Doctoral Researcher at Robert Gordon University, Aberdeen, United Kingdom (UK), Kamo Sende, Esq, is advocating for the National Assembly (NASS) or any progressive legislator in Nigeria to consider a Bill to extend the monetary cover of protection in the country to One Hundred Million Naira (N100m).
Mr. Sende was airing his concerns over the subsisting insured limit of Five Million Naira (N5m) in Nigerian banks. The limit, as explained by the researcher, means that if a Nigerian bank winds up, the guaranteed amount that a customer will get back is Five Million Naira, and if the bank’s assets are divested, the customer might have the other part of his money covered or not.
“Most of us recall what happened when Heritage Bank was shut down this time last year (2024). The uncertainty was real for depositors who had more than the insured limit. Since then, most people are no longer leaving more than N5M in one account.
“The NASS or any progressive legislator in Nigeria should seriously consider a bill to extend the monetary cover of protection to N100M.
“If you want to encourage people to save in Naira, they need to be sure that their money is safe. Trust is everything in banking.
“The Nigerian economy can be built back brick by brick, but we need people to trust the system first. When people know their hard-earned money is truly protected, they’ll be more willing to keep it in Nigerian banks and invest in the local economy,” Mr. Sende submitted.
