NDIC Raises Deposit Insurance Coverage

The Nigeria Deposit Insurance Corporation (NDIC) has announced a substantial increase in deposit insurance coverage for various financial institutions. Deposit Money Banks (DMBs) and Mobile Money Operators (MMOs) will now enjoy a 900% increase to N5 million from the previous N500,000. Similarly, Primary Mortgage Banks (PMBs) and Payment Service Banks (PSBs) will see a 300% rise to N2 million from N500,000.
The move, unveiled by NDIC Managing Director Mr. Bello Hassan in Abuja, aims to enhance depositor confidence and ensure the stability of the banking sector. This decision follows a comprehensive study conducted in 2023 to assess the adequacy of deposit insurance coverage in the country.
With a deposit fund exceeding N2 trillion, NDIC is well-equipped to implement this policy. Hassan explained that depositors holding more than N5 million can still recover amounts exceeding the insured limit through liquidation dividends or loan recoveries.
The adjustment in coverage levels is expected to significantly benefit depositors, with almost 99% of total depositors now fully covered. The revised coverage also substantially increases the value of deposits protected by insurance, providing a considerable boost to the financial security of depositors across Nigeria.

[@speakerchris6975]

😮😮😮😮

[@chidimmachineme76]

Wow, great News

[@joelantonet5624]

Nigeria my country

[@godwinukah6415]

What’s the Guarantee that the NDIC will make good on their promise