NDIC Strengthens Safety Net for Small Savers
THE Nigeria Deposit Insurance Corporation has intensified efforts to reassure small savers that their bank deposits remain secure, even if financial institutions encounter difficulties.
At a town hall engagement in Lagos, NDIC officials highlighted the importance of public awareness in sustaining confidence in the banking system. Managing Director Thompson Sunday, represented by Adedayo Olukoya, Director of Bank Examination, stressed that informed depositors are vital to a resilient financial sector.
During the session, Director of Claims Resolution, Olawale Sule, detailed how NDIC protects depositors under its four core responsibilities: guaranteeing deposits, supervising banks, resolving distressed institutions, and liquidating failed banks.
He noted that depositors in deposit money banks, non-interest banks, and mobile money operators are insured up to ₦5 million per customer. Those banking with microfinance institutions, primary mortgage banks, and payment service banks are covered up to ₦2 million.
Sule further explained that NDIC gives priority to depositors in the event of liquidation. Using the BVN platform, the corporation can identify alternate accounts and swiftly transfer insured funds after a bank closure.
In addition, NDIC works in partnership with the Central Bank of Nigeria to conduct routine supervision and safeguard the health of financial institutions.
Officials said the ongoing public engagement campaign aims to deepen trust, especially among small savers, and reinforce financial system stability nationwide.
