Enugu, March 30, 2023 – Mr Bello Hassan, the Managing Director of the NDIC, has advised Nigerians to avoid investment offers with quick and arbitrarily high returns.
Hassan, gave the advice in Enugu on Thursday while speaking at the NDIC Day at the Enugu International Trade Fair.
He said that the safest, smartest and most prudent place to deposit money is in the formal banking system because of the protection of such deposits by the NDIC.
“Such deposits also enjoy the benefit of effective regulation and supervision of relevant authorities, and take people’s hard earned money beyond the ambit of illegal fund managers and loan sharks that currently awash the investment landscape and fleecing unsuspecting members of public,” he said.
The NDIC boss said as the unscrupulous elements got more and more creative in their ignoble acts, so did the NDIC and other regulatory bodies also device more ingenious approaches to tackling their menace.
He said that it was pertinent for the Corporation to continue to sensitize the public on their expected roles towards protecting their bank deposits.
“Depositors are to ensure their phones have strong password and do not share their bank mobile app password with third parties, ensure no one is watching when they enter their PIN to perform transactions, ensure their token is secure and other parties do not have access to it and ensure their debit card number and CVV are not exposed to people,” he said.
Hassan said that the Corporation had been successfully and efficiently discharging its mandates from inception till date, living up to its public policy objectives and contributing to financial system stability.
“For instance, in the aspect of Deposit Guaranty, we are happy to state that NDIC has been highly responsive in providing coverage to all eligible deposits and accounts as they evolve in our banking system.
“Apart from depositors of Deposit Money Banks (DMBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs), the Corporation has also been responsive by extending deposit insurance coverage to depositors of Non-Interest Banks (NIBs), subscribers of Mobile Money Operators (MMOs) and the recently introduced Payment Service Banks (PSBs).
“Depositors of DMBs, PMBs, PSBs and subscribers of MMOs are insured up to maximum limit of N500, 000.00 per depositor per bank while those of MFBs are guaranteed up to a maximum limit of N200, 000.00 per depositor per bank,” he said.
Hassan said that the Corporation had also been protecting depositors through the discharge of its mandate in four critical ways namely: by guaranteeing deposits in banks, by supervising the banks in conjunction with the Central Bank of Nigeria (CBN) to ensure that they are run in safe and efficient system.
He said that the Corporation had adopted participation in the Enugu International Trade Fair over the years as platform for continuous sensitisation of depositors and the general public on the existence of the Deposit Insurance Scheme (DIS), its advantages, and its limitations.
“This is significant to us as it will enhance public confidence in the financial system.
“We want the general public to know, and reflect always, that their deposits are safe and that in the unusual event of a bank failure, a government agency, the NDIC, is there to protect the depositors, especially the small savers,” he said. (GBN)
