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BREAKING! NDIC Ups Bank Account Insurance Cover To ₦5m From ₦500k by NaijaphiliaBlog: 2:08pm On May 02 |
On Thursday 02 May 2024, the Nigeria Deposit Insurance Corporation (NDIC) increased the maximum deposit insurance cover for all deposit-taking financial institutions across all levels, in the country. NDIC Managing Director Bello Hassan announced this in Abuja at a press conference, stating that it takes effect immediately. He said, “For Deposit Money Banks, the increase of the maximum deposit insurance coverage from ₦500,000 to ₦5,000,000 will provide full coverage for 98.98% of total depositors compared with current cover of 89.20%. “In terms of the value of deposits covered, the revised coverage will increase value of deposits covered to 25.37% compared with current cover of 6.31% of total value of deposits. “For Microfinance Banks, increase of maximum deposit insurance coverage from ₦200,000 to ₦2,000,000 will provide full coverage for 99.27% of total depositors compared with current level of 98.76% and will increase value of deposits covered to 34.43% compared with 14.38% currently. “For Payment Service Banks, increase of maximum deposit insurance coverage from ₦500,000 to ₦2,000,000 will provide full coverage for 99.34% of total depositors compared with current 97.98% and will increase value of deposits covered by NDIC to 21.04% compared with 10.77% of total value of deposits currently. Hassan also stated that raising the maximum deposit insurance coverage for primary mortgage banks from ₦500,000 to ₦2,000,000 will provide full coverage for 99.99% of total depositors and increase value of deposits covered to 43.10% of total deposit value, up from the current 40.60% cover. The Corporation has also raised the maximum pass-through deposit insurance coverage for subscribers of Mobile Money Operators from ₦500,000 to ₦5,000,000 per subscriber. SOURCE https://naijaphilia.com/blog/2024/05/02/breaking-ndic-ups-bank-account-insurance-cover-to-%e2%82%a65m-from-%e2%82%a6500k/
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