Managing Director of the Corporation, Mr. Sunday,Thompson revealed this during the NDIC Special Day at the 20th Abuja International Trade Fair themed, “Sustainability: Consumption, Incentives and Taxation.” His remarks were delivered by the Director of Performance Management, Mrs. Bimpe Akande.
He explained that the corporation insures depositors of DMBs, Mobile Money Operators, and Non-Interest Banks up to ₦5 million. Depositors in Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks are insured up to ₦2 million.
According to him, the expanded coverage ensures that 98.98 percent of depositors in DMBs, 99.27 percent in Microfinance Banks, 99.34 percent in Primary Mortgage Banks, and 99.99 percent in Payment Service Banks are protected.
“Together with the Central Bank of Nigeria (CBN), we remain committed to safeguarding the banking sector, enforcing compliance, and strengthening oversight of insured institutions,” Sunday said. “Our mission is to reassure Nigerians of the safety of their savings while promoting financial stability and inclusion.”
He stressed that depositors have no reason to fear for their funds, noting that in the event of a bank failure, depositors first receive payments up to the insured limit, while balances above that threshold are settled through liquidation dividends from the sale of the failed bank’s assets.
The NDIC boss also warned Nigerians to avoid Ponzi schemes and unlicensed investment platforms, advising the public to keep funds only with CBN-licensed banks covered by deposit insurance.
Earlier, the President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu (SAN), commended the NDIC for strengthening public confidence in the banking system. He described the corporation as “a strategic partner in advocacy and economic development.”
Obegolu, represented by ACCI Director-General Sir Agabaidu Jidani, pledged the chamber’s collaboration with NDIC to raise awareness about safe savings. He noted that financial safety and enterprise growth are essential to Nigeria’s competitiveness and long-term economic sustainability.
He urged Nigerians to engage with the NDIC and fully utilize the Deposit Insurance Scheme, describing it as a vital tool for reducing risks, supporting innovation, and driving job creation
