The Nigeria Deposit Insurance Corporation (NDIC) has launched a nationwide awareness campaign aimed at educating small savers, traders, and low-income earners on the importance of deposit insurance and the safety of funds kept in licensed financial institutions.
The move is part of the NDIC’s efforts to deepen financial literacy, promote trust in the banking system, and protect depositors from losses in the event of bank failures.
Speaking at the flag-off of the campaign in Abuja, NDIC Managing Director and Chief Executive, Bello Hassan, said the initiative targets market women, artisans, cooperative groups, and rural dwellers who often save informally or outside the banking system due to lack of awareness or trust.
“Our goal is to build confidence among small savers by letting them know that their money is safe when deposited in licensed financial institutions. Deposit insurance exists to protect them and ensure stability in the financial system,” Hassan stated.
He explained that the deposit insurance scheme guarantees the repayment of a depositor’s funds up to a certain limit if a bank, microfinance institution, or mortgage bank fails. This, he said, ensures that the interests of small depositors are protected even in times of financial distress.
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According to NDIC data, over 90% of bank depositors in Nigeria fall within the small savers’ category, holding less than ₦500,000 each. The corporation emphasized that raising awareness among this group is essential for achieving Nigeria’s financial inclusion goals and supporting the Central Bank of Nigeria’s (CBN) broader monetary policy objectives.
The campaign will include community outreach programmes, radio and television jingles, market sensitization tours, and partnerships with trade associations to reach millions of Nigerians, especially in rural and semi-urban areas.
NDIC’s Director of Communication and Public Affairs, Bashir Nuhu, added that the awareness effort also aims to curb the rising cases of people losing money to unlicensed financial operators, including ponzi schemes and fraudulent online platforms.
“Many Nigerians have lost their hard-earned savings to illegal investment operators simply because they are unaware of how the financial safety net works. We are determined to change that through education and engagement,” Nuhu said.
Industry stakeholders, including representatives from the CBN, Bankers’ Committee, and National Orientation Agency (NOA), have lauded the NDIC’s efforts, describing the awareness drive as a necessary step toward strengthening public trust in the nation’s banking system.
Financial experts also believe that the campaign will not only enhance deposit protection but also encourage more Nigerians to engage with formal financial services a key factor for inclusive economic growth.
The NDIC reiterated that only deposits placed in CBN-licensed banks and financial institutions are insured, urging the public to verify the status of their banks and microfinance institutions through its website or official channels.
