The Nigerian Deposit Insurance Corporation (NDIC) has urged Nigerians to increase their use of banking services as there are more incentives today than before. Speaking at the Lagos international trade fair in Lagos, the Managing Director (NDIC), Alhaji Umaru Ibrahim observed that the requirements to open a bank account are easy to meet, adding that “Banking enables a depositor to save and enjoy services such as Automated Teller Machine (ATM) transactions, mobile banking and money products. NDIC according to Ibrahim, deploys all legal means to recover loans of failed banks, and sells assets of such banks and the proceeds distributed ( as liquidation dividend) among the uninsured depositors. The result is the loss of vital savings and sometimes disastrous consequences to the lives of the victims,” he stressed. The NDIC boss said the emerging trend of investing in digital currencies popularly known as Bitcoins is equally dangerous because just like the Wonder banks, the digital currencies are not licensed by the CBN and are therefore not insured by the NDIC .

Source: Nigerian Tribune November 13, 2017 01:52 UTC