NDIC Reassures Nigerian Bank Customers on Savings Safety

The Nigeria Deposit Insurance Corporation (NDIC) reassured bank customers of the safety of their savings in Deposit Money Banks (DMBs). The NDIC Managing Director, Thompson Sunday, emphasized that deposits in licensed financial institutions are fully covered by the insurance scheme.

The NDIC provides insurance coverage of up to N5 million for Deposit Banks, Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks. Customers are also entitled to liquidation dividends in case of bank failures.

The NDIC cautioned the public against investing in unlicensed financial platforms and Ponzi schemes. The agency's message was delivered during the ongoing International Trade Fair.