The Nigeria Deposit Insurance Corporation (NDIC) has advised bank customers nationwide to maintain alternative accounts in other financial institutions to ensure quick access to their funds in the event of a bank failure.
The Managing Director and Chief Executive of NDIC, Mr. Thompson Oludare Sunday, gave the advice during the Corporation’s Special Day at the 2025 Lagos International Trade Fair, themed “Connecting Business, Creating Value.”
Represented by the Director of Claims Resolution, Mr. Kazeem Sule Olawale, Sunday said the initiative is part of NDIC’s efforts to strengthen depositor protection and boost confidence in the Nigerian financial system.
He noted that opening and maintaining an alternate account—bearing consistent personal information across institutions—would help depositors receive payments faster if a bank runs into distress.
“The safety of bank deposits is a shared responsibility among banks, regulators, and depositors,” Sunday said. “Customers should ensure their Bank Verification Numbers (BVNs) are linked to all accounts and keep their details up-to-date to enable prompt reimbursement if needed.”
He further urged customers to guard their financial information, promptly report suspicious account activity, and cooperate with their banks to resolve issues.
“Banks must resolve complaints within two weeks,” he stressed. “If unresolved or unsatisfactory, customers should escalate the matter to the NDIC or the Central Bank of Nigeria (CBN) through the appropriate channels.”
Highlighting NDIC’s recent reforms, Sunday revealed that the Corporation had expanded its deposit insurance coverage across several financial institutions. Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), and Non-Interest Banks (NIBs) are now insured up to ₦5 million per depositor, while Payment Service Banks (PSBs), Microfinance Banks (MFBs), and Primary Mortgage Banks (PMBs) have coverage of ₦2 million.
According to him, this expansion means that about 99% of Nigerian depositors are now fully covered, reflecting NDIC’s continued commitment to safeguarding public trust in the banking sector.
In cases of bank failure, he explained, depositors with balances above the insured limit would first receive the insured amount, with additional payments made from liquidation proceeds on a pro-rata basis.
Sunday reaffirmed NDIC’s commitment to protecting depositors’ interests and promoting financial system stability.
“No Nigerian should lose confidence in our banking system,” he said. “NDIC remains steadfast in ensuring depositors’ funds are protected and the financial sector remains sound.”
