NDIC

The Nigeria Deposit Insurance Corporation on Thursday announced an increment in the deposit insurance coverage levels for Deposit Money Banks from N500,000 to N5 million with immediate effect.

According to Bello Hassan, the Managing Director of NDIC, Bello Hassan, at a press conference in Abuja, “For Deposit Money Banks, the increase of the maximum deposit insurance coverage from N500,000 to N5,000,000, would provide complete coverage of 98.98% of the total depositors compared with the current cover of 89.20%. Regarding the value of deposits covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37% compared with the current cover of 6.31% of the total value of deposits.

“The increase of the maximum deposit insurance coverage from N200,000 to N2,000,000 would provide complete coverage of 99.27% of the total depositors compared with the current level of 98.76% and would increase the value of deposits covered by deposit insurance to 34.43% compared with 14.38% of the total value of the deposit, currently covered.

“The increase of the maximum deposit insurance coverage from N500,000 to N2,000,000 would provide full coverage of 99.34% of the total depositors compared with the current 97.98% and would increase the value of deposits covered by deposit insurance to 21.04% compared with 10.77% of the total value of the deposit, currently covered.”

Hassan added that the increase of the maximum deposit insurance coverage for primary mortgage banks from N500,000 to N2,000,000 would provide complete coverage of 99.99% of the total number of depositors and would increase the value of deposits covered by deposit insurance to 43.10% of the total value deposits from the current cover of 40.60%.

Similarly, the Corporation has increased Subscribers of Mobile Money Operators” maximum Pass-through deposit insurance coverage from N500,000 to N5,000,000 per subscriber.

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