The Nigeria Deposit Insurance Corporation has announced that it now provides full insurance coverage for 98.98 per cent of deposits in Deposit Money Banks, strengthening public confidence in the financial system.
Managing Director of NDIC, Thompson Sunday, disclosed this during the corporation’s Special Day at the 20th Abuja International Trade Fair. Represented by the Director of Performance Management, Bimpe Akande, he explained that depositors in Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks are insured up to N5 million, while those in Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks enjoy coverage of up to N2 million.
According to him, this enhanced coverage means 98.98 per cent of depositors in Deposit Money Banks, 99.2 per cent in Microfinance Banks, 99.34 per cent in Primary Mortgage Banks, and 999.99 per cent in Payment Service Banks are protected. He stressed that the corporation, in partnership with the Central Bank of Nigeria, remains focused on maintaining sector stability and protecting depositors’ interests.
Sunday reaffirmed NDIC’s mission of “protecting your bank deposits,” highlighting that the corporation has, over the last three decades, safeguarded vulnerable depositors and strengthened the resilience of Nigeria’s banking system. He assured the public that even depositors with balances above the insured limits would still recover their funds through liquidation dividends, distributed from the proceeds of failed banks’ assets and debt recoveries.
He also warned Nigerians to avoid Ponzi schemes and fraudulent investment platforms, urging them to place their savings only in CBN-licensed banks covered by NDIC. “This vigilance is crucial to protecting your hard-earned savings,” he said.
President of the Abuja Chamber of Commerce and Industry, Emeka Obegolu, praised NDIC’s role in promoting financial stability, describing it as “a strategic partner in advocacy and economic development.” Represented by ACCI Director-General Agabaidu Jidani, he called for stronger collaboration to deepen financial literacy, reduce risks for businesses, and align savings protection with national development goals.
