Nigeria Deposit Insurance Corporation, NDIC, yesterday called on the Federal and state governments to impose stringent punishment on unscrupulous cooperative societies which engaged in illegal collection of deposits and defrauding of unsuspecting members of the public.
The Managing Director of NDIC, Alhaji Umaru Ibrahim made the call at the ongoing International Trade Fair in Kaduna, following recent incidence where cooperative society in Jos illegally extorted money summing up to millions of Naira from people.
He warned Nigerians to beware of wonder banks just as he advised them to only patronise banks with NDIC stickers.
He said wonder banks offer mouth watering interests rates to dupe unsuspecting depositors, while pointing out that the wonder banks are illegal funds managers that are neither licenced by the Central Bank of Nigeria, CBN, Security and Exchange Commission, SEC, nor the NDIC deposit insurance scheme.
“Members of the Public should patronise only banks that display the NDIC stickers : ‘Insured by NDIC’ in their banking halls or entrances, especially those in semi urban and rural areas should continue to avail themselves of the services rendered by Micro Finance Banks, MFBs licensed by CBN and duly insured by the NDIC because there are 958 MFBS in the country as at 31st December, 2015 and these banks have a total deposit liability of N159.45billion and have granted micro credit facilities amounting to N192.99 billion to their customers as at 31st December, 2015,” he added.
Alhaji Umaru revealed that NDIC has now extended its Insurance cover to non interest banking institutions up to N500,000. 00 per depositor.
According to him, NDIC cover has now extended to Mobile Payment Service by creating the Pass Through Deposit Insurance Scheme, PTDIS, up to N500,000 per depositor.
He noted that the corporation is is partnering with the relevant stake holders to propagate the objectives of the National Financial Inclusion strategy, NFIS, with a view to reducing the percentage of adult Nigerians that do not have access to financial services from 46.3% in 2010 to 20.0% by 2020.

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