Home Latest News Patronize registered banks, not wonder banks, NDIC tells Nigerians

Patronize registered banks, not wonder banks, NDIC tells Nigerians


The Nigeria Deposit Insurance Corporation, NDIC, has assured that Nigerians had no access to banks and urged the people to imbibe the culture of saving their money in registered instead of wonder banks.

Addressing the Batch “A” members of the 2015 National Youth Corps, at their orientation at the Plateau State National Youths Service Corps, NYSC Orientation Camp, Mangu, he said it was important to sensitize the corps members on the need to patronize “registered banks” in their own interest.

He said that the essence of orientation was to create awareness about the activities of NDIC in a bid to engender confidence in the country’s banking system.

His words, “This orientation is necessary because many people are not aware of the activities of the NDIC and may not have confidence in the banking system but the banking system in Nigeria is healthy.

“All over the world there is awareness problem, so we decide to go to NYSC camps to sensitize corps members. Some of our awareness campaigns are also in secondary schools; we also have radio jingles to create this awareness.

“As at January 2014, there were about 113 countries with deposit insurance schemes all over the world, but 65 percent  of Nigerians have no access to banks either because they have no means of earning money or they dwell in rural areas.

“We encourage people to form the habit of saving their money in registered banks and not wonder banks so that they do not end up being duped with no possibility of recovering their savings.

“The corporation is tasked with the responsibility of providing technical and financial assistance to banks and paying off depositors when a bank fails as every bank accredited to carry out banking business is a member of NDIC.

“NDIC has the capacity to pay a depositor the maximum amount of N500,000 in case a bank fails within 90 days when the proper procedure is followed.”

Stating some of the challenges facing the Corporation, Vontau noted,” we have judicial problems when a bank fails, low level of awareness about NDIC in Nigeria, poor record keeping of customers’ accounts in banks and difficulty in realizing asset in case of bank liquidation.”

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