In a renewed effort to protect Nigerians in the informal sector from fraudulent savings operators and illegal fund managers, the Nigeria Deposit Insurance Corporation (NDIC) has intensified its grassroots sensitisation campaign across major markets and motor parks nationwide.
During a focus group discussion held on Tuesday at the Nyanya Market in Abuja, the NDIC Assistant Director of Corporate Communications and Public Affairs, Mr. Adegbenga Fabuyi, highlighted the Corporation’s ongoing mission to safeguard traders and transporters from falling prey to unlicensed financial operators. The event brought together members of the Road Transport Employers Association of Nigeria (RTEAN) and the National Union of Road Transport Workers (NURTW) for an interactive session on financial safety and awareness.
Fabuyi explained that the outreach programme is part of NDIC’s broader strategy to combat ignorance and misinformation among small-scale business owners, who often rely on informal savings groups without understanding the risks involved. “Many small traders and transport workers still do not know that NDIC protects depositors’ funds in licensed banks and financial institutions. This lack of awareness makes them easy targets for fraudulent savings schemes and illegal money lenders,” he noted.
He added that the Corporation adopted the focus group discussion model to complement its mass media campaigns, creating a two-way communication channel where participants can ask questions, share experiences, and receive direct clarification from NDIC officials.
“Our objective is to bring the message closer to the grassroots — to the markets, garages, and communities where the risk of falling victim to financial fraud is highest. By engaging these groups directly, we can strengthen public confidence in the formal banking system and discourage unsafe financial practices,” Fabuyi stated.
According to the report, the NDIC’s sensitisation drive is part of its wider financial literacy initiative, designed to build public trust in Nigeria’s financial system and promote the use of insured deposit institutions. Through continuous engagement, the Corporation aims to ensure that traders, artisans, and transporters make informed decisions about where and how they save their money.
The NDIC intensifies grassroots outreach to protect traders and transport workers from fraudulent savings schemes, promoting financial safety and awareness across Nigerian markets and motor parks.
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