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Questions & Answers
Who are the Insured Institutions Under The Deposit Insurance Scheme in Nigeria?
Insured institutions are all deposit-taking financial institutions licensed by the Central Bank of Nigeria (CBN) such as:
- Universal Banks (deposit money banks);
- Micro-finance Banks – (MFBs); and
- Primary Mortgage Institutions (PMIs).
Membership is compulsory as provided under the NDIC Act No 16 of 2006.
How can the public find out if a financial institution is insured by the NDIC?
To identify insured financial institutions, look out for an NDIC decal (sticker) displayed in the head offices and branches of all insured institutions or visit click here to search for your financial institution. You may also call our Help Lines at 09 460 1280; and 09 460 1032.
Which financial institutions are not covered by the NDIC?
Financial institutions not covered by the NDIC include:
- Development Finance Institutions such as Bank of Industry, Federal Mortgage Bank, Nigeria Agricultural, Cooperative and Rural Development Bank and Urban Development Bank
- Discount Houses
- Finance Companies
- Investment Firms
- Unit Trusts/Mutual Funds
- Insurance Companies
- Pension Fund Administrators (PFAs)
When is Insured Deposit Payable?
Deposit insurance is payable only when an insured institution has been closed as a result of action taken by the Central Bank of Nigeria.