The Nigeria Deposit Insurance Corporation (NDIC) has convened a Stakeholders’ Town Hall Meeting in Kano as part of efforts to strengthen public trust in the nation’s banking system and enhance consumer protection.
Themed “Strengthening Depositor Confidence: NDIC’s Role in Financial System Stability and Consumer Protection,” the forum brought together a broad spectrum of participants including professional bodies, trade associations, civil society groups, student and youth organisations, women groups, academia, financial institutions, regulatory agencies, relevant Ministries, Departments and Agencies (MDAs), as well as members of the media.
Delivering the keynote address, NDIC Executive Director, Corporate Services, Mrs. Emily C. Osuji, reassured depositors of the Corporation’s unwavering commitment to safeguarding their hard-earned savings. She explained that in the event of a bank failure, the NDIC ensures prompt reimbursement of insured deposits by leveraging depositors’ Bank Verification Numbers (BVN) to credit their alternate bank accounts.
Osuji emphasised the importance of linking all bank accounts to BVN to guarantee seamless access to insured funds, noting that the measure has significantly improved the speed and efficiency of the claims process. According to her, the Corporation remains resolute in its mandate to protect depositors and contribute to the stability of the financial system.
The town hall also featured presentations on NDIC’s depositor protection activities, highlighting ongoing initiatives aimed at deepening financial literacy and strengthening public confidence in the banking sector.
Officials from the Consumer Protection and Financial Inclusion Department of the Central Bank of Nigeria (CBN) delivered a session on consumer protection frameworks within the financial system, outlining mechanisms available for addressing customer complaints and promoting financial inclusion.
In addition, a representative of Jaiz Bank spoke on the rights and responsibilities of bank customers, encouraging depositors to remain informed and proactive in their dealings with financial institutions.
Participants commended the initiative, describing the engagement as timely and impactful in fostering collaboration among stakeholders and reinforcing confidence in Nigeria’s banking system.
