The Nigeria Deposit Insurance Corporation has announced a revision of the Maximum Deposit Insurance Coverage for banks operating within the country.
At a media briefing held in Abuja, NDIC’s Managing Director, Bello Hassan, revealed the new coverage benchmarks.
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 emphasised that the update aims to bolster depositor safety, public trust, the inclusivity of financial services, and the overall stability of the financial sector.
Details later…
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from According.
Contact: [email protected]
Join Television Nigerian Whatsapp Now
Join Television Nigerian Facebook Now
Join Television Nigerian Twitter Now
Join Television Nigerian YouTUbe Now