NDIC Highlights Expanded Deposit Protection and Accelerated Reimbursement Systems

The Nigeria Deposit Insurance Corporation (NDIC) showcased its performance achievements at the Second Quarter Citizens' and Stakeholders' Engagement Session held at the Federal Ministry of Finance in Abuja. Managing Director/Chief Executive Mr. Thompson Oludare Sunday presented the Corporation's comprehensive scorecard to representatives from the media, civil society organizations, and key stakeholders.

Mr. Sunday highlighted the 2024 upward review of deposit insurance coverage as a landmark achievement. Coverage limits increased to ₦5 million for Deposit Money Banks (DMBs) and ₦2 million for Microfinance and Primary Mortgage Banks (MFBs/PMBs). The revised coverage now fully protects over 98 percent of DMB accounts and more than 99 percent of MFB/PMB accounts nationwide.

The deployment of technology-driven payment systems represents another significant advancement. These systems have substantially accelerated the reimbursement of depositors of failed banks, significantly strengthening public confidence in the banking system and demonstrating the NDIC's operational efficiency.

Additionally, Mr. Sunday highlighted the NDIC's increased remittances to the Consolidated Revenue Fund (CRF), underscoring the Corporation's prudence and accountability culture.

The Permanent Secretary of the Federal Ministry of Finance, Mr. Raymond Omachi, commended the quarterly engagement session as a reflection of the Ministry's commitment to transparency, accountability, and sustained dialogue with citizens and stakeholders regarding implementation of Federal Government priority programmes and ministerial deliverables.

This transparent engagement reinforces stakeholder confidence in both the NDIC and the broader financial system governance framework.