The Nigeria Deposit Insurance Corporation (NDIC) has reassured bank customers of the safety of their savings.

The corporation stated that all depositors with Deposit Money Banks (DMBs) and other licensed financial institutions are fully covered by its insurance scheme.

Thompson Sunday, the NDIC managing director, disclosed this during the NDIC Special Day at the ongoing 20th Abuja International Trade Fair, with the theme 'Sustainability: Consumption, Incentives, and Taxation.

He noted that the agency currently provides full insurance cover for 98.98% of total deposits in DMBs.

Represented by the director of performance management, Bimpe Akande, Sunday said depositors of DMBs, Mobile Money Operators and Non-Interest Banks are insured up to N5 million, while those of Payment Service Banks, Microfinance Banks and Primary Mortgage Banks enjoy coverage of up to N2 million.

His words:

“This enhanced coverage ensures that approximately 98.98% of total depositors in Deposit Money Banks, 99.27% in Microfinance Banks, 99.34% in Primary Mortgage Banks, and 99.99% in Payment Service Banks are protected.

“We are dedicated to protecting Nigerians’ savings and maintaining stability in the banking sector in collaboration with the Central Bank of Nigeria.”

The NDIC boss said depositors with balances above the insured limit are also entitled to liquidation dividends in the event of a bank failure.

These payouts are made from the proceeds of sold bank assets and recovered debts, BusinessDay reports.

Sunday also cautioned the public against investing in Ponzi schemes and unlicensed financial platforms.

He warned:

“Always ensure your funds are placed only in Central Bank of Nigeria licensed banks, all of which are covered by deposit insurance provided by the NDIC."

List of insured Institutions

This is a list of insured institutions, which are all deposit-taking financial institutions licensed by the Central Bank of Nigeria (CBN).

They are:

Commercial Banks such as Access, UBA, Zenith, others

Merchant Banks - Coronation Merchant Bank Limited, FBN Quest Merchant Bank Limited, others

Microfinance Banks - Bama Microfinance, Zafec Microfinance, others

Mobile Money Operators - Opay Digital, Palmpay Ltd and all bank led

Non-Interest Banks -Jaiz Bank, Lotus Bank Ltd.

Non-Interest Window Banks - Suntrust Bank Nigeria Limited

Payment Service Banks - Hope PSB, SmartCash PSB, others

Primary Mortgage Banks - Abbey Mortgage Bank, FBN Mortgages Ltd, others