NDIC insures 99% of Nigerian depositors
The Nigeria Deposit Insurance Corporation (NDIC) has assured Nigerians that the overwhelming majority of bank customers are protected under its deposit insurance framework, stating that about 99 per cent of depositors in the country are fully covered.
The disclosure was made on Wednesday by the Managing Director and Chief Executive Officer of NDIC, Thompson Sunday, during the corporation’s Special Day at the 47th Kaduna International Trade Fair held in Kaduna.
According to him, the NDIC insures 99% of Nigerian depositors under its enhanced deposit insurance scheme, providing strong financial protection and reinforcing confidence in the country’s banking system.
Sunday, who was represented at the event by Assistant Director of Communication and Public Affairs, Regina Dinlung, said the corporation’s insurance coverage ensures that depositors are protected even in the event of bank distress or failure.
He explained that the deposit insurance system is designed primarily to safeguard small depositors, who constitute the vast majority of bank customers in Nigeria.
“The NDIC insures 99% of Nigerian depositors, which means that most depositors will recover their funds within the insured limits if any insured institution fails,” he said.
The Managing Director noted that the assurance reflects NDIC’s commitment to protecting financial stability and strengthening public trust in Nigeria’s financial institutions.
The Kaduna International Trade Fair, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, brought together government agencies, private sector participants and financial institutions to promote economic growth and investment opportunities.
The theme of this year’s fair, “From Reforms to Results: Economic Transformation through Sustained Local Content Development,” aligns with ongoing reforms in Nigeria’s financial sector aimed at improving resilience and economic stability.
Sunday said the NDIC insures 99% of Nigerian depositors as part of broader reforms designed to ensure that the banking system remains secure, transparent and capable of supporting national economic development.
He commended the Kaduna Chamber of Commerce for sustaining the trade fair over the years, describing it as an important platform for business networking, innovation and public awareness.
“The trade fair serves as a catalyst for innovation, investment promotion and financial sector sensitisation,” he said.
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He also highlighted NDIC’s statutory mandate, which includes deposit guarantee, supervision of insured institutions, resolution of distressed banks and orderly liquidation where necessary.
According to him, these responsibilities have enabled the corporation to play a vital role in maintaining confidence in Nigeria’s banking sector for over three decades.
The assurance that NDIC insures 99% of Nigerian depositors comes at a time when financial authorities are seeking to strengthen trust in financial institutions amid global economic uncertainties and domestic financial reforms.
Sunday said deposit insurance remains one of the most effective tools for protecting depositors and preventing panic withdrawals during periods of financial stress.
He explained that deposit insurance provides reassurance that even if a bank fails, insured depositors will receive compensation up to the insured limit, thereby reducing systemic risk and promoting stability.
Financial analysts say the fact that NDIC insures 99% of Nigerian depositors reflects the structure of the banking sector, where most customers maintain balances within the insured threshold.
They note that deposit insurance plays a crucial role in maintaining confidence in the banking system and encouraging financial inclusion.
Sunday reiterated that NDIC remains committed to strengthening its operational capacity and improving its ability to respond to emerging financial risks.
He said the corporation continues to collaborate with other financial regulators, including the Central Bank of Nigeria, to ensure effective supervision and stability across the financial system.
The NDIC insures 99% of Nigerian depositors as part of its ongoing efforts to protect vulnerable depositors and ensure orderly resolution of distressed financial institutions.
He added that public awareness remains critical, noting that many depositors are unaware of the protections available under the deposit insurance scheme.
“We encourage Nigerians to continue using licensed financial institutions with confidence,” he said.
The NDIC boss also reaffirmed the corporation’s commitment to transparency, accountability and financial system stability.
As reforms continue across Nigeria’s financial sector, the assurance that NDIC insures 99% of Nigerian depositors is expected to strengthen public confidence and encourage greater participation in the formal banking system.
For millions of Nigerians, the deposit insurance framework remains a critical safeguard, ensuring that their savings are protected even in uncertain economic conditions.
