The Nigeria Deposit Insurance Corporation has said that about 99 per cent of depositors in Nigerian banks are fully covered under its enhanced deposit insurance scheme, assuring the public of the safety of their funds.

The Managing Director/Chief Executive of NDIC, Mr Thompson Sunday, disclosed this on Wednesday at the NDIC Special Day at the 47th Kaduna International Trade Fair.

The trade fair, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, is themed “From Reforms to Results: Economic Transformation through Sustained Local Content Development.”

Represented by the Assistant Director, Communication and Public Affairs Department, Regina Dinlung, Sunday said the theme aligns with ongoing financial sector reforms aimed at delivering tangible benefits to Nigerians.

He commended the Kaduna Chamber for sustaining the trade fair over the years, describing it as a catalyst for innovation, business networking, financial sector sensitisation, and investment promotion.

Highlighting the corporation’s mandate, Sunday said NDIC has for over three decades played a critical role in protecting depositors, particularly the most vulnerable, against the adverse effects of bank failures.

“Our mandate encompasses deposit guarantee, supervision of insured institutions, distress resolution, and the orderly liquidation of failed banks,” he said.

He explained that the NDIC works closely with the Central Bank of Nigeria to strengthen risk-based supervision, resolution planning, and inter-agency collaboration to safeguard the banking system.

“Our tagline, ‘Protecting Your Bank Deposits,’ reflects our enduring commitment to financial inclusion and stability, reassuring Nigerians that their savings are safe,” he added.

Sunday disclosed that in 2024, the corporation increased the maximum deposit insurance coverage to ₦5m per depositor per bank for Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks.

According to him, depositors of Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks are insured up to ₦2m per depositor per bank under the revised structure.

“This expanded coverage protects about 99 per cent of depositors, underscoring our commitment to safeguarding the savings of Nigerians,” he said.

He added that in the event of a bank failure, insured depositors are paid promptly up to the insured limit, while those with balances above the threshold receive liquidation dividends as assets of the failed bank are realised.

The NDIC boss cited the recent closures of Heritage Bank Limited, Union Homes Plc , and Aso Savings and Loans Plc as examples of improved payout efficiency, noting that the corporation leveraged the Bank Verification Number to trace alternate accounts of depositors and credit them within days.

He urged all depositors to ensure that their BVNs are properly linked to their bank accounts and identity records to facilitate seamless and timely access to insured deposits.

Earlier, the President of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, Alhaji Farouk Suleiman, described NDIC’s role in safeguarding depositors’ funds as critical, especially at a time when economic confidence and institutional trust are under pressure.

He said the corporation’s participation in the trade fair underscored its commitment not only to regulation but also to public enlightenment and stakeholder engagement.