Banking: Your money is safe, insured, NDIC assures depositors

The Nigeria Deposit Insurance Corporation (NDIC) has affirmed that depositors whose funds are deposited in licenced Central Bank of Nigeria (CBN) banks are safe and insured, saying they’ve no cause to panic.

This was also said, “Depositors whose money was trapped in closed or failed banks have been reimbursed.”

Speaking at the NDIC special day at the ongoing Kaduna International Trade Fair in Kaduna on Thursday, the Managing Director and Chief Executive, Dr Bello Hassan, remarked that “the corporation is dedicated to safeguarding depositors’ funds from the adverse effects of bank failure.

“As well as complementing the Central Bank of Nigeria (CBN) in effectively supervising insured deposit-taking financial institutions and formulating sound banking policies, he added.

Represented by a senior staff member of the corporation, Hajiya Hauwa Gambo Jimeta, he noted that NDIC will continue to protect bank deposits and ensure financial stability and inclusion by assuring Nigerians that their money is safe and accessible when needed.

“It is reassuring for me to seize this opportunity to announce to depositors in licenced banks that the NDIC has significantly improved its processes to ensure swift payment of insured sums to depositors in the event of or in the course of bank failure. We address depositors’ concerns and effect payment.

“This aligns with our commitment to deliver on our mandate with renewed passion and greater vigour, he added.

He said in resolving long-drawn cases of closed banks such as Fortune and Triumph Banks in liquidation. Moreover, we have utilised Alternative Dispute Resolution (ADR) mechanisms and out-of-court settlements, revitalising our liquidation activities.

“These efforts have significantly improved our debt recovery rate, enabling us to declare 100 per cent liquidation dividends to uninsured depositors of more than 20 deposit money banks in liquidation.

“Notably, the corporation achieved remarkable success in reimbursing depositors during the recent closure of 179 microfinance banks (MFBs) and 4 primary mortgage banks (PMBs), ensuring timely payment of insured sums.

“Rest assured, NDIC remains committed to protecting Nigerian depositors and striving to be one of the best deposit insurers globally.

To this end, a helpdesk is also set up for depositors of failed banks to learn how to access their deposits and process claims.

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