Exciting news from the Nigeria Deposit Insurance Corporation as they announce the enhancement of Maximum Deposit Insurance Coverage for banks across the country.
In a recent press briefing in Abuja, the NDIC’s Managing Director, Bello Hassan, unveiled the updated coverage levels.
The MDIC coverage for Deposit Money Banks has been elevated from N500,000 to N5m. For Microfinance Banks, the coverage has been enhanced from N200,000 to N2m. Similarly, for Primary Mortgage Banks, the coverage has been raised from N500,000 to N2m. In addition, for Mobile Money Operators subscribers’ pass-through, the coverage has surged from N500,000 to N5m per subscriber.
Hassan highlighted that the objective of this modification is to strengthen depositor security, enhance public confidence, promote financial service accessibility, and ensure the general stability of the financial sector.
Stay tuned for more details…