Key highlights:
- Nigeria Deposit Insurance Corporation (NDIC) warned earlier that bank customers should ensure that their tokens are well secured, amid increased incidents of bank fraud.
- NDIC, in conjunction with the CBN, supervised money deposit banks to ensure that they were run safely and efficiently.
- NDIC also depositors to also ensure that their phones have a strong password and avoid sharing their bank mobile app password with third parties.
The Nigeria Deposit Insurance Company has assured Nigerians that their deposits and savings in Nigerian banks are safe against unusual bank failures.
This comes after Nigerians have experienced bank-app failures due to the cashless policy wave caused by the naira redesign and scarcity.
Managing Director, Mr Bello Hassan, disclosed this at the ongoing 34th Enugu International Trade Fair, represented by the Senior Manager, Enugu Zonal Office of NDIC, Mr Othman Afolayan, reported by NAN.
Deposits
Bello Hassan stated that depositors of the safety of their money against unusual bank failures, adding that the NDIC is committed to enhancing public confidence in the financial system by ensuring that customers’ deposits in banks were safe and protected, the report added:
- “He explained that the NDIC, in conjunction with the CBN supervised money deposit banks to ensure that they were run safely and efficiently.
- “This was done in line with extant laws and regulations and ensuring the resolution of distress in banks to reduce instances of failure.
- “We are at the trade fair to showcase the mandate and activities of the NDIC, particularly our contributions to the stability of the country’s financial system.
- “We want the general public to know and reflect always that their deposits are safe and that in the unusual event of a bank failure, the NDIC is here to protect them, especially the small savers.’’
Password protection
The NDIC Chief urged depositors to also ensure that their phones have strong passwords and avoid sharing their bank mobile app password with third parties.
President, of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Mr Jasper Nduagwuike, stated that he is very pleased with the opportunity NDIC offered enabling depositors to interact, exchange views and learn more about their activities, he added:
- “Permit me to use this opportunity to encourage the CBN, through its regulatory framework to make the work of NDIC much easier by ensuring that the chances of bank failures are reduced to the barest minimum.
- “CBN should also guard against depositors going through harrowing experiences, particularly in this period of excruciating hardship.
Backstory
Recall Nairametrics reported earlier that the Nigeria Deposit Insurance Corporation (NDIC) warned bank customers to always ensure that their tokens are well secured, amid increased incidents of bank fraud.
Secure your details: The NDIC said bank customers should not display their banking details to anyone. Part of the statement said:
- “The Corporation said that customers should ensure that their phones had passwords and they must not share their bank mobile application password with anyone.
- “NDIC also warned bank customers to ensure that their tokens were secured and other parties did not have access to it.”