Nigeria Deposit Insurance Corporation (NDIC) has cautioned citizens to steer clear of Ponzi schemes and other dubious investment platforms that promise quick returns but often lead to financial loss.
Speaking during the NDIC’s Special Day at the 20th Abuja International Trade Fair, the Corporation’s Managing Director, Mr. Bello Thompson Sunday, urged the public to only entrust their funds to banks licensed by the Central Bank of Nigeria (CBN).
He was represented at the event by Mrs. Bimpe Akande, Director of the Performance Management Department.
“Your financial safety begins with where you choose to keep your money,” Sunday said.
“Only deposits placed in CBN-licensed banks are insured by the NDIC. That’s the safety net we provide.”
Highlighting NDIC’s longstanding role, Sunday noted that the Corporation has, for over 30 years, remained steadfast in its mission to protect depositors — especially everyday Nigerians who are most vulnerable to financial shocks.
“Our core mandate involves insuring deposits in licensed financial institutions, overseeing their operations, and stepping in to manage failing banks,” he explained.
“In partnership with the CBN, we’re committed to maintaining a stable and secure banking environment.”
He emphasized the Corporation’s well-known motto: “Protecting your bank deposits.”
To further bolster depositor confidence, Sunday announced improved insurance coverage levels across various categories of financial institutions. Depositors in Deposit Money Banks (DMBs), Mobile Money Operators, and Non-Interest Banks now enjoy insurance protection of up to ₦5 million. For Payment Service Banks (PSBs), Microfinance Banks (MFBs), and Primary Mortgage Banks (PMBs), coverage has been set at ₦2 million.
“These enhancements mean that almost all depositors are now protected,” Sunday said. “We’re talking about 98.98% of DMB customers, 99.27% in MFBs, 99.34% in PMBs, and 99.99% in PSBs.”
In response to the NDIC’s presentation, the President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu, praised the Corporation’s efforts, especially in supporting the financial ecosystem that SMEs rely on.
Obegolu, represented by ACCI Director-General, Chief Agabaidu Jideani, stated: “The NDIC’s stability mechanisms provide a critical foundation for business growth. From small enterprises to exporters, financial inclusion and trust are key — and NDIC is making that possible.”
He added that the NDIC’s expansion of insurance coverage beyond traditional banks to include fintechs and alternative financial institutions was “a timely and strategic move,” especially in an era where digital finance is reshaping economic participation.
As Ponzi schemes and risky ventures continue to proliferate across the country, the NDIC’s message remains clear: protect your hard-earned money by banking only with institutions regulated and insured under Nigeria’s financial safety framework.
