NDIC has assured Nigerians of deposit safety and urged BVN linkage for faster access to insured funds.
NewsOnline Nigeria reports that the Nigeria Deposit Insurance Corporation (NDIC) has reassured Nigerians that their bank deposits remain safe, urging customers to link their Bank Verification Numbers (BVN) to their accounts to ensure seamless access to insured funds in the event of bank failure.
The Managing Director/Chief Executive Officer of NDIC, Mr. Thompson Oludare Sunday, gave the assurance on Wednesday during the Corporation’s Special Day at the 47th Kaduna International Trade Fair.
Speaking on the theme, “From Reforms to Results: Economic Transformation through Sustained Local Content Development,” Sunday highlighted NDIC’s longstanding role in protecting depositors and maintaining financial system stability.
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“For over three decades, NDIC has safeguarded depositors’ funds and contributed to a stable financial system,” he said, noting that the Corporation guarantees deposits, supervises banks, resolves financial distress, and liquidates failed institutions in collaboration with the Central Bank of Nigeria (CBN).
Sunday disclosed that the maximum deposit insurance coverage was increased in 2024. Under the revised structure, depositors of Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks are insured up to ₦5 million, while Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks are covered up to ₦2 million. According to him, the enhanced coverage now protects approximately 99 percent of depositors.
He emphasized that insured depositors are paid promptly when banks fail, while balances exceeding the insured limits are settled through liquidation dividends. Citing examples such as Heritage Bank Limited, Union Homes Plc, and Aso Savings and Loans Plc, Sunday noted that BVN linkage enabled faster transfer of claims to alternative accounts.
“I urge all depositors to ensure their BVNs are linked to their accounts to facilitate timely access to insured deposits,” he stated.
The NDIC boss also encouraged participants at the trade fair to visit the Corporation’s pavilion for guidance on protecting their deposits and avoiding financial fraud. He reaffirmed the agency’s commitment to leveraging technology and strengthening its citizen-focused approach to deposit insurance.
In his welcome address, President of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), Alhaji Farouk Suleiman, described NDIC as a key pillar of Nigeria’s financial safety net and praised its role in strengthening public confidence in the banking system.
Suleiman stressed the importance of increasing awareness of deposit insurance among micro-enterprises, traders, farmers, and operators in the informal sector. He noted that stronger collaboration between NDIC and the private sector would enhance financial literacy, promote responsible banking practices, and extend financial protection to underserved communities.
“At a time when Nigeria is striving to deepen financial inclusion, NDIC’s role as a guardian of confidence cannot be overemphasized,” he said, pledging KADCCIMA’s support for initiatives that promote trust, transparency, and financial stability.
