NDIC Deposit Insurance: What It Actually Covers
If you bank with a microfinance bank in Nigeria, NDIC covers your deposits up to ₦200,000. Here's what that means in plain English.
Every Bompai customer is protected by the Nigeria Deposit Insurance Corporation. It is one of the first things we explain when someone opens an account, because trust in a bank shouldn't depend on faith alone — it should depend on the legal framework.
What NDIC is
The Nigeria Deposit Insurance Corporation (NDIC) is a federal agency established to protect depositors and guarantee payment of insured deposits if a licensed bank fails. Every CBN-licensed deposit-taking institution — including microfinance banks like Bompai — is required to pay premiums to NDIC.
How much is covered
For microfinance banks, NDIC currently insures each depositor up to ₦200,000 per institution. That means if you have ₦200,000 or less in your Bompai account and the unlikely happened, NDIC would pay you back up to that amount.
What is NOT covered
- Investments in shares, mutual funds or bonds.
- Deposits held in unlicensed cooperatives, 'wonder banks' or pyramid schemes.
- Cash kept at home or with informal savings collectors (ajo / esusu) outside a regulated institution.
- Amounts above the ₦200,000 cap per depositor per microfinance bank.
How to verify your bank is covered
Visit ndic.gov.ng and look for the institution under the list of insured banks. Bompai Microfinance Bank Limited is fully licensed by the Central Bank of Nigeria and insured by NDIC. We display our licence number in every branch and in the footer of this website.
What this means for you
It means the ₦100, ₦5,000 or ₦200,000 you save with Bompai is not just sitting somewhere — it's protected by a federal guarantee. That's the standard CBN regulation sets, and that's the standard we are held to.