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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.
Bauchi
Plot No. 3 Bank Road Bauchi.
Benin
28A & B Benoni Hospital Road Off Airport Road, G.R.A. Benin City
Enugu
10 Our Lords’ Street Independence Layout Enugu
Ilorin
No 23B, Ahmadu Bello way, GRA Ilorin.
Kano
Plot 44/45, Muhammad Muhammad Avenue, Off Maiduguri Road, Hotoro, G.R.A.
Port Harcourt
No. 104 Woji Road Off Olu Obasanjo Road GRA Port-Harcourt
Sokoto
No. 2 Gusau Road, Opposite NNPC Mega Station Sokoto
Yola
No. 6 Numan Road P.M.B. 2227 Jimeta-Yola Adamawa State Controller: Mr. Mohammed A. Mohammed Tel: 08033478466 Email: mohammedma@ndic.gov.ng