The Nigeria Deposit Insurance Corporation (NDIC) has unveiled a revision of the Maximum Deposit Insurance Coverage for banks operating across the country.
During a media briefing in Abuja, NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks.
The Maximum Deposit Insurance Coverage (MDIC) for Deposit Money Banks has surged from N500,000 to N5 million, while for Microfinance Banks, it has increased from N200,000 to N2 million.
Also, for Primary Mortgage Banks, the coverage has risen from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through, it has escalated from N500,000 to N5 million per subscriber.
Hassan emphasized that these adjustments aim to fortify depositor safety, foster public trust, promote financial inclusivity, and bolster the overall stability of the financial sector.
