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From Adanna Nnamani, Abuja
The Nigeria Deposit Insurance Corporation (NDIC) on Tuesday, took its public awareness campaign directly to grassroots traders and artisans at the Apo Mechanic Village, Abuja, as part of efforts to educate informal sector participants on deposit protection and the importance of recovering unclaimed funds.
The Corporationn engaged members of the National Automobile Technicians Association (NATA), the Abuja Motor Spare Parts Dealers Association (AMSPADA), and other small business operators, assuring them that their deposits in licensed banks are protected, even in the rare event of a bank failure.
Speaking at the event, NDIC Head of Communication and Public Affairs, Mrs. Hawwau Gambo, explained that the outreach is part of a pilot scheme targeting specific demographics that often operate outside the reach of traditional financial education. Gambo noted that the informal sector is crucial to the success of Nigeria’s financial inclusion agenda, yet deposit insurance awareness remains very low among them.
She said: “This engagement is part of our strategy to increase public understanding of deposit insurance, especially among groups that are not usually reached through the typical media campaigns. You can run radio jingles and TV ads, but nothing beats the power of direct, face-to-face engagement. We chose trader associations like this one because they represent both small savers and informal corporate entities. These are people who may not have the time or access to attend formal financial literacy seminars, yet they handle large volumes of cash regularly.
“Beyond creating awareness, we are also here to identify people who may have unclaimed deposits in failed banks and ensure they are reconnected with their funds. It is about financial inclusion and trust-building. This is a pilot, we are doing this in three locations, and we will scale it up nationwide based on our findings.
She added that the group is important because they are often vulnerable to misinformation about the safety of their money in the bank.
“By meeting them where they are, in their own workspaces, we can clear doubts, answer questions directly, and build confidence in the banking system. After this pilot, we will evaluate what worked and what did not and expand the programme nationwide,” the Spokesperson added.
Also speaking, Assistant Director, Corporate Communications and Public Affairs, Mr. Adegbenga Fabuyi, emphasised the importance of confidence-building in Nigeria’s financial system.
According to Fabuyi, the outreach is about letting small business operators know that the NDIC is actively protecting their hard-earned savings.
“Our core message here is that the Nigerian banking system is safe, stable, and secure, and that is largely because of institutions like the NDIC that act as a safety net.
“Many people in the informal sector do not know that if a bank fails, their deposits are insured by the NDIC up to the guaranteed limit. So, this interaction is not just about giving a lecture. It is about listening to their shared concerns, about their businesses, about the safety of their funds, and giving them credible assurance backed by law and government policy,” he stated.
