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.

The CBN Governor, Godwin Emefiele, revealed this impacts cash and electronic deposits of the Naira to the tune of N150,000 during a conference on Wednesday in Abuja.

Prior to today, customers had to pay a commission for the transaction as well as a stamp tax of N50 for bank deposits and a 7.5% VAT.

Customers have complained about this, especially in light of the challenging economic climate in the nation.

The apex bank had reintroduced bank charges on deposits to promote its cashless policy, but banks began to feed fat on electronic deposits, defeating the essence of the cashless policy of the CBN.

Emefiele said, “Bank charges (on deposits) have been suspended. What we have right now is that if you pay N150,000 into your account, you do not incur charges, but if you pay more than N150,000, you pay the charges.

“This means it does not limit you from paying N10 million or N1 billion into your account. The only thing is that you will pay for cash processing for deposits above N150,000.

“So, what we’ve done by this is to say, even if you want to pay N1 billion [or] N10 billion into your account, you are not going to be charged any money.”