How are Depositors of failed Insured Institutions informed about the Commencement of Payment of Insured Deposits by the NDIC?

• Related Articles

• Is NDIC granting any financial assistance to my bank during crisis?

  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 ...

• What Methods of Payment does the NDIC use in meeting its Obligations to Depositors of a Failed Institution?

  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 ...

• What type of Deposits are Insured by the NDIC?

  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; ...

• How does NDIC Protect Bank Depositors against Loss?

  The NDIC protects bank depositors against loss through: a) Deposit Guarantee This is the most significant and distinct role of the NDIC. As a deposit insurer, the NDIC guarantees payment of deposits up to the maximum insured sum of N500,000 to a ...

• Who are the Insured Institutions under the Deposit Insurance System in Nigeria?

  Insured institutions are all deposit-taking financial institutions licensed by the Central Bank of Nigeria (CBN) such as:- a. Banks (Commercial and Merchant); b. Microfinance Banks (MFBs); c. Primary Mortgage Banks (PMBs); d. Payment Service Banks ...