According to reports, the Nigeria Deposit Insurance Corporation has announced a revision of the Maximum Deposit Insurance Coverage for banks operating within the country.
This new coverage benchmarks was revealed by the NDIC’s Managing Director, Bello Hassan during a media briefing held in Abuja.
The MDIC for Deposit Money Banks has been raised 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 stressed that the update aims to enhance depositor safety, public trust, the inclusivity of financial services, and the overall stability of the financial sector.
Details shortly…
