The Nigeria Deposit Insurance Corporation (NDIC) has announced a significant revision of the Maximum Deposit Insurance Coverage for banks operating across the country.
During a press briefing held in Abuja, Bello Hassan, the Managing Director of NDIC, unveiled the new coverage thresholds.
The maximum deposit insurance coverage for Deposit Money Banks (DMBs) has been elevated from N500,000 to N5 million. Similarly, for Microfinance Banks, the coverage has been raised from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan stressed that this update is aimed at enhancing depositor safety, fostering public trust, promoting financial services inclusivity, and fortifying the overall stability of the financial sector.
Further details will follow shortly.
