bank instead of keeping cash at home.”
Another participant added, “We used to rely on money collectors, but now we understand the risks and benefits of regulated financial services.”
Fabuyi encouraged Nigerians to diversify their savings across multiple banks to spread risk, noting that insured deposits at each institution are protected separately. He also reaffirmed NDIC’s collaboration with the Central Bank of Nigeria (CBN) to monitor and ensure the stability of the banking sector.
The sensitisation drive, he said, is part of NDIC’s broader effort to extend deposit insurance awareness beyond the formal sector to groups such as market traders, artisans, mechanics, and even professionals like lecturers and judges — many of whom still lack adequate knowledge of deposit protection.
Last week, the NDIC held a similar outreach at Wuse Market, Abuja, targeting traders, youth, and small business owners. Speaking at that session, Mrs. Hawwau Gambo, Head of Communication and Public Affairs, said the campaign is a pilot project designed to improve financial inclusion and reconnect individuals with unclaimed funds from failed banks.
“The informal sector plays a vital role in Nigeria’s economy, but awareness of deposit insurance remains very low,” Gambo said. “This engagement helps rebuild trust, especially among small savers who are often misinformed about how safe their money is in banks.”
She explained that depositors do not pay for NDIC coverage directly, as banks remit insurance premiums on behalf of their customers.
“Once you deposit your money in a licensed bank, it is automatically protected by the NDIC. That’s our assurance — NDIC is there for you,” she added.
The Corporation said it plans to expand the sensitisation campaign nationwide after completing pilot programmes in selected markets and transport hubs.
