Nigeria Deposit Insurance Corporation (NDIC) has reassured customers that their hard-earned deposits remain protected, as it intensifies nationwide efforts to deepen public understanding of deposit insurance and strengthen confidence in the financial system.

At a stakeholders’ town hall meeting in Lagos at the weekend, the Managing Director of NDIC, Thompson Sunday, represented by the Director of Bank Examination, Adedayo Olukoya, said improving public knowledge of deposit insurance is critical to reinforcing trust and resilience within the banking sector.

With the theme, “Strengthening Depositor Confidence: NDIC’s Role in Financial System Stability and Consumer Protection,” the engagement focused on how the corporation protects ordinary depositors when financial institutions run into trouble.

Director of Claims Resolution, Olawale Sule, explained that NDIC’s operations are built on four core mandates: deposit guarantee, banking supervision, failure resolution, and bank liquidation.

Under the current framework, depositors in deposit money banks, non-interest banks, and mobile money operators are insured up to N5 million per customer, while customers of microfinance banks, primary mortgage institutions, Sule, and payment service banks are covered up to N2 million.

Depositors, he noted, were given priority in the payment hierarchy. To speed up reimbursements, NDIC relies on the Bank Verification Number (BVN)system to trace depositors’ alternate accounts and credit insured funds directly after closure.

Beyond payout guarantees, the corporation works closely with the Central Bank of Nigeria to monitor the health of financial institutions through routine supervision.