‘Keep Your Money in Licensed Banks’ NDIC Tells Nigerians
…Announces New Website and Faster Payouts for Depositors
By Patience Ikpeme
The Nigeria Deposit Insurance Corporation (NDIC) on Wednesday advised Nigerians to save their money only in licensed financial institutions, and pointed to new technology and reforms it says are making the banking system safer and depositors better protected.
The Managing Director and Chief Executive Officer of the corporation spoke at the 21st Abuja International Trade Fair, which is being held under the theme “Resilience: Trade, Taxation and the Economy.” He explained that the NDIC is a key part of the country’s financial safety net. Its duties include guaranteeing deposits, dealing with banks that fail, and winding up those that are closed down, all in close cooperation with the Central Bank of Nigeria.
According to him, the corporation increased the maximum amount it insures in 2024. Depositors in Deposit Money Banks and Mobile Money Operators are now covered up to ₦5 million each, while those in Microfinance Banks, Primary Mortgage Banks and Payment Service Banks are covered up to ₦2 million each. The NDIC said this means more than 98 percent of depositors in insured institutions are now fully covered, which shields families and small businesses from the sudden loss that follows a bank failure.
For customers whose money is more than the insured limit, the corporation said it will continue to pay them liquidation dividends. These come from the money it recovers and from the sale of the failed bank’s assets. The NDIC also said it is using digital tools to pay depositors faster. These include the Bank Verification Number (BVN), the Single Customer View (SCV) and systems run by the Nigeria Inter-Bank Settlement System (NIBSS). With these, it said, verified depositors can receive their insured funds within days after a bank is closed.
The NDIC boss said the corporation has changed its approach to banking supervision. “We have repositioned the NDIC to be a risk minimizer that identifies vulnerabilities early, strengthens safeguards and prevents institutional problems from becoming systemic crises,” he said. He listed some of the reforms put in place, namely Risk-Based Supervision, an improved Differential Premium Assessment System, the SCV framework, a set of tools for handling distressed banks, and a Bank Liquidation Management System.
The MD/CEO also cautioned Nigerians against keeping large amounts of cash outside the banking system or handing their money to operators who have no licence. He pointed to the repeated collapse of Ponzi schemes and other unregulated platforms, which have left many people in financial trouble. He advised savers to check any investment offer carefully and to stay away from those promising returns that sound too good to be true.
To make its services easier to reach and more open to the public, the corporation launched an upgraded website, www.ndic.gov.ng, on 19 September 2026. The site offers automated processing of claims, a better list of insured institutions, a Quick Action Bar for filing claims and reporting failed banks, and a virtual assistant powered by artificial intelligence to help visitors find what they need.
The NDIC chief urged depositors to make sure the details on their bank accounts are the same everywhere and are linked to their BVNs, since this will help them get their money back sooner if a bank collapses. He added that financial literacy remains the first line of defence for both depositors and businesses.
He invited visitors at the trade fair to stop by the NDIC pavilion to learn more about deposit insurance, how claims are handled, and how to manage money wisely. He also congratulated the Abuja Chamber of Commerce, Industry, Mines and Agriculture for organising the fair.
