The Nigeria Deposit Insurance Corporation (NDIC) has paid a cumulative N69.65 billion to insured depositors of failed financial institutions, safeguarding customers’ savings.
The payments were made to depositors of banks that have collapsed, underscoring the NDIC’s role in protecting the public’s deposits.
By disbursing the funds, the NDIC helps maintain confidence in Nigeria’s banking system and supports the stability of the financial sector.
The move follows a series of bank failures that have raised concerns about the health of the country’s financial institutions.
The NDIC will continue to monitor the situation and provide further payouts to depositors as required.
<small>Source: Punch Nigeria — read the original story there.</small>