NDIC RAISES DEPOSIT INSURANCE COVERAGE, URGES NIGERIANS TO USE LICENSED BANKS
The Managing Director of the Nigeria Deposit Insurance Corporation, NDIC, Mr. Thompson Oludare Sunday, says the corporation has increased deposit insurance coverage to protect bank depositors.
Sunday said this on Tuesday at the NDIC Special Day at the 21st Abuja International Trade Fair. The fair was organised by the Abuja Chamber of Commerce, Industry, Mines and Agriculture. The theme of the fair is “Resilience: Trade, Taxation and the Economy.”
He commended the chamber for sustaining the trade fair for 21 years. He said the theme is timely as Nigeria undergoes economic reforms aimed at achieving a one trillion dollar economy by 2030.
Sunday said for over 30 years, NDIC has been a critical part of Nigeria’s financial safety net through deposit guarantee, bank supervision with the Central Bank of Nigeria, and bank liquidation.
He said in 2024, NDIC raised the maximum insured limit to 5 million naira per depositor per Deposit Money Bank and Mobile Money Operator, and 2 million naira per depositor per Microfinance Bank, Primary Mortgage Bank and Payment Service Bank. He said the new limit provides full coverage for over 98 percent of depositors.
He said depositors with balances above the insured limit will receive liquidation dividends from debt recoveries and sale of assets of failed banks.
He said NDIC now pays insured deposits within days of bank closure through technology, including Bank Verification Number, BVN, Single Customer View and NIBSS infrastructure. He said NDIC is now a risk minimiser that identifies risks early to prevent banking crisis.
Sunday urged Nigerians to keep their money in licensed and regulated banks. He warned against keeping money outside the banking system or investing in unlicensed fund managers and Ponzi schemes promising unrealistic returns.
He said NDIC launched an upgraded website on September 19, 2026. He said the website, http://www.ndic.gov.ng, allows users to file claims, check insured banks, report failed banks and get information through an AI-powered assistant.
He advised depositors to ensure their account information is accurate and linked to their BVN to speed up reimbursement.
He urged businesses and the public to improve their financial literacy and use digital financial services responsibly.
