Nigeria Deposit Insurance Corporation protects over 281 million depositors against bank failure

This follows reforms that expanded deposit insurance coverage and accelerated reimbursement for customers of failed banks. Thompson Sunday, the Managing Director and Chief Executive Officer of the NDIC, shared this information during the second quarter 2026 Citizens and Stakeholders' Engagement Session in Abuja. The NDIC currently provides deposit insurance coverage across 914 licensed financial institutions, with over 98 percent of depositors fully insured for their entire balances due to an upward review of deposit insurance limits in May 2024.

The revised framework increased insurance coverage for depositors in Deposit Money Banks from N500,000 to N5m, while customers of Microfinance Banks, Primary Mortgage Banks, and Payment Service Banks now have coverage up to N2m. Mobile money subscribers are also covered up to N5m. These reforms have resulted in 98.98 percent of Deposit Money Bank customers being fully insured, up from 89.2 percent before the review. Sunday also noted improvements in the speed of reimbursing depositors, with payment timelines reduced from years to days through the use of the Bank Verification Number. The NDIC has paid over N54.93bn in insured deposits to Heritage Bank customers, reaching 698,040 depositors.

In 2025 alone, the NDIC paid N4.06bn to 13,446 insured depositors and N33.59bn to