The Nigeria Deposit Insurance Corporation (NDIC) has urged bank customers nationwide to open and maintain alternative accounts in other financial institutions with matching personal details. This move is aimed at ensuring depositors can access their funds quickly in the unlikely event of bank distress.
NDIC Managing Director and CEO, Mr. Thompson Oludare Sunday, made the recommendation during the Corporation’s Special Day at the 2025 Lagos International Trade Fair, themed “Connecting Business, Creating Value.” Represented by the Director of Claims Resolution, Mr. Kazeem Sule Olawale, he highlighted that the initiative is part of ongoing efforts to strengthen depositor protection and boost public confidence in Nigeria’s financial system.
“Maintaining an alternate account in another bank with consistent personal information will allow depositors to access their funds more efficiently during disruptions,” Sunday said. He emphasized the shared responsibility of banks, regulators, and depositors in safeguarding deposits, urging customers to keep account information up-to-date, link their Bank Verification Number (BVN) to all accounts, and protect account details from unauthorized access.
The NDIC boss also called on banks to improve complaint resolution systems, requiring issues to be addressed within two weeks. Depositors are advised to promptly report any suspected irregularities, and unresolved complaints should be escalated to the NDIC or the Central Bank of Nigeria (CBN). Sunday further revealed that the NDIC has expanded deposit insurance coverage, now protecting depositors of Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), and Non-Interest Banks (NIBs) up to ₦5,000,000, and customers of Payment Service Banks (PSBs), Microfinance Banks (MFBs), and Primary Mortgage Banks (PMBs) up to ₦2,000,000.
He reassured the public that in the rare case of a bank failure, insured deposits are paid first, while additional funds are distributed from the liquidation of the failed bank’s assets on a pro-rata basis. Sunday reiterated the NDIC’s commitment to protecting depositors, promoting financial stability, and ensuring continued confidence in Nigeria’s banking sector.
source: Leadership