NDIC RAISES DEPOSIT INSURANCE COVERAGE LEVEL FOR BANKS NATIONWIDE
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A change to the Maximum Deposit Insurance Coverage for banks operating in the nation has been announced by the Nigeria Deposit Insurance Corporation.
NDIC’s Managing Director, Bello Hassan, unveiled the new coverage benchmarks at a press conference in Abuja.
The MDIC for Deposit Money Banks has been raised from N500,000 to N5m, for Microfinance Banks from N200,000 to N2m, for Primary Mortgage Banks from N500,000 to N2m, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5m per subscriber.
Hassan emphasised that the update aims to bolster depositor safety, public trust, the inclusivity of financial services, and the overall stability of the financial sector.
Details later…
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