• Tue. May 30th, 2023

NDIC Assures Safety of Deposits amid Fears of Bank Collapse

ByJustice Godfrey Okamgba

Mar 31, 2023

The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors that their money would be safe in the event of a bank failure.

NDIC is a statutory body established by NDIC Act No. 16 of 2006 with the exclusive mandate of administering the Deposit Insurance System in Nigeria. It supervises banks to protect depositors; foster monetary stability; promote an effective and efficient payment system; and promote competition and innovation in the banking system.

The assurance was given by Othman Afolayan, Senior Manager of the NDIC’s Enugu zonal office, who represented the Managing Director, Bello Hassan, at the NDIC Day at the ongoing 34th Enugu International Trade Fair.

He stated that the corporation was determined to boost public trust in the financial system by protecting customers’ bank deposits.

He clarified that money deposit banks were supervised by the NDIC and the CBN to ensure their safe and efficient operation.

This, he added, was done in line with extant laws and regulations and ensuring the resolution of distress in banks to reduce instances of failure.

“We are at the trade fair to showcase the mandate and activities of the NDIC, particularly our contributions to the stability of the country’s financial system.

“We want the general public to know and reflect always that their deposits are safe and that in the unusual event of a bank failure, the NDIC is here to protect them, especially the small savers,’’ he said.

He did, however, advise depositors to use strong passwords on their phones and to avoid sharing their bank mobile app passwords with third parties.

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