As part of efforts to boost public confidence in the banking system, the Nigeria Deposit Insurance Corporation (NDIC) has reassured depositors of its commitment to protecting their funds in the event of a bank failure.
Speaking during a public awareness event held on Thursday at Wuse Market, Abuja, the NDIC Head of Communication and Public Affairs, Mrs. Hawwau Gambo, said the Corporation guarantees deposit compensation of up to N5 million per depositor.
“We are here today to enhance public awareness about deposit insurance and how the NDIC protects the money of depositors in banks,” Gambo said. “Our focus is on reaching out to small savers and traders who may not be fully informed on how banking operates, to educate them on how NDIC safeguards their money.”
She stressed the importance of saving money in banks licensed by the Central Bank of Nigeria (CBN), explaining that only such banks are covered under the NDIC’s deposit insurance scheme.
“Only banks licensed by the CBN and insured by the NDIC guarantee protection for depositors. These banks pay insurance premiums to NDIC, which ensures that depositors are compensated if a bank fails,” she added.
The NDIC’s public sensitization campaign aims to educate low-income earners, market traders, and rural savers about the benefits of formal banking, responsible saving habits, and the protection mechanisms in place for depositors’ funds.
Through these efforts, the NDIC hopes to enhance financial inclusion and strengthen public trust in Nigeria’s financial system by ensuring depositors’ funds remain safe even in times of institutional distress.