In an advisory note, the Nigeria Deposit Insurance Corporation (NDIC) is emphasizing the importance of depositors engaging exclusively with deposit financial institutions that hold licenses from the Central Bank of Nigeria (CBN).
During a briefing in Abuja on Thursday, Mr. Bello Hassan, the Managing Director of NDIC, stressed this directive while discussing the review of the maximum deposit insurance coverage level for depositors of failed banks.
Hassan cautioned that only deposit financial institutions licensed by the CBN are covered by NDIC insurance. He warned depositors against being swayed by attractive interest rates offered by unlicensed deposit financial entities.
In case of any dissatisfaction, Hassan outlined that depositors can address concerns regarding licensed deposit financial institutions by reporting to the CBN and NDIC.
The list of approved deposit-taking financial institutions can be found on the websites of both the CBN and NDIC, he added.
Hassan clarified that the NDIC will solely provide maximum deposit insurance to depositors of licensed institutions.