Nigerian Govt raises Maximum Deposit Insurance Coverage for banks

The Nigerian Government has reviewed upward the Maximum Deposit Insurance Coverage for banks operating wrong the country.

In a caller briefing with journalists, Nigeria Deposit Insurance Corporation Managing Director, Bello Hassan disclosed the caller sum benchmarks.

The NDIC for Deposit Money Banks has been raised from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ from N500,000 to N5 cardinal per subscriber.

Hassan emphasised that the update aims to bolster depositor safety, nationalist trust, the inclusivity of fiscal services, and the wide stableness of the fiscal sector.

He stated, “The summation successful the maximum deposit security sum levels for each licenced deposit-taking fiscal institutions with contiguous effect.”

DAILY POST recalls that the sum benchmark was raised from N50,000 to N200,000 successful 2006; the sum bounds of N100,000 was besides set, for the archetypal time, for MFB and PMB depositors successful the aforesaid year.

In 2011, the sum limits for DMBs accrued from N200,000 to N500,000 and from N100,000 to N200,000 for depositors of MFBs and PMBs.

Additionally, the sum level was further adjusted to N500,000 successful 2016 for PMB depositors and subscribers of licensed Mobile Money Operators.

Coverage of N500,000 was arsenic extended to depositors of PSBs successful 2020.

Meanwhile, the sum for DMBs remained astatine N500,000.