The Nigerian Deposit Insurance Corporation (NDIC) has announced an increase in the maximum coverage for all deposit-taking financial institutions.
Managing Director of NDIC, Mr. Hassan Bello revealed that the coverage for Deposit Money Banks (DMBs) has been raised from N500,000 to N5 million, providing full coverage for 98.98 percent of depositors, compared to the current 89.20 percent .
This adjustment also boosts the value of deposits covered by insurance to 25.37 percent from the current 6.31 percent .
For Microfinance banks, the coverage has risen from N200,000 to N2 million, extending full coverage to 99.27 percent of depositors compared to the current 98.76 percent, and increasing the value of covered deposits to 34.43 percent from 14.38 percent .
Primary Mortgage Banks (PMBs) will now offer full coverage to 99.34 percent of depositors, up from 97.98percent, with the value of covered deposits increasing to 21.04 percent from 10.77 percent .
Payment Service Banks (PSBs) will provide full coverage to 99.99 percent of depositors, with the value of covered deposits rising to 43.10 percent from the current 40.60 percent .
Subscribers of Mobile Money Operators (MMO) will see their maximum Pass-through deposit insurance coverage increase from N500,000 to N5 million per subscriber per MMO.
