Nigeria Deposit Insurance Corporation (NDIC) has said more than 281 million depositors across the country’s banking system are protected against bank failure, following reforms that significantly expanded deposit insurance coverage and accelerated reimbursement of customers of failed banks.

Thompson Sunday, managing director and chief executive officer, NDIC, disclosed this on Monday during the second quarter 2026 Citizens and Stakeholders’ Engagement Session organised by the Federal Ministry of Finance in Abuja.

According to Sunday, the corporation currently provides deposit insurance coverage across 914 licensed financial institutions, while over 98 per cent of depositors are fully insured for their entire balances following the upward review of deposit insurance limits in May 2024.

A copy of his presentation document read, “914 licenced banks covered, every Deposit Money Banks, Non-Interest Banks, microfinance bank, Primary Mortgage Banks and Mobile Money Operators in Nigeria; more than 281 million bank depositors across all insured institutions are protected by the corporation.”

The NDIC boss said the improved coverage followed the first review of the Maximum Deposit Insurance Coverage since 2016.

Under the revised framework, insurance coverage for depositors in Deposit Money Banks increased from N500,000 to N5m, while customers of Microfinance Banks, Primary Mortgage Banks and Payment Service Banks now enjoy insurance cover of up to N2m. Mobile money subscribers are also covered up to N5m.

He said the reform resulted in 98.98 per cent of Deposit Money Bank customers being fully insured, compared with 89.2 per cent before the review, while full coverage for customers of Microfinance Banks, Primary Mortgage Banks and Payment Service Banks rose to 99.27 per cent, 99.34 per cent and 99.99 per cent respectively.

Sunday also highlighted improvements in the speed of reimbursing depositors after bank failures, saying technology had reduced payment timelines from years to days through the use of the Bank Verification Number.

He noted that the corporation has so far paid more than N54.93bn in insured deposits to Heritage Bank customers, reaching 698,040 depositors.

The NDIC boss also disclosed that in 2025 alone, the NDIC paid N4.06bn to 13,446 insured depositors and N33.59bn to uninsured depositors of failed banks.

Sunday said the reforms were reinforced by the NDIC Act 2023, which replaced the 2006 Act and strengthened the corporation’s powers to resolve failing banks, recover assets and protect depositors.

He said the law also gives depositors priority over creditors and shareholders during bank liquidation, strengthens the Deposit Insurance Fund and enhances the corporation’s asset recovery and enforcement powers.

The NDIC further disclosed that it carried out 287 on-site examinations of banks in 2025, resolved 1,196 out of 1,407 depositor complaints received during the year and continued off-site surveillance as an early warning mechanism in collaboration with the Central Bank of Nigeria.

It also noted that 32 banks met the March 31, 2026 recapitalisation deadline after raising more than N4.61tn in fresh capital, with the corporation supporting the CBN through capital verification, monitoring capital quality and identifying undercapitalised banks early.

Also speaking, Mr Raymond Omachi, permanent secretary of the Federal Ministry of Finance, said the engagement formed part of the ministry’s commitment to strengthening transparency, accountability and communication with citizens and key stakeholders.

According to Omachi, the platform enables the ministry to share its policies, programmes and achievements in implementing the Presidential Priorities and Ministerial Deliverables assigned to its agencies.

Omachi said, “This engagement is part of the Federal Ministry of Finance’s commitment to strengthening transparency, accountability, and communication with citizens and key stakeholders.

“As a critical component of the nation’s financial safety-net framework, the NDIC plays an important role in protecting depositors, promoting public confidence in the banking system, and contributing to the stability of the financial sector.”

Wema Bank Plc has suspended its operations on Telegram following a surge in scams involving fake accounts impersonating the bank and defrauding customers.

The bank disclosed this in an email to customers on Monday, urging them not to engage with any Telegram accounts impersonating Wema Bank.

This is coming amid Wema Bank’s effort to contain the increasing number of accounts impersonating the bank on social media in recent times.

On 7 June, Wema Bank temporarily blocked communication on its account X, citing the need to protect customers from fraudulent activities and account impersonation.

The lender urged customers to halt interactions with its ‘Wema’ and ‘Alat’ accounts on the platform until further notice.

On Monday, Wema Bank said its routine security checks revealed a spike in the rate of accounts impersonating the bank and trying to defraud its customers on Telegram.

The financial institution stated that its efforts to suspend its operations aim at protecting the interests of its customers, noting that its ALAT platform is not available on Telegram.

ALAT is the lender’s digital banking platform.

“Our routine checks and security sweeps have shown a spike in the rate of customers falling victim to scam accounts and fraudsters using fake Telegram accounts.

“As part of our ongoing efforts to proactively protect your interests, we want to remind you that Wema Bank and ALAT are NOT on Telegram,” the bank stated.

The move emphasises the growing cybersecurity threats facing Nigeria’s banking sector and other institutions in Nigeria.

Responding to the threat, the Central Bank of Nigeria (CBN) in March gave banks a three-week deadline to complete a mandatory cybersecurity self-assessment as part of efforts to strengthen the resilience of the country’s financial system.

CBN said the exercise is designed to improve risk-based supervision and strengthen regulatory oversight of cybersecurity risks across Nigeria’s financial ecosystem.

“We are not on Telegram. Please do not contact us on Telegram or engage with any Telegram account claiming to represent Wema Bank or ALAT. Please do not attempt to contact us on Telegram,” Wema Bank said, urging customers to contact the bank only through its verified Instagram account, official email address, and customer service phone lines.

OPay, fintech firm, has introduced two new security features, Emergency Lock and Safety PIN, to help customers protect their funds during emergencies and threats to their accounts.

The company said in a statement that the features were designed to give customers greater control over their money during security risks such as phone theft, robbery, account compromise, or forced transfers.

According to a statement by the firm, Emergency Lock allows customers to instantly freeze their OPay account with a single tap whenever they suspect a threat to their funds.

Once activated, the feature freezes the account for 24 hours, blocking all outgoing transactions, including transfers, bill payments, and card transactions.

The statement noted that the freeze, once triggered, cannot be lifted by the customer or OPay’s customer service team until the 24-hour period elapses.

On the Safety PIN, OPay said the feature allows customers to set up a unique PIN which, when entered, discreetly triggers a 24-hour account freeze without alerting anyone nearby, a tool particularly useful in situations where a customer is being coerced into making a transfer.

The company explained that while most financial security solutions focus on recovery after a fraud incident, the new features are designed to help customers prevent losses at the point a threat occurs.

Speaking on the development, Dotun Adekunle, chief operating officer and chief technology officer, OPay, said every innovation at the company starts with the goal of better protecting and serving customers.

Adekunle said the “features were developed to address real-life security challenges many Nigerians face daily,” adding that they were “designed to give customers immediate control over their finances during moments of uncertainty.”

He said OPay believes financial services should provide not just convenience, but also confidence, security, and peace of mind.

The statement added that customers can activate Emergency Lock and set up their Safety PIN through the Security Centre on the OPay app.

Established in 2018, OPay is licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).