The Nigerian Deposit Insurance Corporation (NDIC) said, it has paid over N100 billion to depositors of liquidated banks In the country.
The Managing Director/ Chief Executive Officer of NDIC, Alh. Umaru Ibrahim, disclosed this yesterday, on the occasion of NDIC special day at the 2017 Lagos International trade fair.
The MD urged members of the public to take advantage of the several incentives available for Nigerians to save and have access to financial services, adding that the depositor is guaranteed his savings in the event of bank failure up to a maximum account balance of five hundred thousand Naira (N500,000) in a commercial, merchant, Mortgage Bank and two hundred thousand (N200,000) in a micro finance bank.
Ibrahim said: “we continue to stress the need for depositors to patronise only financial institution that are licensed by the CBN.