NDIC Uses Abuja Trade Fair to Deepen Awareness on Deposit Protection
ABUJA, October 3, 2026.
The Nigeria Deposit Insurance Corporation (NDIC) is using the 21st Abuja International Trade Fair as a platform to strengthen public awareness of deposit insurance and reassure businesses and members of the public about the measures in place to protect depositors’ funds.
The Corporation, which is participating in the trade fair organised by the Abuja Chamber of Commerce and Industry (ACCI), is engaging visitors, entrepreneurs and business owners on its mandate and the role deposit insurance plays in maintaining confidence in Nigeria’s financial system.
Speaking at the exhibition, an official of the NDIC Research Department explained that the Corporation’s responsibilities include deposit guarantee, supervision of insured financial institutions, resolution of failing institutions and liquidation of failed banks and other insured institutions.
The official said the various functions are designed to safeguard depositors while contributing to the stability and orderly operation of the financial system.
On supervision, the official explained that the NDIC works with the Central Bank of Nigeria (CBN) to monitor insured financial institutions through both on-site examinations and off-site surveillance.
According to the official, the supervisory activities enable regulators to assess compliance with applicable rules, identify emerging challenges and take appropriate measures where potential risks to depositors and financial stability are detected.
The official further explained that the Corporation has a role in resolving financial institutions facing difficulties, with interventions aimed at addressing problems before they result in an avoidable collapse.
Where an insured institution eventually fails and its operating licence is revoked, the NDIC assumes the role of liquidator and oversees the orderly winding-up process. This includes the realisation of assets and the settlement of eligible claims in accordance with applicable procedures.
Deposit Insurance Coverage
The NDIC official also used the opportunity to explain the scope of deposit insurance coverage to members of the public.
Under the current limits, deposits are insured up to ₦5 million per depositor per Deposit Money Bank (DMB) and Mobile Money Operator (MMO), while depositors with Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs) and Payment Service Banks (PSBs) are covered up to ₦2 million.
The official noted that deposits exceeding the applicable insured limit may be recovered through the liquidation process and paid as liquidation dividends, subject to the recovery of sufficient assets from the failed institution.
The Corporation encouraged members of the public to maintain their deposits with insured financial institutions and to acquaint themselves with the scope of deposit insurance protection.
The official added that members of the public can also confirm the insurance status of a financial institution through the NDIC’s official channels before committing their funds.
The NDIC’s presence at the 21st Abuja International Trade Fair provides an avenue for the Corporation to interact directly with businesses, entrepreneurs and consumers, while improving public understanding of deposit protection and the safeguards supporting confidence in Nigeria’s financial sector.
The engagement also reinforces the importance of financial literacy among businesses and consumers, particularly in understanding their rights and the protections available to them when using insured financial institutions.
Edited by:Rosemary Aiyenale.
