See new minimum bank account balance customers must have to get refund in case of bank failure

• The Nigeria Deposit Insurance Corporation has introduced a caller minimum slope relationship equilibrium request for customers to suffice for insurance
• The security gives a lawsuit the close to person backmost a percent of their sum successful lawsuit of a slope failure
• Customers whose slope accounts bash not conscionable the specified minimum equilibrium volition not person a refund

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Nigeria Deposit Insurance Corporation (NDIC) has announced an summation successful the deposit security sum for each licensed deposit-taking fiscal institutions.

Deposit security sum guarantees that an relationship holder's money astatine an insured slope is harmless up to a definite amount.

NDIC increases deposit security sum for banks Photo credit: Benson Ibeabuchi
Source: Getty Images

In the lawsuit a fiscal instauration fails oregon goes bankrupt this sum ensures that depositors volition beryllium reimbursed up to a definite bounds for their deposits successful the lawsuit of a slope failure.

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New slope deposit minimum request

Announcing the changes, Bello Hassan, the NDIC Managing Director/Chief Executive, informed journalists successful Abuja connected Thursday, April 5, 2024, that the changes use to Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), Payment Service Banks (PSBs), and Mobile Money Operators (MMOs).

He explained that the summation was to guarantee that depositors are amended protected successful the improbable lawsuit of a slope failure.

Hassan besides stressed that the accrued deposit security coverage levels volition instrumentality effect immediately, offering Nigerians greater bid of caput erstwhile redeeming their wealth with licensed fiscal institutions, Punch reports.

He added:

Here is simply a breakdown of the changes

Full database of failed microfinance banks

Earlier, Legit.ng revealed that the directors of 183 failed microfinance banks and Primary Mortgage Banks would soon look probe implicit their roles successful the failed institutions.

The managing director/chief enforcement serviceman of NDIC, Bello Hassan, disclosed this during a store organised by the corp for information and instrumentality enforcement agencies successful Lagos.

Vanguard reports that Hassan said the corp would soon attack information agencies to analyse immoderate of the failed banks' directors and bosses, bringing them to justness and holding them accountable for their collapse.

Source: Legit.ng