NDIC Increases Deposit Insurance Coverage to N5m

By Abraham Amah

In a move aimed at enhancing depositor protection and strengthening the financial sector, the Nigeria Deposit Insurance Corporation (NDIC) has announced adjustments to the Maximum Deposit Insurance Coverage for banks operating in the country.

During a press briefing held in Abuja, NDIC’s Managing Director, Bello Hassan, disclosed the revised coverage limits. The new maximum insurance coverage for Deposit Money Banks has been raised from N500,000 to N5 million. Similarly, Microfinance Banks will now be covered up to N2 million, up from the previous N200,000 limit. Primary Mortgage Banks have seen an increase from N500,000 to N2 million, and Mobile Money Operators subscribers’ pass-through coverage has been elevated from N500,000 to N5 million per subscriber.

Hassan underscored that these adjustments are intended to bolster depositor confidence, ensure the safety of funds, promote financial inclusivity, and contribute to the overall stability of the financial services industry.

Further details on the implications and implementation of the revised deposit insurance coverage will follow. Stay tuned for updates on this significant development.

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About Abraham Amah

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