Bank deposits are safe but they should take security precautions, it adds
By Jeph Ajobaju, Chief Copy Editor
Bank deposits are safe against failures, the Nigeria Deposit Insurance Corporation (NDIC) has assured the public.
NDIC Managing Director Bello Hassan gave the assurance at the NDIC Day at the 34th Enugu International Trade Fair.
Hassan, represented by NDIC Enugu Zonal Office Senior Manager Othman Afolayan, said the corporation is determined to enhance public confidence in the financial system by ensuring customers’ deposits in banks are safe and protected.
He explained the NDIC, in conjunction with the Central Bank of Nigeria (CBN), supervises banks to ensure they are run in a safe and efficient manner, in line with laws and regulations to reduce instances of bank failure.
“We are at the trade fair to showcase the mandate and activities of the NDIC, particularly our contributions to the stability of the country’s financial system.
“We want the general public to know and reflect always that their deposits are safe and that in the unusual event of a bank failure, the NDIC is here to protect them, especially the small savers,’’ Hassan said.
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Depositors to take security precautions
Hassan advised depositors to ensure their phones have strong passwords and avoid sharing their bank mobile app passwords with third parties, via Vanguard.
Jasper Nduagwuike, President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), organisers of the trade fair, commended the NDIC for its support for the fair in the past 12 years.
He was represented by ECCIMA First Deputy President Odega Jideonwu.
“We are very pleased with the opportunity NDIC has offered today, to enable us to interact, exchange views and learn more about their activities,” Nduagwuike said.
“Permit me to use this opportunity to encourage the CBN, through its regulatory framework to make the work of NDIC much easier by ensuring that the chances of bank failures are reduced to the barest minimum.
“CBN should also guard against depositors going through harrowing experiences, particularly in this period of excruciating hardship.”
He urged the CBN to ensure its cashless policy does not put panic and pressure in bank depositors.
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