281M DEPOSITORS INSURED AGAINST BANK FAILURE – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that over 281 million depositors across the country are currently insured against bank failure, providing a significant safety net for the banking public.

NDIC Managing Director, Mr. Bello Hassan, revealed this during a stakeholders’ engagement, emphasising the corporation’s commitment to protecting depositors’ funds and maintaining confidence in the financial system. “Our insurance coverage ensures that no depositor loses their hard-earned money in the event of bank distress,” he said.

The NDIC has continued to strengthen its resolution framework and risk management capabilities to respond swiftly to any potential threats to the banking sector. The corporation also urged banks to maintain strong corporate governance and prudent risk practices.

The development comes as Nigeria’s banking industry undergoes recapitalisation and regulatory enhancements to improve stability and resilience.

Financial experts have described the high number of insured depositors as a positive indicator of the effectiveness of deposit insurance in promoting financial inclusion and stability.