…98% of depositors fully covered as corporation deploys BVN, digital systems
By Emmanuel Enitan
The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians against placing their savings in unregulated investment schemes, particularly operators promising unusually high returns, even as it assured depositors of faster reimbursement through technology-driven claims processing.
The Managing Director/Chief Executive of the NDIC, Thompson Oludare Sunday, gave the warning at the corporation’s special day at the 21st Abuja International Trade Fair, urging individuals and businesses to keep their funds with licensed and regulated financial institutions.
Sunday said the collapse of Ponzi schemes had repeatedly demonstrated the financial and emotional consequences of entrusting hard-earned savings to unlicensed operators, stressing that investors should verify the legitimacy of financial institutions before committing their funds.
“If an investment promise sounds too good to be true, Nigerians should pause, ask questions and verify before committing their money,” he said.
The warning comes as the NDIC intensifies efforts to strengthen depositor protection and reduce delays associated with reimbursement when insured financial institutions fail.
According to the corporation, the deployment of Bank Verification Numbers (BVN), the Single Customer View (SCV) framework and Nigeria Inter-Bank Settlement System (NIBSS) infrastructure has transformed its reimbursement process from largely manual procedures to a digital system.
The NDIC said verified depositors of failed banks can now receive their insured deposits within days of closure, while depositors no longer need to routinely visit failed-bank premises or NDIC offices for physical verification where their records can be digitally authenticated.
The corporation also said the enhanced deposit insurance coverage introduced in 2024 now provides coverage of up to ₦5 million per depositor for Deposit Money Banks and Mobile Money Operators, while depositors in Microfinance Banks, Primary Mortgage Banks and Payment Servi
