Business

March 31, 2023

NDIC assures Nigerians of safety of bank deposits

NDIC

The Nigeria Deposit Insurance Corporation (NDIC) on Thursday in Enugu assured depositors of the safety of their money against unusual bank failures.

The assurance was given by the Senior Manager, Enugu Zonal Office of NDIC, Mr Othman Afolayan who represented the Managing Director, Mr Bello Hassan at the NDIC Day at the ongoing 34th Enugu International Trade Fair.

He said the corporation was determined to enhance public confidence in the financial system by ensuring that customers’ deposits in banks were safe and protected.

He explained that the NDIC, in conjunction with the CBN supervised money deposit banks to ensure that they were run in safe and efficient manner.

This, he added, was done in line with extant laws and regulations and ensuring the resolution of distress in banks to reduce instances of failure.

“We are at the trade fair to showcase the mandate and activities of the NDIC, particularly our contributions to the stability of the country’s financial system.

“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, the NDIC is here to protect them, especially the small savers,’’ he said.

He, however, advised depositors to ensure that their phones have a strong passwords and avoid sharing their bank mobile app password with third parties.

Earlier, the President, the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), organisers of the trade fair, Mr Jasper Nduagwuike, commended NDIC for its continued support for the fair in the last 12 years.

He was represented by the First Deputy President of ECCIMA, Mr Odega Jideonwu.

“We are very pleased with the opportunity NDIC has offered today, to enable us to interact, exchange views and learn more about their activities.

“Permit me to use this opportunity to encourage the CBN, through its regulatory framework to make the work of NDIC much easier by ensuring that the chances of bank failures are reduced to the barest minimum.

“CBN should also guard against depositors going through harrowing experiences, particularly in this period of excruciating hardship.

Jideonwu added that efforts should be made to ensure that CBN’s cashless policy did not create unnecessary panic and pressure on bank depositors.