The NDGA payout guide

The scheme applies per depositor, per institution. If you have accounts at two different banks, you are covered up to N$50,000 at each one.

Total Savings in a Failed Bank Guaranteed Payout Status of Remaining Balance

N$10,000 N$10,000 Fully reimbursed.

N$50,000 N$50,000 Fully reimbursed.

N$100,000 N$50,000 N$50,000 is reimbursed; the rest is a claim against the bank's estate.

N$1,000,000 N$50,000 N$50,000 is reimbursed;N950,000 is a claim against the bank's estate.

How the reimbursement process works:

Trigger: A member bank is declared insolvent or its licence is revoked by the Bank of Namibia.

Notification: The NDGA notifies the public via newspapers, radio, and digital channels about the start of the claims process.

Calculation: The NDGA works with the liquidator to verify account balances. All your accounts at that specific bank (savings, call, and current accounts) are added together.

Payment: You receive a payment up to the N$50,000 limit within a specified period (aimed at being as "speedy and transparent" as possible).

Liquidation Claim: For any amount above N$50,000, you become a "creditor" of the bank. You may receive more money later as the bank's assets (buildings, loan books, etc.) are sold off by the liquidators.

Important Note: Most standard savings and term deposits are covered. However, foreign currency accounts and certain tradable certificates of deposit are typically excluded from the scheme.