The Nigeria Deposit Insurance Corporation (NDIC) has assured insured depositors in failed banks of the security of their funds. The NDIC Managing Director, Bello Hassan, disclosed this at the 2024 Customer Service Week celebration in Abuja.

He said NDIC remains committed to making sure that insured depositors do not lose their money to any failed bank.

“The NDIC also remains committed to fulfilling its mandate and expectations which it has been doing in the last 35 years of its existence to ensure we create impact and boost depositors’ confidence in the banking industry, which is why we are reiterating that every verified customer with NIN from the failed Heritage Bank will receive his payment,” he said.

Hassan said the innovative approach enabled the NDIC to settle insured depositors of Heritage Bank, whose license was revoked by the Central Bank of Nigeria (CBN) in June 2024.

“So far, 93 per cent of depositors with balances below N5 million have been compensated,” Hassan said. He urged banks not to become complacent but to continue building on the corporation’s core mandate to achieve greater success. Hassan emphasised that NDIC stakeholders are their priority in their service delivery.

“As you are all aware, Customer Service Week is an international celebration that recognizes the vital importance of customer service and the individuals who serve and support customers daily,” Hassan said.