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How It Works

How we insure
your deposits

NDIC coverage requires no registration and no fees. Deposits held in any CBN-licensed bank are automatically insured.

  1. Step 01

    Premium Assessment & Deposit Insurance Fund

    Every deposit-taking financial institution licensed by the Central Bank of Nigeria (CBN) — commercial banks, MFBs, PMIs and non-interest banks — is covered by the NDIC and mandated to pay annual premiums based on its deposit liabilities and risk profile. These premiums are pooled into the Deposit Insurance Fund (DIF).

  2. Step 02

    Supervision & Risk Monitoring

    NDIC collaborates with the CBN to supervise banks to reduce the potential risk of failure, and ensures that unsafe and unsound banking practices do not go unchecked.

  3. Step 03

    Bank Licence Revocation

    If the CBN revokes the licence of a bank, the NDIC is appointed as the liquidator and uses the DIF to pay depositors up to the insured limit.

  4. Step 04

    Claims & Reimbursement

    Using your Bank Verification Number (BVN), NDIC locates your other bank accounts and automatically pays your insured sum.

  5. Step 05

    Liquidation

    For depositors whose balances exceed the insured limit, NDIC begins the recovery of the failed bank’s assets, debts and investments. These funds are used to pay depositors’ balances as liquidation dividends on a pro-rata basis.

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