The Nigerian Deposit Insurance Corporation (NDIC) has established a 24 hours toll free helpline for bank customer. This was announced Alhaji Umaru Ibrahim, the Managing Director/Chief Executive Officer of the corporation at the NDIC special day at the 38th Kaduna international trade fair last month.
In the words of the Alhaji Umaru “I wish to once again announce that the Corporation had established a 24-hour NDIC Help Desk with a toll free telephone line: 080063424357. Depositors and other stakeholders are therefore advised to make effective use of the free telephone line in making their enquiries or laying genuine complaints to the NDIC on sharp practices being perpetrated by their banks”.
The CEO of the corporation mentioned that NDIC has been participating in trade fairs in Nigeria since 2008 with the aim of showcasing its achievements, improving financial education and educate Nigerians on its core mandates and activities. He also used the opportunity to inform the public that NDIC mandate is to protect the interest of depositors, particularly the small savers by ensuring the safety of their bank deposits as encapsulated in the slogan of the Corporation: Protecting your bank deposits.
“Since it commenced operations in 1989, the NDIC had been discharging its mandate creditably. The maximum deposit insurance coverage (MDIC) per depositor per bank had also progressively increased from ₦50,000.00 in 1989 to its current ₦500,000 per depositor per deposit money bank (DMB) and non-interest banking institutions (NIBIs)”. Alhaji Umaru also mentioned that “the maximum insured limit of N500,000.00 was recently extended to depositors of primary mortgage bank (PMBs) in view of the growth in their deposit structure. The NDIC also extended insurance coverage in 2009 to microfinance banks (MFBs) with ₦100,000.00 which was increased in 2010 to ₦200,000.00 per depositor per MFB. It is instructive to note that the maximum deposit insurance coverage ensures adequate coverage of over 90 percent of depositors in the banking system”.
Alhaji Umaru also used the opportunity to warn Nigerians about the dangers of participating in Ponzi schemes like MMM, Visual Currencies and related activities like Wonder Banks. He also draw the attention of the public to the dangers of patronizing cooperative societies who go beyond their mandate of mobilizing saving from their members and that they should not be patronized as banks.