NDIC targets ‘small savers’ in deposit insurance awareness

By Obas Esiedesa & Nnasom David, Abuja

The Nigeria Deposit Insurance Corporation (NDIC) has intensified its grassroots fiscal literacy run with an consciousness programme held astatine Wuse Market arsenic portion of its ongoing aviator outreach aimed astatine enlightening traders and tiny savers connected deposit security and harmless banking practices.

Speaking during an advocacy held astatine Wuse Market, Abuja, connected Thursday, Mrs Hawwau Gambo, Head of the Communication and Public Affairs Department (CPAD) of the NDIC, said the inaugural was designed to amended Nigerians, peculiarly small-scale traders, connected however deposit security works and however the Corporation protects depositors’ funds successful the lawsuit of a slope failure.

“We’re present to heighten nationalist consciousness astir deposit security and however the NDIC protects the wealth of depositors successful banks. Our absorption is connected tiny savers and traders who whitethorn not afloat recognize banking operations,” Gambo explained.

She stressed the value of redeeming wealth successful banks licensed by the Central Bank of Nigeria (CBN), noting that lone specified banks wage premiums to the NDIC and truthful suffice their customers for deposit security coverage.

Gambo clarified that nether the scheme, depositors successful commercialized banks are entitled to compensation of up to N5 million, portion microfinance and outgo work slope depositors are covered up to N2 million, depending connected their relationship balances.

According to her, the run aims to fortify nationalist assurance successful the fiscal strategy and empower citizens to marque informed decisions astir wherever and however to prevention their money.

She besides addressed concerns raised by immoderate participants regarding alleged indebtedness agents claiming to correspond microfinance banks.

Gambo advised traders to stay cautious, informing that immoderate individuals posing arsenic agents could beryllium indebtedness sharks exploiting unsuspecting tiny concern owners.

“We’re enlightening them connected however to support themselves and marque dependable fiscal choices. Most importantly, we’re reminding them that erstwhile they prevention their wealth successful CBN-licensed banks, they are safe, and if immoderate specified slope fails, the NDIC volition reimburse them,” she added.

Also speaking, Mrs. Yetunde Alade, Senior Manager, CPAD, said the outreach is portion of a absorption radical treatment nether a aviator programme launched to scope divers marketplace groups.

“We realized that galore people, particularly tiny savers, are not afloat informed astir however the banking strategy works. This programme targets them, to thatch however to save, wherever to save, and what to bash if thing happens to their bank,” Alade said.

She added that the NDIC squad had earlier visited Ado mechanic earlier bringing the sensitization effort to Wuse Market, arsenic portion of a broader program to fortify fiscal inclusion and nationalist spot successful Nigeria’s banking sector.

The station NDIC targets ‘small savers’ successful deposit security awareness appeared archetypal connected Vanguard News.