The Nigeria Deposit Insurance Corporation,NDIC, has announced new Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, announced the new coverage benchmarks, in a media briefing held in Abuja, on Thursday.
According to the Corporation, the new 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.
The Corporation stated that the increase aims to bolster depositor safety, public trust, the inclusivity of financial services, and the overall stability of the financial sector.
Details later…
