NDIC Confirms 99% of Nigerian Bank Depositors Are Fully Covered Under Insurance Scheme
The Nigeria Deposit Insurance Corporation (NDIC) has confirmed that about 99 per cent of Nigerian bank depositors are now fully insured under its enhanced deposit insurance framework, a significant milestone for financial security in the country.
This development was highlighted by NDIC officials during recent engagements including the 47th Kaduna International Trade Fair and a stakeholders’ town hall meeting in Enugu, emphasizing the Corporation’s strengthened role in protecting the savings of ordinary Nigerians.
Under the revised coverage, NDIC now guarantees deposits up to ₦5 million per depositor per bank for Deposit Money Banks (DMBs), Mobile Money Operators, and Non-Interest Banks; while customers of Payment Service Banks, Microfinance Banks and Primary Mortgage Banks enjoy coverage of up to ₦2 million.
This expansion, implemented in 2024, has dramatically increased the share of depositors fully covered, reinforcing public confidence in the banking system and promoting broader financial inclusion across the nation.
Officials explained that in case of a bank failure, insured depositors receive prompt payout up to their insured limit, and any amount above this threshold is paid as liquidation dividends as assets from the failed institution are realized. NDIC also urged depositors to ensure their Bank Verification Numbers (BVN) are linked to accounts to facilitate seamless access to their insured funds in such events.
NDIC’s enhanced deposit protection framework not only secures small savers and everyday Nigerians but also underpins the stability of the financial sector by mitigating the risks associated with bank runs and fostering trust in regulated financial institutions.
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