The Managing Director/Chief Executive (MD/CE), Nigeria Deposit Insurance Corporation (NDIC), Mr Bello Hassan, has restated that the safest, smartest and most prudent place to keep your money is in the formal banking system because the NDIC protects your bank deposits.
He spoke Thursday at the NDIC’s special day at the 34TH Enugu International Trade Fair, in Enugu.
He said, “The NDIC likes to reiterate to members of the public, particularly the teaming populace in the Medium, Small and Micro Enterprise (MSME) sector, and others in the informal segment of our economy that the safest, smartest and most prudent place to keep your money is in the formal banking system because the NDIC protects your bank deposits.
“Such deposits also enjoy the benefit of effective regulation and supervision of relevant authorities, and take people’s hard earned money beyond the ambit of illegal fund managers and loan sharks that currently awash the investment landscape and fleecing unsuspecting members of public.”
Mr. Hassan pointed out that, “as the unscrupulous elements get more and more creative in their ignoble acts, and as the NDIC and other regulatory bodies device more ingenious approaches to tackling their menace. It is pertinent for the Corporation to continue to sensitize the public on their expected roles towards protecting their bank deposits.
“Depositors are to ensure their phones have strong password and do not share their bank mobile app password with third parties; ensure no one is watching when they enter their PIN to perform transactions; ensure their token is secure and other parties do not have access to it; and ensure their debit card number and CVV are not exposed to people. Equally important is the need to avoid investment offers with quick and arbitrarily high returns.”
