The Nigeria Deposit Insurance Corporation (NDIC) has raised the maximum deposit insurance protection for Deposit Money Banks (DMBs) from N500,000 to N5,000,000. This enhancement will now offer comprehensive coverage for 98.98% of all depositors, a significant increase from the current coverage of 89.20%.
On Thursday, the Managing Director/Chief Executive of the NDIC, Mr. Bello Hassan, made this announcement during a press briefing in Abuja.
The NDIC has raised the maximum deposit insurance coverage for Microfinance Banks (MFBs) from N200,000 to N2,000,000. This change will offer full coverage to 99.27% of all depositors, an increase from the current coverage of 98.76%. Moreover, the value of deposits covered by insurance will rise to 34.43% from the current rate of 14.38% of the total deposit value.
The NDIC has raised the maximum deposit insurance coverage for Primary Mortgage Banks (PMBs) from N500,000 to N2,000,000. This change would provide nearly full coverage to 99.34% of all depositors, an increase from the current 97.98%. Additionally, the coverage of deposits under the insurance scheme would rise to 21.04% of the total deposit value, a significant jump from the current 10.77%.
