NDIC says 281 million depositors insured against bank failure

Managing Director and Chief Executive Officer of the NDIC, Thompson Sunday. Photo: NDIC.

The Nigeria Deposit Insurance Corporation has said more than 281 million depositors across the country’s banking system are protected against bank failure, following reforms that significantly expanded deposit insurance coverage and accelerated reimbursement of customers of failed banks.

The Managing Director and Chief Executive Officer of the NDIC, Thompson Sunday, disclosed this on Monday during the second quarter 2026 Citizens and Stakeholders’ Engagement Session organised by the Federal Ministry of Finance in Abuja.

According to Sunday, the corporation currently provides deposit insurance coverage across 914 licensed financial institutions, while over 98 per cent of depositors are fully insured for their entire balances following the upward review of deposit insurance limits in May 2024.

A copy of his presentation document read, “914 licenced banks covered, every Deposit Money Banks, Non-Interest Banks, microfinance bank, Primary Mortgage Banks and Mobile Money Operators in Nigeria; more than 281 million bank depositors across all insured institutions are protected by the corporation.”