- The NDIC disclosed that about 99 per cent of Nigerian depositors were fully covered under its enhanced deposit insurance scheme
- It increased maximum coverage to ₦5 million for Deposit Money Banks and ₦2 million for microfinance and mortgage banks in 2024
- The corporation improved payout efficiency, using BVN to credit insured depositors within days of bank failures
The Nigeria Deposit Insurance Corporation (NDIC) has assured Nigerians that approximately 99 per cent of depositors in the country’s banking system are fully covered under its enhanced deposit insurance framework.
The Managing Director and Chief Executive of the NDIC, Mr Thompson Sunday, made the disclosure 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.”
Represented by the Assistant Director in the Communication and Public Affairs Department, Mrs Regina Dinlung, Sunday said the theme resonates with ongoing reforms in the financial sector designed to deliver measurable benefits to Nigerians.
He commended the Kaduna Chamber for sustaining the trade fair over the years, describing it as “a catalyst for innovation, business networking, financial sector sensitisation and investment promotion.”
Highlighting the corporation’s mandate, Sunday noted that the NDIC has, for over three decades, played a pivotal role in protecting depositors—particularly the most vulnerable—against the adverse effects of bank failures.
“Our mandate encompasses deposit guarantee, supervision of insured institutions, distress resolution and the orderly liquidation of failed banks,” he said.
He explained that the NDIC works closely with the Central Bank of Nigeria (CBN) to strengthen risk-based supervision, resolution planning and inter-agency collaboration aimed at safeguarding the stability of the banking system.
“Our tagline, ‘Protecting Your Bank Deposits,’ reflects our enduring commitment to financial inclusion and stability, reassuring Nigerians that their savings are safe,” he added.
Sunday disclosed that in 2024, the corporation raised the maximum deposit insurance coverage to ₦5 million per depositor per bank for Deposit Money Banks, Mobile Money Operators and Non-Interest Banks.
Under the revised structure, depositors of Payment Service Banks, Microfinance Banks and Primary Mortgage Banks are insured up to ₦2 million per depositor per bank.
“This expanded coverage protects about 99 per cent of depositors, underscoring our commitment to safeguarding the savings of Nigerians,” he stated.
He further explained that in the event of a bank failure, insured depositors are paid promptly up to the insured limit, while those with balances exceeding the threshold receive liquidation dividends as the failed bank’s assets are realised.
Citing recent closures of Heritage Bank Limited, Union Homes Plc and Aso Savings and Loans Plc, Sunday said the NDIC had improved payout efficiency by leveraging the Bank Verification Number (BVN) system to trace depositors’ alternate accounts and credit them within days.
“I therefore urge all depositors to ensure that their BVNs are properly linked to their bank accounts and identity records, as this greatly facilitates seamless and timely access to insured deposits,” he said.
He reaffirmed the corporation’s commitment to strengthening public confidence in the banking system and enhancing Nigeria’s long-term economic resilience.
Earlier, the President of KADCCIMA, Alhaji Farouk Suleiman, described the NDIC’s role as critical, particularly at a time when economic confidence and institutional trust face mounting pressures.
“We are delighted to host one of Nigeria’s most critical financial sector institutions, an institution whose work often operates quietly behind the scenes, yet whose impact is felt profoundly across the economy,” he said.
According to him, the NDIC’s participation in the trade fair demonstrates its commitment not only to regulation but also to public enlightenment and stakeholder engagement.