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.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
Read full article
Continue on Legit NG
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
NDIC Ensures 99% Deposit Coverage in Nigerian Banks, Enhances Protection
NDIC and CIBN Collaborate to Address Emerging Risks in Nigerian Banking Sector
NDIC Takes Action to Address Customer Trust Crisis in Nigerian Banks
NDIC Empowered to Prosecute Those Behind Bank Collapses in Nigeria
NDIC Empowered to Prosecute Parties Responsible for Bank Failures, Says MD
NDIC Declares New Era of Accountability in Nigeria's Banking Sector
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
