NDIC has ensured effective deposit insurance system – MD

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The Nigeria Deposit Insurance Corporation (NDIC) says it has ensured effective deposit insurance system by covering eligible deposits and products in the banking system.

The Managing Director of the Corporation, Mr Bello Hassan stated this during the NDIC Special Day at the ongoing 44th Kaduna International Trade Fair, on Thursday in Kaduna.

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Represented by Mr Tanko Ibrahim, the managing director listed the eligible deposits to include savings, current and fixed accounts.

“It is worthy to note that the Corporation has been effectively and efficiently discharging its mandate from inception till date, living up to its public policy objectives.

“For instance, in the aspect of Deposit Guarantee, we are happy to state that NDIC has been highly responsive in providing coverage to all eligible deposits and products as they evolve in our banking system,” he said.

The Corporation, he said, extended deposit insurance coverage to depositors of Non-Interest Banks (NIBs),

Payment Service Banks (PSBs) and subscribers of Mobile Money Operators (MMOs).

He said that depositors of Deposit Money Banks (DMBs); Primary Mortgage Banks (PMBs), Microfinance Banks (MBs), PSBs and MMOs had been insured up to a maximum limit of N500,000 per depositor per bank.

While that of Microfinance Banks are guaranteed up to a maximum limit of N200,000 per depositor per bank.

The NDIC boss also urged depositors of 20 closed banks which declared full liquidation dividends to come forward for verification and payment of their deposits.

“They are at liberty to visit any of the Corporation’s nearest offices physically or utilise the NDIC App or visit the claim page on our website: www.ndic.gov.ng, to expedite the processing of their claims.

“I assure all depositors and the general public that NDIC will leave no stone unturned in its commitment to effective discharge of its mandate,” he said. (NAN)

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