Kaduna — The Nigeria Deposit Insurance Corporation (NDIC) has assured Nigerians that their bank deposits remain safe, urging all customers to link their Bank Verification Numbers (BVN) to accounts for seamless access to insured funds in the event of a bank failure.
Speaking during the NDIC Special Day at the 47th Kaduna International Trade Fair, Managing Director/CEO Mr. Thompson Oludare Sunday emphasized the Corporation’s critical role in protecting depositors and maintaining financial system ility.
“For over three decades, NDIC has safeguarded depositors’ funds and contributed to a le 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).
He highlighted that maximum deposit insurance coverage was increased in 2024, with deposits in Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks insured up to ₦5 million, while Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks are covered up to ₦2 million, protecting about 99 percent of depositors.
Sunday stressed the importance of BVN linkage, noting that it enables rapid claim payments, citing Heritage Bank Limited, Union Homes Plc, and Aso Savings and Loans Plc as examples where linked BVNs facilitated quick access to insured deposits.
He invited fair participants to visit the NDIC pavilion for guidance on safeguarding deposits and avoiding fraud, reaffirming the Corporation’s commitment to becoming a technologically driven, citizen-focused insurer.
Alhaji Farouk Suleiman, President of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), described NDIC as a cornerstone of Nigeria’s financial safety net and highlighted the need to raise awareness among micro-enterprises, traders, farmers, and informal sector operators about deposit insurance. He stressed that collaboration between NDIC and the private sector could strengthen financial literacy and trust in the banking system.
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