Nigeria Deposit Insurance Corporation urges depositors to verify banking data

The Nigeria Deposit Insurance Corporation (NDIC) is urging bank depositors to ensure their personal data is accurate and consistent across all financial institutions. Managing Director Thompson Oludare Sunday stated that correct information, properly linked to Bank Verification Numbers (BVN), will facilitate faster payments of insured deposits in the event of a bank failure.

To improve accessibility and transparency, the NDIC has launched an upgraded website to serve as a digital gateway for stakeholders. The agency is also utilizing digital solutions, such as Single Customer View (SCV) and NIBSS infrastructure, to transform the reimbursement process and reduce the need for physical verification at bank premises.

Regarding financial stability, the NDIC reaffirmed its role in maintaining a resilient banking system through deposit guarantees, bank supervision, and failure resolution. In 2024, the corporation increased its maximum insured limits to ₦5 million per depositor for Deposit Money Banks and Mobile Money Operators, and ₦2 million for Microfinance, Primary Mortgage, and Payment Service Banks. This enhancement is intended to cover over 98 percent of depositors.