NDIC raises deposit insurance coverage level for banks nationwide

Nedu Okorie 2024-05-02 0

The Nigeria Deposit Insurance Corporation has announced a revision of the Maximum Deposit Insurance Coverage for banks operating within the country.

At a media briefing held in Abuja, NDIC’s Managing Director, Bello Hassan, revealed the new coverage benchmarks.

The MDIC for Deposit Money Banks has been raised from N500,000 to N5m, for Microfinance Banks from N200,000 to N2m, for Primary Mortgage Banks from N500,000 to N2m, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5m per subscriber.

Hassan emphasised that the update aims to bolster depositor safety, public trust, the inclusivity of financial services, and the overall stability of the financial sector.