From Femi Oyelola in Kaduna
At the 47th Kaduna International Trade Fair, the Nigeria Deposit Insurance Corporation (NDIC) highlighted its expanded protection for savers. It urged depositors to link their Bank Verification Numbers (BVNs) for faster payouts.
Representing the NDIC Managing Director/Chief Executive, Thompson Oludare Sunday, and the Assistant Director of Communication and Public Affairs, Dr. Regina Dimlong, said the corporation now insures depositors of Deposit Money Banks, Mobile Money Operators, and Non‑Interest Banks up to ₦5 million. At the same time, those of Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks are covered up to ₦2 million.
“This expanded coverage protects about 99 percent of depositors, reinforcing our commitment to financial inclusion and stability,” he noted.
Sunday explained that, in the event of a bank failure, insured amounts are paid promptly, and any excess balance is settled as liquidation dividends once assets are recovered.
He cited recent swift payments to customers of the defunct Heritage Bank, Union Homes Plc, and Aso Savings and Loans Plc, made possible by using BVNs to locate alternate accounts.
He urged all depositors to ensure their BVNs are correctly linked to their bank accounts, as this “greatly facilitates seamless and timely access to insured deposits.”
Visitors to the NDIC Pavilion at the fair can obtain more information and guidance on safeguarding their funds.
The NDIC chief closed by thanking the Kaduna Chamber of Commerce, royal fathers, guests, and the press, reaffirming the corporation’s resolve to become a more responsive, technology‑driven, citizen‑centered deposit insurer that prevents failures and strengthens public trust.
In his address, KADCCIMA President Alhaji Farouk Suleiman welcomed the NDIC’s presence, describing the corporation as a “critical pillar of Nigeria’s financial architecture.”
He highlighted NDIC’s achievements: effective depositor protection, orderly resolution of failed banks, and sustained public‑awareness campaigns.
He stressed that financial stability underpins investment, credit access, and job creation, and called for joint initiatives with NDIC, including financial‑literacy drives for MSMEs, outreach to the informal sector, on‑site help desks at trade fairs, joint research, and capacity‑building for business associations.
Both speakers emphasized that while NDIC’s mandate—deposit guarantee, bank supervision, distress resolution, and liquidation—remains central, its impact can be amplified through partnerships with chambers of commerce, trade groups, and MSME networks.
“Confidence is the currency of any financial system,” the KADCCIMA President said, urging stakeholders to bridge regulatory knowledge with on‑ground business realities.
The event concluded with a call for depositors to ensure their BVNs are correctly linked to their accounts, facilitating seamless access to insured funds in the event of bank failure, and an invitation to visit the NDIC Pavilion for direct engagement.
