By Tony Obiechina, Abuja
The Nigeria Deposit Insurance Corporation (NDIC) has again assured depositors that their monies in the commercial banks are fully secured.
The Managing Director/Chief Executive of the corporation, Mr Bello Hassan gave the assurance on the NDIC Special Day at 34th Enugu International Trade Fair on Thursday.
He said, “We want the general public to know, and reflect always, that their deposits are safe and that in the unusual event of a bank failure, a government agency, the NDIC, is here to protect the depositors, especially the small savers.
According to him, the Corporation protects depositors through the discharge of its mandate in four critical ways namely: by guaranteeing deposits in banks; supervising the banks in conjunction with the Central Bank of Nigeria (CBN) to ensure that they are run in safe and efficient manner in line with extant laws and regulations.
The MD also stated that the NDIC protects deposits by resolving issues of distress in banks to reduce instances of failure; and by ensuring orderly and efficient liquidation of failed banks to prevent disruptions to the payment system.
“It is worthy to note that the Corporation has been successfully and efficiently discharging its mandates from inception till date, living up to its public policy objectives and contributing to financial system stability.
“For instance, in the aspect of Deposit Guaranty, we are happy to state that NDIC has been highly responsive in providing coverage to all eligible deposits and accounts as they evolve in our banking system. Apart from depositors of Deposit Money Banks (DMBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs), the Corporation has also been responsive by extending deposit insurance coverage to depositors of Non-Interest Banks (NIBs), subscribers of Mobile Money Operators (MMOs) and the recently introduced Payment Service Banks (PSBs).
“Depositors of DMBs, PMBs, PSBs and subscribers of MMOs are insured up to maximum limit of N500,000.00 per depositor per bank while those of MFBs are guaranteed up to a maximum limit of N200,000.00 per depositor per bank”.
Mr Hassan further assured members of the public, particularly the Medium, Small and Micro Enterprise (MSME) sector, and others in the informal segment of the economy that “the safest, smartest and most prudent place to keep your money is in the formal banking system because the NDIC protects your bank deposits.
“Such deposits also enjoy the benefit of effective regulation and supervision of relevant authorities, and take people’s hard earned money beyond the ambit of illegal fund managers and loan sharks that currently awash the investment landscape and fleecing unsuspecting members of public”, he added.
The MD however warned that “as the unscrupulous elements get more and more creative in their ignoble acts, and as the NDIC and other regulatory bodies device more ingenious approaches to tackling their menace”.
He said, “It is pertinent for the Corporation to continue to sensitize the public on their expected roles towards protecting their bank deposits. Depositors are to ensure their phones have strong password and do not share their bank mobile app password with third parties; ensure no one is watching when they enter their PIN to perform transactions; ensure their token is secure and other parties do not have access to it; and ensure their debit card number and CVV are not exposed to people. Equally important is the need to avoid investment offers with quick and arbitrarily high returns”.
He commended the Executives and Members of the Enugu Chamber of Commerce, Industry Mines and Agriculture, organisers of the Trade Fair, as well as exhibitors and visitors saying that it pointing out that underscored the significance of this event to the corporation.
He also applauded the theme of this year’s fair “Harnessing Nigerian Human Capital Resources for Global Economic Advancement”, stating that “it speaks volumes about how your programs and vision match with the government’s priorities in this regard”.
