NDIC Insures 99% of Nigerian Depositors Under New Framework
The Nigeria Deposit Insurance Corporation (NDIC) has declared that nearly 99 per cent of Nigerian bank depositors are now fully protected under its enhanced deposit insurance coverage framework.
The Managing Director and Chief Executive of the Corporation, Mr. Thompson Oludare Sunday, disclosed this on Wednesday during the NDIC’s Special Day at the 47th Kaduna International Trade Fair.
Represented by the Assistant Director of Communications and Public Affairs, Dr. Regina Timlong, the NDIC boss explained that the expanded coverage, which was introduced in 2024, was designed to ensure that the vast majority of Nigerians with bank accounts have their savings fully safeguarded in the event of a bank failure.
Giving a breakdown of the insurance limits, the MD stated that the Corporation currently insures depositors of Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), and Non-Interest Banks up to N5 million.
Meanwhile, depositors of Payment Service Banks (PSBs), Microfinance Banks (MFBs), and Primary Mortgage Banks (PMBs) are covered up to N2 million.
“The revised insurance limits have significantly deepened financial inclusion and strengthened public confidence in the banking system,” he noted.
Mr. Sunday emphasized that the NDIC’s mandate extends beyond merely guaranteeing deposits. He highlighted the Corporation’s role in bank supervision, distress resolution, and the liquidation of failed banks in collaboration with the Central Bank of Nigeria (CBN).
He assured stakeholders that the Corporation has intensified risk-based supervision and resolution planning to minimize systemic disruptions and offer better protection to depositors.
The NDIC boss urged depositors to ensure their Bank Verification Numbers (BVN) are properly linked to their accounts to enable seamless access to insured funds whenever necessary.
Also speaking at the event, the President of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), Alhaji Faruk Suleiman, commended the NDIC for being a critical pillar of Nigeria’s financial safety net.
He noted that the Corporation’s interventions have been instrumental in preventing bank runs and reducing systemic risk, thereby providing a stable foundation for businesses to thrive.
