Yes. The NDIC Act 2023 empowers the Corporation under sections 49 - 50 to provide financial and technical assistance to eligible insured financial institutions in the interest of depositors, in case of imminent or actual financial difficulties ...
The NDIC could pay depositors of a failed insured institution either by transfer to a financial institution with instructions to effect payments to depositors on its behalf, or directly by means of issuing cheques up to the insured limit which will ...
To identify insured financial institutions, look out for an NDIC decal (sticker) displayed in the Head Offices and Branches of all insured institutions or call our HELP DESK LINE – 0800-6342-4357 (0800 – NDIC - HELP); and 234-9-4601030 or visit our ...
Not all deposits in insured institutions are covered by the NDIC. All deposits of a licenced bank or any other insured deposit-taking financial institution shall be insured with the NDIC with the exception of the following: i.Inter-bank takings; ...