NDIC Increases Maximum Deposit Insurance Coverage From N500k to N5m
The Nigeria Deposit Insurance Corporation (NDIC) has actually increased the optimum deposit insurance protection levels for Deposit Money Banks from N500,000 to N5 million.
The Managing Director of NDIC, Bello Hassan, revealed this in Abuja at an interview, specifying that it works right away.
He stated, “For Deposit Money Banks, the boost of the optimum deposit insurance protection from N500,000 to N5,000,000, would supply complete protection of 98.98% of the overall depositors compared to the existing cover of 89.20%. In regards to the worth of deposit covered, the modified protection would increase the worth of deposits covered by deposit insurance coverage to 25.37% compared to the present cover of 6.31% of overall worth of deposits.
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“The boost of the optimum deposit insurance protection from N200,000 to N2,000,000, would supply complete protection of 99.27% of the overall depositors compared to the present level of 98.76% and would increase the worth of deposits covered by deposit insurance coverage to 34.43% compared to 14.38% of overall worth of deposit, presently covered.
“The boost of the optimum deposit insurance protection from N500,000 to N2,000,000 would offer complete protection of 99.34% of the overall depositors compared to the present 97.98% and would increase the worth of deposits covered by deposit insurance coverage to 21.04% compared to 10.77% of overall worth of deposit, presently covered.”
Hassan likewise specified that raising the optimum deposit insurance protection for main home mortgage banks from N500,000 to N2,000,000 would offer complete protection for 99.99% of overall depositors and increase the worth of deposits covered by deposit insurance coverage to 43.10% of the overall deposit worth, up from the existing 40.60% cover.
The Corporation has actually likewise raised the optimum pass-through deposit insurance protection for customers of Mobile Money Operators from N500,000 to N5,000,000 per customer.