NDIC: Over 98 percent of depositors fully covered against bank failure

By Mariam Abeeb

The Nigeria Deposit Insurance Corporation (NDIC) says about 281 million bank customers are now fully protected under the country’s deposit insurance scheme following the upward review of the maximum deposit insurance coverage.
Thompson Sunday, managing director of the NDIC, spoke on Monday during the second quarter 2026 citizens and stakeholders’ engagement session organised by the federal ministry of finance in Abuja.
Sunday said the increase in insurance coverage, approved in May 2024, strengthened depositor protection and reinforced confidence in the banking sector.
According to the NDIC boss, over 98 percent of depositors are fully covered for their entire balances.
“For the first time since 2016, the corporation materially increased the maximum deposit insurance coverage for each depositor,” he said.
“This reform achieved 98.98 percent of all depositors being fully insured, significantly strengthening the safety net for all bank categories, compared with 89.2 percent before the review, while full coverage for customers of microfinance banks, primary mortgage banks and payment service banks rose to 99.27 percent, 99.34 percent and 99.99 percent respectively.”
He said under the new framework, the maximum insurance coverage for deposit money banks was increased from N500,000 to N5 million, while the limit for microfinance banks, primary mortgage banks and payment service banks rose to N2 million.
According to Sunday, mobile money subscribers are also now covered up to N5 million.
“Ensuring full coverage for depositors with balances up to N5 million strengthens the stability and resilience of the banking sector,” he said.
Sunday said a stable banking sector promotes long-term savings and investment, as well as mobilises “the capital required to drive sustainable and inclusive growth and support the national goal of a $1 trillion economy by 2030”.