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 (PSBs); 

e.              Non-Interest Banks (NIBs).

Membership is compulsory as provided under the NDIC Act No 16 of 2006.