Question 1

Is my bank covered by NDIC?

Accepted Answer

All licensed Deposit Money Banks, Microfinance Banks, Primary Mortgage Banks, Non-Interest Banks and Payment Service Banks operating in Nigeria are insured by the NDIC.

Question 2

What is the NDIC deposit insurance limit?

Accepted Answer

The maximum insured deposit per depositor per bank is ₦5,000,000 for Deposit Money Banks and ₦2,000,000 for Microfinance Banks, Primary Mortgage Banks and Payment Service Banks.

Question 3

How do I file a deposit insurance claim?

Accepted Answer

If your bank's licence has been revoked, visit any NDIC office or the claims portal with a valid ID, your account number and proof of address. NDIC begins payment within 7 working days of closure.

Question 4

Which Nigerian banks are in liquidation?

Accepted Answer

A live list of banks in-liquidation is published on ndic.gov.ng. NDICA can also notify you when a new closure is announced.

Question 5

Is NDICA free to use?

Accepted Answer

Yes. NDICA is a free public service from the Nigeria Deposit Insurance Corporation, available 24/7 via web, WhatsApp, SMS, USSD and voice.