The Nation Newspaper BREAKING: NDIC increases deposit insurance coverage for banks, others
He said the increment applies to Deposit Money Banks , Microfinance Banks , Primary Mortgage Banks , Payment Service Banks and Mobile Money Operators .
Key increases in Deposit Insurance Coverage: Deposit Money Banks coverage has jumped from N500,000 to N5,000,000, providing full coverage for 98.98 percent of depositors compared to the previous 89.20 percent.Microfinance Banks coverage has risen from N200,000 to N2,000,000, offering full coverage for 99.27 percent of depositors and significantly increasing the value of covered deposits .
Payment Service Banks coverage has been increased from N500,000 to N2,000,000, providing near-complete protection for depositors and raising the value of covered deposits to 43.10 percent of the total .For Mobile Money Operators , the maximum Pass-through deposit insurance coverage has been raised to N5,000,000 per subscriber per MMO, aligning it with the coverage level for DMBs.
This coverage ensures that depositors will be reimbursed up to a certain limit for their deposits in the event of a bank failure.
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