By Adeyemi David
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to protecting bank customers and strengthening public trust in financial system following a stakeholder townhall meeting in Enugu.
The corporation in a tweet on it X handle announced an increase in deposit insurance coverage to ₦5 million for commercial bank customers and ₦2 million for depositors in primary mortgage banks and microfinance banks, a move expected to safeguard about 99 percent of depositors nationwide.
NDIC said the enhanced coverage represents a significant step toward protecting small savers while advancing financial inclusion across the country.
The corporation noted that ensuring the safety of customer deposits remains central to building confidence in Nigeria’s banking sector.
According to the agency, the initiative is designed to reassure depositors of the security of their funds, encourage greater participation in formal banking, and reinforce stability within the financial system.
The townhall engagement also provided a platform for stakeholders to better understand the role of deposit insurance in mitigating risks and promoting resilience in the banking industry.
