NDIC Deposit Coverage
This notice explains how member deposits at BCU are protected. Eligible deposits are insured in line with the framework operated by the Nigeria Deposit Insurance Corporation (NDIC).
What is covered
Eligible member savings deposits are protected up to the maximum coverage limit set by the NDIC framework, per depositor, in the event of an institutional failure.
Coverage applies to qualifying deposit balances. It does not extend to investment returns that are not guaranteed or to funds held outside covered deposit products.
Coverage limit
The insured amount is capped at the prevailing statutory maximum per depositor. Where your balance exceeds the limit, the portion above the cap is not covered by deposit insurance.
How claims work
In the unlikely event of a failure, the NDIC framework provides for the reimbursement of insured deposits to eligible members according to its published procedures and timelines.
You do not need to pre-register for coverage — eligible deposits are covered automatically.
More information
This summary is provided for convenience and does not replace the official NDIC rules, which govern in all cases. For questions about how coverage applies to your account, contact help@bcu.ng.