Nigeria's Deposit Insurance Corporation (NDIC) increases deposit insurance coverage for DMBs and MFBs to N5m and N2m respectively.
Nigeria's Deposit Insurance Corporation (NDIC) raises DMBs', MFBs' insurance cover for depositors to N5m, N2m, following an Interim Management Committee (IMC) meeting. The maximum deposit insurance coverage for DMBs increased from N500,000 to N5,000,000, while the coverage for MFBs rose from N200,000 to N2,000,000, with full coverage for 98.98% and 99.27% of total depositors respectively. This increase aims to enhance depositor safety, public trust, financial inclusion, and stability of the financial sector.
May 02, 2024
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