The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians to steer clear of Ponzi schemes and other fraudulent investment platforms, urging them to keep their savings only in banks licensed by the Central Bank of Nigeria (CBN).
The Managing Director of NDIC, Mr. Thompson Sunday, gave the advice at the corporation’s Special Day during the 20th Abuja International Trade Fair, organised by the Abuja Chamber of Commerce and Industry (ACCI). He was represented by Mrs. Bimpe Akande, Director of Performance Management at the NDIC.
Sunday noted that funds placed in CBN-licensed banks are protected by the NDIC’s deposit insurance scheme, which guarantees the safety of depositors’ savings in the event of bank failure.
“For over three decades, the NDIC has played a vital role in safeguarding depositors’ funds, particularly the most vulnerable, and fortifying the financial system,” he said.
According to him, the corporation insures deposits in Deposit Money Banks (DMBs), Mobile Money Operators, and Non-Interest Banks up to ₦5 million, while deposits in Payment Service Banks (PSBs), Microfinance Banks (MFBs), and Primary Mortgage Banks (PMBs) are insured up to ₦2 million.
Sunday explained that the enhanced coverage ensures that nearly all depositors are protected: 98.98% in DMBs, 99.27% in MFBs, 99.34% in PMBs, and 99.99% in PSBs. He said this reflects NDIC’s commitment to strengthening public confidence in the financial system.
“Our mission, embodied in the tagline ‘Protecting your bank deposits,’ is to promote financial inclusion and reassure Nigerians of the security of their savings,” he added.
In his remarks, the President of the ACCI, Chief Emeka Obegolu, represented by the chamber’s Director-General, Chief Agabaidu Jideani, commended the NDIC for sustaining financial system stability, which he said is essential for businesses, especially Small and Medium Enterprises (SMEs), to thrive.
He noted that the extension of deposit insurance beyond traditional banks to cover microfinance, mortgage, non-interest, payment service banks, and mobile money operators demonstrates NDIC’s responsiveness to Nigeria’s evolving financial landscape.
“These interventions not only protect depositors but also create a more enabling environment for SMEs and entrepreneurs to participate confidently in the economy,” he said.
