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The Nigeria Deposit Insurance Corporation (NDIC) has announced an increase in the Maximum Deposit Insurance Coverage for banks operating in the country. Managing Director of NDIC, Bello Hassan, disclosed at a press briefing in Abuja, on Thursday.
He said that the maximum insurance coverage for Deposit Money Banks has been raised from N500,000 to N5 million, and for Microfinance Banks from N200,000 to N2 million, while for the Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan stressed that the revision is intended to enhance depositor protection, public confidence, financial services accessibility, and the overall stability of the financial industry.
