The Nigeria Deposit Insurance Corporation (NDIC) has brought its deposit protection campaign directly to small savers at Wuse Market, Abuja, assuring traders and business operators that their funds in licensed banks are safe.
Taking its public awareness campaign directly to grassroots traders at Wuse Market, Abuja, the NDIC said this was part of ongoing efforts to educate participants in the informal sector on deposit protection and recovering unclaimed funds.
The landmark engagement brought together market women, men, youths, and other small business operators, reassuring them that their deposits in licensed banks are protected—even in the rare event of a bank failure.
Speaking at the event, NDIC’s head of Communication and Public Affairs, Hawwau Gambo, explained that the outreach is part of a pilot initiative targeting traders and customers to improve financial literacy and inclusion.
Gambo noted that while the informal sector was crucial to the success of Nigeria’s financial inclusion agenda, its members’ awareness of deposit insurance remained very low.
“This engagement is part of our strategy to increase public understanding of deposit insurance, especially among vulnerable groups not usually reached through mainstream public awareness campaigns,” she said.
“We chose trader associations like this one because they represent both small savers and informal Gambo also emphasised that beyond raising awareness, the NDIC is working to identify individuals who may have unclaimed deposits in failed banks.
“It’s about financial inclusion and trust-building. We are here to help reconnect people with unclaimed funds. This pilot project is taking place in three locations, and based on our findings, we plan to scale it up nationwide.”
She stressed the importance of educating the public, particularly small savers, who are often vulnerable to misinformation about the safety of their funds in banks.
“When you put your money in the bank, they use it to give loans and invest in other activities. That’s how banking works. But sometimes, things can go wrong. So who ensures that your money is safe? That’s what the NDIC does — we monitor how banks handle your deposits and ensure they’re accountable.”
Citing the recently failed Heritage Bank as an example, Gambo reminded the traders of the NDIC’s role: “If a bank fails, the NDIC steps in to insure and pay back your deposits, up to the guaranteed amount. That’s why saving your money is important only in banks licensed by the Central Bank of Nigeria (CBN) and covered by NDIC insurance.”
She further noted that depositors do not need to pay for NDIC coverage themselves, “As long as the bank is licensed, the NDIC coverage is automatic. The banks pay the insurance premium on your behalf. Once you save your money in the bank, it becomes protected — because NDIC is there for you.”
Also speaking, the senior manager in the Media Relations Department and team leader of the project, Yetunde Alade, emphasised the importance of building public confidence in Nigeria’s banking system.
“This outreach is about letting small business operators know that the NDIC is actively protecting their hard-earned savings. Many people—especially small savers—are still unbanked or underbanked and don’t fully understand what it means to have a bank account or how to manage it.”
She explained that the campaign specifically targets such individuals to guide them on how to save, where to save, and what happens in the event of a bank failure.
“Our core message here is that Nigeria’s banking system is safe, stable, and secure—thanks to institutions like the NDIC that act as a safety net. Many informal sector participants are not aware that if a bank fails, their deposits are insured by the NDIC, up to the guaranteed limit.”
Alade concluded that the campaign is not just about delivering lectures, it is about listening to people’s concerns about their businesses and savings, and providing credible, fact-based assurances backed by law and government policy.”
