The Nigeria Deposit Insurance Corporation (NDIC), has advised Nigerians to be vigilant against Ponzi schemes and other fraudulent investment platforms. Sunday, represented by Mrs Bimpe Akande, the Director, Performance Management Department of NDIC, urged citizens to always ensure their funds were placed only in Central Bank of Nigeria (CBN) licenced banks. He said that only funds in CBN licenced banks were covered by deposit insurance provided by the Corporation. He said the Corporation insured depositors of Deposit Money Banks (DMBs), Mobile Money Operators and Non-Interest Banks, up to a coverage limit of five million naira. ”By extending deposit insurance coverage beyond deposit money banks to include microfinance, mortgage, non-interest, payment service banks, and mobile money operators, NDIC has shown responsiveness to the evolving dynamics of Nigeria’s financial landscape.