Banks are the most ideal place to keep your money, the Managing Director of the Nigeria Deposit Insurance Corporation, Bello Hassan, assured Nigerians.
He said this at the ongoing 34th Enugu International Trade Fair, on a day dedicated to the NDIC to showcase its mandate and activities.
Hassan stated that the monies kept with the banks were safe because they were insured by the NDIC.
He said, “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, Primary Mortgage Banks and Microfinance Banks, the Corporation has also been responsive by extending deposit insurance coverage to depositors of Non-Interest Banks, subscribers of Mobile Money Operators, and the recently introduced Payment Service Banks.
“Depositors of DMBs, PMBs, PSBs and subscribers of MMOs are insured up to a 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.
“Arising from the foregoing, the NDIC likes to reiterate to members of the public, particularly the teaming populace in the Medium, Small and Micro Enterprise sector, and others in the informal segment of our economy that the safest, smartest and most prudent place to keep your money is in the formal banking system because the NDIC protects your bank deposits.”
The NDIC MD also urged Nigerians to keep their banking details safe.
On the theme of the trade fair, “Harnessing Nigerian Human Capital Resources for Global Economic Advancement” which was organised by the Enugu Chamber of Commerce, Industry Mines and Agriculture, Hassan said it matched the commission’s mandate.
He said, “For us in NDIC, it is instructive to note the strong relationship between our mandate and the theme of this year’s fair. By discharging our public policy objectives of protecting depositors in the event of bank failures and further offering a measure of safety for the banking system, thereby creating an enabling environment for the financial system to appropriately support the economic advancement of our great nation.”