By Juliet Ezeh
The Nigeria Deposit Insurance Corporation (NDIC) is ramping up efforts to reinforce trust in the banking system through a nationwide grassroots stakeholder engagement programme. The initiative, showcased at a Town Hall Meeting in Lagos, aims to empower depositors with practical knowledge about deposit protection, financial prudence, and the scope of insurance coverage.
The Lagos forum brought together stakeholders from the Central Bank of Nigeria (CBN), commercial banks, microfinance institutions, trade associations, civil society organisations, academic institutions, youth and women’s groups, and the media.
Speaking on behalf of NDIC Managing Director Sunday Thomson, Mrs Adeyinka Olukoya, Director of the Bank Examination Department, highlighted key improvements in Nigeria’s deposit protection framework. Deposits in commercial banks, non-interest banks, and mobile money operators are now insured up to ₦5 million, while microfinance banks, primary mortgage institutions, and payment service banks are covered up to ₦2 million. Depositors with balances above the insured limits are reimbursed the insured portion immediately, with the remainder paid as liquidation dividends once the bank’s assets are recovered effectively protecting 99% of depositors nationwide.
Officials also urged depositors to ensure their Bank Verification Numbers (BVNs) are correctly linked to accounts to enable seamless access to insured funds.
Opening the session, Patricia Okosun, Director of the Asset Management Department, noted that the town hall’s theme, “Strengthening Depositors’ Confidence in NDIC’s Role in Financial System Stability and Consumer Protection,” underscores NDIC’s commitment to safeguarding savings and fostering confidence in Nigeria’s financial system.
Hawwau Gambo, Head of Communications and Public Affairs, explained that the engagement programme is particularly timely due to recent banking developments, including the revocation of operating licences and recapitalisation efforts. “Sustained stakeholder engagement is critical to clarifying misconceptions, building trust, and ensuring depositors are fully aware of how their funds are protected,” she said.
The programme also features interactive sessions on depositor protection, financial responsibilities, and prudent money management, alongside evaluation tools to track public awareness and measure impact. NDIC plans to roll out similar town halls across the country to further strengthen depositor confidence and support the stability of Nigeria’s banking sector.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.