Your savings are secured, NDIC allays depositors' fear over possible banks failure

The Nigeria Deposit Insurance Corporation (NDIC) says it has enhanced depositors’ confidence in the financial system, and is poised to do more, as the government concludes preparations to host the maiden International Financial Inclusion Conference 2022, from 24 to 25 November in Abuja, Nigeria.

The NDIC said more effort is being put in place to close the gap between the banked and unbanked people of Nigeria, as it also provides new ways for the unbanked to access financial services of licensed banks.

The Director, Communication & Public Affairs Department (NDIC), Bashir A. Nuhu in a statement in Abuja said that the Corporation plays a critical role in contributing to the objectives of the National Financial Inclusion Strategy (NFIS) through the provision of deposit insurance coverage to depositors of licensed banks.

He disclosed that the National Financial Inclusion Governance Committee has concluded plans to ensure the conference, tagged, “Financial Inclusion for all: Scaling Innovative Digital Models” is a complete success as it is the first to be held since the launch of the NFIS in 2012.

“The NFIS set the target of reducing the percentage of adult Nigerians that do not have access to financial services from 46.3% in 2010 to 20.0% in 2020. Since the launch of the NFIS, stakeholders have achieved great strides in achieving financial inclusion objectives which has resulted in the exclusion rate dropping from 46.3% in 2010 to 35.9% in 2020’’.

He maintained that the Corporation has contributed significantly to the Nation’s financial Inclusion objectives through provision of deposit protection to all licensed deposit taking institutions via its deposit insurance.