By Musa Ibrahim
The Nigeria Deposit Insurance Corporation (NDIC) has stepped up its grassroots sensitisation campaign, taking financial literacy directly to markets and informal business clusters in a bid to educate traders and small savers about deposit insurance and safe banking practices.
The corporation’s latest outreach was held at Wuse Market, Abuja, as part of a pilot awareness programme aimed at demystifying the workings of deposit insurance and reassuring Nigerians- especially small-scale traders – that their money is safe in licensed financial institutions.
Speaking at the event, Mrs. Hawwau Gambo, Head of the NDIC’s Communication and Public Affairs Department (CPAD), said the campaign is focused on small savers who may not fully understand how banking operations and deposit protection work.
“We’re here to enhance public awareness about deposit insurance and how the NDIC protects depositors’ funds in banks. Our focus is on small savers and traders who may not fully understand banking operations,” she explained.
She urged traders to keep their money only in banks licensed by the Central Bank of Nigeria (CBN), noting that such institutions pay premiums to the NDIC and automatically qualify their customers for insurance coverage.
Under the scheme, Mrs. Gambo said, depositors in commercial banks are insured up to N5 million, while those in microfinance and payment service banks are covered up to N2 million, depending on their account balances.
She stated that the sensitisation effort aims to build public confidence in the financial system and empower citizens to make smarter decisions about where and how to save.
Mrs. Gambo also addressed concerns raised by traders about alleged loan agents claiming to represent microfinance banks. She warned that some of these individuals were likely loan sharks exploiting unsuspecting small business owners.
“We’re enlightening them on how to protect themselves and make sound financial choices. When they save in CBN-licensed banks, they are safe, and if any such bank fails, NDIC will reimburse them,” she assured.
Also speaking, Mrs. Yetunde Alade, Senior Manager in the CPAD, said the outreach forms part of a broader pilot initiative to engage market traders, artisans, and small business owners in different parts of the country.
“We realised that many people, especially small savers, are not fully informed about how the banking system works. This programme teaches them how to save, where to save, and what to do if anything happens to their bank,” Mrs. Alade said.
She disclosed that the NDIC team had earlier visited the Ado mechanic village before bringing the campaign to Wuse Market, as part of a sustained plan to strengthen financial inclusion and public trust in Nigeria’s banking sector.
With this ongoing awareness drive, the NDIC hopes to make financial protection not just a policy, but a principle every Nigerian understands and benefits from.
