NDIC Takes Deposit Insurance Awareness to Wuse Market, Reassures Nigerians of Bank Safety

NDIC Takes Deposit Insurance Awareness to Wuse Market, Reassures Nigerians of Bank Safety

By Akin Ademola, Abuja

At the bustling Wuse Market in Abuja on Thursday, traders and artisans paused from their daily transactions to listen — not to a politician or salesman — but to a message that directly concerned their livelihoods: “Your money is safe in Nigerian banks.”

That message came from the Nigeria Deposit Insurance Corporation (NDIC), which has intensified its grassroots awareness campaign to educate small savers, traders, and everyday Nigerians on the safety of their deposits and the protection offered under the nation’s deposit insurance scheme.

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The initiative, which forms part of NDIC’s ongoing pilot outreach, is designed to demystify banking and promote confidence in Nigeria’s financial system — especially among those who often keep their savings outside formal institutions.

Speaking at the event, Ms. Hawwau Gambo, Head of Communication and Public Affairs Department (CPAD), said the Corporation’s primary goal is to ensure that every Nigerian, no matter their background or income level, understands that depositors’ funds are secure and insured in the event of a bank failure.

> “We are here to enhance public awareness about deposit insurance and to assure Nigerians that their money in banks is safe,” Gambo explained.
“Our focus is on small savers and market traders who may not fully understand how banking operations work or how NDIC protects their deposits.”

She emphasized that Nigerians should always save their money in banks licensed by the Central Bank of Nigeria (CBN), as only such institutions pay insurance premiums to NDIC — qualifying their customers for deposit protection.

According to her, depositors in commercial banks are insured up to ₦5 million, while those in microfinance and payment service banks enjoy protection of up to ₦2 million, depending on their account balance.

Beyond spreading awareness, the outreach also aimed to build public trust and confidence in the nation’s financial system, especially at a time when misinformation and fraudulent schemes threaten the savings of ordinary Nigerians.

Gambo also warned against fake loan agents and fraudsters who disguise themselves as representatives of microfinance banks to lure unsuspecting traders into exploitative loan arrangements.

> “We’re enlightening people on how to identify genuine financial institutions and avoid loan sharks,” she said.
“When you save in a CBN-licensed bank, you are covered by NDIC. Even if the bank fails, you’ll be reimbursed — that’s our promise.”

Also speaking at the event, Mrs. Yetunde Alade, Senior Manager, CPAD, explained that the campaign forms part of NDIC’s financial literacy pilot project — one that has taken its officers from the Apo mechanic village to Wuse Market and other key locations across Abuja.

> “We realized that many Nigerians, especially at the grassroots, don’t fully understand how the banking system works,” Alade said.
“This programme is designed to bridge that gap — to teach them where to save, how to save, and what to do if their bank ever runs into trouble.”

The NDIC’s outreach attracted hundreds of traders and small business owners who interacted directly with officials, asked questions, and received educational materials on deposit insurance and safe banking practices.

By targeting the most numerous savers — market traders and micro-entrepreneurs — the Corporation hopes to drive home one key message: Nigeria’s banks remain safe, regulated, and reliable places to keep money.

For many Nigerians who still prefer cash transactions or informal savings, NDIC’s presence at the market was both eye-opening and reassuring — a clear reminder that the nation’s financial safety net is working quietly but effectively behind the scenes.

> “We want every Nigerian to know that NDIC is working for them,” Gambo concluded.
“Our job is to make sure that no depositor loses their money, and we’ll continue to take that message to every market and every community across the country.”