News
NDIC Hikes Deposit Insurance Coverage Level For Banks
The Nigeria Deposit Insurance Corporation (NDIC) has recently announced a revision in the Maximum Deposit Insurance Coverage for banks operating in the country.
During a press conference held in Abuja earlier, Bello Hassan, the Managing Director of NDIC, disclosed the new coverage benchmarks.
On his account, Hassan noted that the MDIC for Deposit Money Banks has been increased from N500,000 to N5m, for Microfinance Banks from N200,000 to N2m, for Primary Mortgage Banks from N500,000 to N2m, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5m per subscriber.
Hassan emphasized that this update is aimed at enhancing depositor safety, fostering public trust, promoting financial inclusivity, and ensuring the overall stability of the financial sector.
