The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that about 99 per cent of depositors in Nigerian banks are fully protected under its enhanced deposit insurance scheme, reassuring the public of the safety of their savings.
The Managing Director and Chief Executive Officer of the NDIC, Mr. Thompson Sunday, made this known on Wednesday during the corporation’s Special Day at the 47th Kaduna International Trade Fair.
The trade fair, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), is themed “From Reforms to Results: Economic Transformation through Sustained Local Content Development.” Sunday, who was represented by the Assistant Director of Communication and Public Affairs, Mrs. Regina Dinlung, said the theme aligns with ongoing reforms in Nigeria’s financial sector aimed at delivering tangible benefits to citizens.
He commended KADCCIMA for sustaining the annual trade fair, describing it as a vital platform for innovation, business networking, financial sector awareness and investment promotion.
Highlighting the mandate of the NDIC, Sunday said the corporation has for over three decades played a critical role in protecting depositors—particularly small and vulnerable savers—against the impact of bank failures.
“Our mandate covers deposit guarantee, supervision of insured institutions, distress resolution and the orderly liquidation of failed banks,” he said.
According to him, the NDIC works closely with the Central Bank of Nigeria (CBN) to strengthen risk-based supervision, resolution planning and inter-agency collaboration to ensure the stability of the banking system.
He explained that in 2024, the corporation increased the maximum deposit insurance coverage to ₦5 million per depositor per bank for Deposit Money Banks, Mobile Money Operators and Non-Interest Banks. Deposit holders in Microfinance Banks, Payment Service Banks and Primary Mortgage Banks are now insured up to ₦2 million per depositor per bank.
“This expanded coverage protects about 99 per cent of depositors, reinforcing our commitment to safeguarding the savings of Nigerians,” Sunday said.
He added that in the event of a bank failure, insured depositors are paid promptly up to the coverage limit, while depositors with balances above the insured threshold receive liquidation dividends as the failed bank’s assets are realised.
Citing recent bank closures, including Heritage Bank Limited, Union Homes Plc and Aso Savings and Loans Plc, Sunday noted that the NDIC has improved payout efficiency by leveraging the Bank Verification Number (BVN) system to trace depositors’ alternate accounts and credit them within days.
He urged depositors to ensure their BVNs are properly linked to their bank accounts and identity records to enable seamless and timely access to insured funds.
Earlier, the President of KADCCIMA, Alhaji Farouk Suleiman, described the NDIC’s role in safeguarding depositors’ funds as critical, especially at a time when economic confidence and institutional trust face significant pressure.
He said the corporation’s participation in the trade fair underscored its commitment not only to regulation but also to public enlightenment and stakeholder engagement across the economy.
