The Nigeria Deposit Insurance Corporation (NDIC) has assured that almost all depositors in the country’s financial system are fully protected under its expanded insurance framework. The Corporation said the initiative reflects its commitment to boosting public confidence and safeguarding savings in the banking sector.
Speaking at the NDIC Special Day during the ongoing Abuja International Trade Fair on Thursday, the Managing Director and Chief Executive, Mr. Thompson Oludare Sunday, disclosed that 98.98 per cent of depositors in Deposit Money Banks are now fully covered. He added that 99.27 per cent in Microfinance Banks, 99.34 per cent in Primary Mortgage Banks, and 99.99 per cent in Payment Service Banks also enjoy complete protection.
According to him, this significant milestone was achieved through the upward review of maximum deposit insurance limits across various bank categories. He emphasized that the move is designed to strengthen financial system stability, protect small depositors, and ensure that Nigerians retain trust in regulated banking institutions.
