As part of efforts to boost public confidence in the banking system, the Nigeria Deposit Insurance Corporation (NDIC), has reassured depositors, especially small savers and traders, of their protection with compensation of up to N5 million in the event of a bank failure.
NDIC Head of Communication and Public Affairs, Hawwau Gambo, gave the assurance at a recent public awareness event held at Wuse Market, Abuja, on Thursday.
Gambo emphasised the importance of saving money in banks licensed by the Central Bank of Nigeria (CBN), noting that only those banks insured by the NDIC guarantees deposit protection.
“We are here today to enhance public awareness about deposit insurance and how the NDIC protects the money of depositors in banks. Our focus is on reaching out to small savers and traders who may not be fully informed on how banking operates, to educate them on the dos and don’ts of banking, particularly how NDIC safeguards their money.
“First, we emphasise the importance of saving money in banks that are licensed by the CBN. Only those banks pay premiums to the NDIC, which means their depositors are covered by deposit insurance in the event that a bank fails.”
