Banking system best option to safeguard your funds – NDIC to Nigerians

The Nigeria Deposit Insurance Corporation, NDIC has reiterated its call to members of the public, particularly, the Medium, Small and Micro Enterprise (MSME) sector, to ensure they only save their money within the formal banking system.

Insisting the NDIC has the capacity to protect all bank deposits, the Corporation said that such deposits enjoy effective regulation and supervision of relevant authorities, keeping the people’s hard-earned resources beyond the reach of illegal fund managers and loan sharks.

The Managing Director, NDIC, Bello Hassan, addressing the press at the Enugu International Trade Fair on Thursday, said 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.

Hassan said, ”the safest, smartest and most prudent place to keep your money is in the formal banking system because the NDIC protects your bank deposits. Such deposits also enjoy the benefit of effective regulation and supervision of relevant authorities.

”It is 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 passwords 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. Equally important is the need to avoid investment offers with quick and arbitrarily high returns.

”As unscrupulous elements get more and more creative in their ignoble acts, the NDIC and other regulatory bodies devise more ingenious approaches to tackling their menace”.