By Ibrahim Hassan-Wuyo
Kaduna — The Nigeria Deposit Insurance Corporation (NDIC) has assured Nigerians that their bank deposits remain secure, urging customers to link their Bank Verification Numbers (BVN) to accounts for seamless access to insured funds in case of bank failure.
NDIC Managing Director/CEO, Mr. Thompson Oludare Sunday, made the remarks 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,” he highlighted NDIC’s role in protecting depositors while maintaining financial system stability.
“For over three decades, NDIC has safeguarded depositors’ funds and contributed to a stable financial system,” Sunday said. He explained that the Corporation guarantees deposits, supervises banks, resolves distress, and liquidates failed institutions in coordination with the Central Bank of Nigeria (CBN).
Sunday disclosed that maximum deposit insurance coverage was increased in 2024. 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. The expanded coverage protects about 99 per cent of depositors.
He noted that insured depositors are paid promptly, with balances above the insured limit settled through liquidation dividends. Citing Heritage Bank Limited, Union Homes Plc, and Aso Savings and Loans Plc, he said BVN linkage enabled rapid transfer of claims to alternate accounts. “I urge all depositors to ensure their BVNs are linked to their accounts to facilitate timely access to insured deposits,” he said.
Sunday invited fair participants to visit the NDIC pavilion for guidance on safeguarding deposits and avoiding fraud, reaffirming the Corporation’s commitment to becoming a more technologically driven, citizen-focused insurer.
In his welcome address, President of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), Alhaji Farouk Suleiman, described NDIC as a cornerstone of Nigeria’s financial safety net, emphasizing its role in strengthening confidence in the banking system.
He highlighted the need to raise awareness among micro-enterprises, traders, farmers, and informal sector operators about deposit insurance. Suleiman stressed that collaboration between NDIC and the private sector could enhance financial literacy, promote responsible banking, and extend protection to underserved segments.
“At a time when Nigeria is striving to deepen financial inclusion, NDIC’s role as a guardian of confidence cannot be overemphasized,” he said, reaffirming KADCCIMA’s commitment to supporting initiatives that strengthen trust, transparency, and stability in the financial system.
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