On Thursday 02 May 2024, the Nigeria Deposit Insurance Corporation (NDIC) increased the maximum deposit insurance cover for all deposit-taking financial institutions across all levels, in the country.

NDIC Managing Director Bello Hassan announced this in Abuja at a press conference, stating that it takes effect immediately.

He said, “For Deposit Money Banks, the increase of the maximum deposit insurance coverage from ₦500,000 to ₦5,000,000 will provide full coverage for 98.98% of total depositors compared with current cover of 89.20%.

“In terms of the value of deposits covered, the revised coverage will increase value of deposits covered to 25.37% compared with current cover of 6.31% of total value of deposits.

“For Microfinance Banks, increase of maximum deposit insurance coverage from ₦200,000 to ₦2,000,000 will provide full coverage for 99.27% of total depositors compared with current level of 98.76% and will increase value of deposits covered to 34.43% compared with 14.38% currently.

“For Payment Service Banks, increase of maximum deposit insurance coverage from ₦500,000 to ₦2,000,000 will provide full coverage for 99.34% of total depositors compared with current 97.98% and will increase value of deposits covered by NDIC to 21.04% compared with 10.77% of total value of deposits currently.

Hassan also stated that raising the maximum deposit insurance coverage for primary mortgage banks from ₦500,000 to ₦2,000,000 will provide full coverage for 99.99% of total depositors and increase value of deposits covered to 43.10% of total deposit value, up from the current 40.60% cover.

The Corporation has also raised the maximum pass-through deposit insurance coverage for subscribers of Mobile Money Operators from ₦500,000 to ₦5,000,000 per subscriber.



SOURCE
https://naijaphilia.com/blog/2024/05/02/breaking-ndic-ups-bank-account-insurance-cover-to-%e2%82%a65m-from-%e2%82%a6500k/