The Nigeria Deposit Insurance Corporation (NDIC) has made significant changes to the Maximum Deposit Insurance Coverage that applies to banks in Nigeria.
The Managing Director of the NDIC, Bello Hassan, introduced the new coverage standards during a press conference in Abuja.
The minimum capital requirements for Deposit Money Banks, Microfinance Banks, Primary Mortgage Banks, and Mobile Money Operators’ subscribers’ pass-through have been increased significantly.
For Deposit Money Banks, the coverage has been increased from N500,000 to N5 million, while Microfinance Banks will now offer coverage of up to N2 million, up from N200,000.
Similarly, Primary Mortgage Banks will provide coverage up to N2 million, previously N500,000, and Mobile Money Operators subscribers’ pass-through coverage has been raised from N500,000 to N5 million per subscriber.
Hassan stressed that these updates are geared towards enhancing depositor safety, bolstering public trust, promoting financial inclusivity, and fortifying the overall stability of the financial sector.
