The Nigeria Deposit Insurance Corporation (NDIC), has reaffirmed the corporation’s commitment to safeguarding depositors’ funds and promoting financial system stability nationwide.
Oludare-Sunday The managing director of the NDIC stated this on Wednesday during the NDIC Special Day at the ongoing 46th Kano International Trade Fair.
He explained that the NDIC, working closely with the Central Bank of Nigeria (CBN), had strengthened regulatory frameworks to ensure compliance and stability across all insured deposit-taking institutions.
He stated that the maximum deposit insurance coverage had been increased to N5 million for Deposit Money Banks (DMBs), Mobile Money Operators (MMOs) and Non-Interest Banks (NIBs).
He added that Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs) and Payment Service Banks (PSBs) now enjoy N2 million coverage.
“This expanded coverage protects about 99 per cent of depositors and reflects our unwavering commitment to our mandate,” he said.
He advised bank customers to ensure that the name on their Bank Verification Number (BVN) matched the details on their official identification documents to facilitate prompt access to insured deposits in the event of a bank failure.He cautioned Nigerians against investing in Ponzi schemes and fraudulent platforms, noting that only funds held in CBN-licensed banks are protected by deposit insurance.
The Commissioner for Women Affairs, Children and People with Special Needs, Hajiya Amina Sani-Abdullahi, reaffirmed the government’s commitment to entrepreneurship support, infrastructure development and empowerment of vulnerable groups through capacity-building initiatives.
(Vanguard)
