The Nigeria Deposit Insurance Corporation has issued a critical alert to bank customers: link your Bank Verification Number to your account immediately, or face delays accessing your insured funds in the event of bank failure.
Speaking at the NDIC Special Day of the 47th Kaduna International Trade Fair, NDIC Managing Director Thompson Oludare revealed that 99 per cent of Nigerian depositors are now fully covered under the corporation’s enhanced deposit insurance scheme. But coverage alone is not enough without proper identity linkage.
“I therefore urge all depositors to ensure that their BVNs are properly linked to their bank accounts and identity records, as this greatly facilitates seamless and timely access to insured deposits in the event of bank failure,” Oludare stated.
Represented by Dr Regina Dinlung, Assistant Director of Communication and Public Affairs, Oludare explained that the corporation now uses BVN as a unique identifier to locate depositors’ alternate accounts—dramatically speeding up payout processes.
He cited recent interventions at Heritage Bank Limited, Union Homes Plc, and Aso Savings and Loans Plc as proof of improved efficiency. In those cases, depositors received their claims within days of the banks’ closure.
“This expanded coverage protects about 99 per cent of depositors, underscoring our commitment to safeguarding the savings of Nigerians,” Oludare added.
Currently, depositors of Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks are insured up to ₦5 million per depositor per bank. Customers of Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks are covered up to ₦2 million per depositor.
The trade fair, organised by Kaduna Chamber of Commerce, Industry, Mines and Agriculture, carried the theme: “From Reforms to Results: Economic Transformation through Sustained Local Content Development.” Oludare noted that NDIC’s mandate—deposit insurance, supervision, distress resolution, and bank liquidation—aligns directly with broader financial sector reforms aimed at protecting ordinary Nigerians.
KACCIMA President Alhaji Farouk Suleiman commended the corporation’s behind-the-scenes role in economic stability. “We are delighted to host one of Nigeria’s most critical financial sector institutions, an institution whose work often operates quietly behind the scenes, yet whose impact is felt profoundly across the economy,” he said.
Oludare reaffirmed NDIC’s commitment to becoming a more responsive, technology-driven insurer, focused not only on resolving failures but also preventing them. He invited trade fair attendees to visit the NDIC pavilion for information on deposit insurance and how to avoid fraudulent schemes.
With Nigeria’s banking system under constant scrutiny and economic confidence fragile, the NDIC’s message is clear: your money is protected, but only if the system can find you.
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