NDIC Reassures Nigerians of Deposit Safety and Urges BVN Linkage for Insured Funds Access

The Nigeria Deposit Insurance Corporation (NDIC) reassured Nigerians of the safety of their bank deposits during the 47th Kaduna International Trade Fair. The Managing Director/Chief Executive Officer of NDIC, Mr. Thompson Oludare Sunday, highlighted the corporation's role in safeguarding depositor funds and contributing to financial system stability over three decades.

NDIC guarantees deposits, supervises bank resolutions during financial distress, and collaborates with the Central Bank of Nigeria (CBN). The maximum deposit insurance coverage is set to increase by 2024, with enhancements covering various types of banks.

Sunday emphasized the prompt payment of insured deposits in the event of bank failures. He urged depositors to link their Bank Verification Number (BVN) to their accounts for seamless access to insured funds.

The NDIC's commitment to leveraging technology for deposit insurance and financial literacy was also emphasized at the trade fair. The President of KADCCIMA praised NDIC's role in enhancing public confidence in the banking system and promoting financial stability.