The Nigeria Deposit Insurance Corporation has advised Nigerians to avoid investment offers with quick and arbitrarily high returns, as part of its efforts to continue to sensitize the public on their expected roles towards protecting their bank deposits.
NDIC Managing Director, Hassan Bello who give the advise at the Enugu International Trade fair on Thursday, said these unscrupulous elements get more and more creative in their ignoble acts, as the NDIC and other regulatory bodies device more ingenious approaches to tackling their menace.
He also advised Depositors 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 entering your PIN to perform transactions; ensure your token is secure and other parties do not have access to it; and ensure your debit card number and CVV are not exposed to people”.
NDIC Boss spoke on how the Corporation have adopted participation in the Enugu International Trade Fair over the years, as platform for continuous sensitization 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 here to protect the depositors, especially the small savers”.
Bello said the fair’s theme “Harnessing Nigerian Human Capital Resources for Global Economic Advancement” speaks volumes about how Enugu Chamber of Commerce, Industry Mines and Agriculture programs and vision match with the government’s priorities in this regard.
“Also for us in NDIC, it is instructive to note strong relationship between our mandate and the theme of this year’s fair. By discharging our public policy objectives of protecting depositors in event of bank failures and further offering measure of safety, thereby creating enabling environment for the financial system to appropriately support economic advancement of our great nation”.
According to him, “The Corporation protects depositors through discharge of its mandate in four critical ways namely 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 manner in line with extant laws and regulations; by resolving issues of distress in banks to reduce instances of failure; and by ensuring orderly and efficient liquidation of failed banks to prevent disruptions to the payment system.
He noted that the Corporation has been successfully and efficiently discharging its mandates from inception till date, living up to its public policy objectives, 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), NDIC responsive by extending deposit insurance coverage to depositors of Non-Interest Banks (NIBs), 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 maximum limit of N200,000.00 per depositor per bank”, Bello said.
He congratulated the executives and members of the Enugu Chamber of Commerce, Industry Mines and Agriculture on another achievement in its tireless efforts to collaborate with the government in encouraging trade and investment, not only in the South East geo-political zone but the country in general.
NDIC Boss expressed profound gratitude to all their special guests, distinguished ladies and gentlemen, and gentlemen of the press for finding time to be part of the Special Day, while wishing them journey mercies back to their various destinations.