NDIC raises deposit insurance coverage level for banks nationwide

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

At a press conference in Abuja, NDIC Managing Director Bello Hassan revealed the revised coverage benchmarks.

The MDIC for Deposit Money Banks has been raised from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators customers’ pass-through from N500,000 to N5 million per subscriber.

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Hassan stated that the update aims to increase depositor safety, public trust, financial inclusion, and overall banking sector stability.

 

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