NDIC Raises Deposit Insurance Coverage For Banks To N5 million, Microfinance To N2 million

The Nigeria Deposit Insurance Corporation has announced a revision of the Maximum Deposit Insurance Coverage (MDIC) for banks operating within the country.

At a media briefing in Abuja, NDIC’s Managing Director, Bello Hassan stated the new coverage benchmarks.

The MDIC for Deposit Money Banks has been raised from N500,000 to N5 million, while that of Microfinance Banks is reviewed from N200,000 to N2 million.

MDIC for Primary Mortgage Banks moved from N500,000 to N2 million, and that of Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million 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.