NDIC raises deposit insurance limit for Banks
The Nigerian Deposit Insurance Corporation (NDIC) has increased the maximum deposit insurance coverage for all financial institutions across all levels in the country.
NDIC’s Managing Director, Bello Hassan revealed the new coverage benchmark at a media briefing in Abuja.
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.
Details later…