The Nigeria Deposit Insurance Corporation has intensified grassroots stakeholder engagement to reinforce trust in the banking system and strengthen depositor confidence.
Speaking at a stakeholders’ town hall meeting in Lagos, the NDIC management said misconceptions persist about the Deposit Insurance System and pledged continued public education to clarify coverage, reimbursement processes, and procedures following bank licence revocations by the Central Bank of Nigeria.
The corporation disclosed that depositors of deposit money banks, mobile money operators and non-interest banks are insured up to N5m, while those in microfinance banks, primary mortgage institutions and payment service banks are covered up to N2m — a framework it said protects about 99 per cent of depositors.
NDIC officials added that payout processes have been improved and urged customers to ensure their Bank Verification Number is properly linked to their accounts for seamless access to insured funds.
The agency said the engagement forms part of a broader nationwide programme aimed at strengthening confidence in financial system stability and consumer protection.
