NDIC Will increase Most Deposit Insurance coverage Protection From N500k to N5m

The Nigeria Deposit Insurance coverage Company (NDIC) has elevated the utmost deposit insurance coverage protection ranges for Deposit Cash Banks from N500,000 to N5 million.

The Managing Director of NDIC, Bello Hassan, introduced this in Abuja at a press convention, stating that it takes impact instantly.

He mentioned, “For Deposit Cash Banks, the rise of the utmost deposit insurance coverage protection from N500,000 to N5,000,000, would offer full protection of 98.98% of the overall depositors in contrast with the present cowl of 89.20%. When it comes to the worth of deposit lined, the revised protection would enhance the worth of deposits lined by deposit insurance coverage to 25.37% in contrast with the present cowl of 6.31% of whole worth of deposits.

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“The rise of the utmost deposit insurance coverage protection from N200,000 to N2,000,000, would offer full protection of 99.27% of the overall depositors in contrast with the present stage of 98.76% and would enhance the worth of deposits lined by deposit insurance coverage to 34.43% in contrast with 14.38% of whole worth of deposit, presently lined.

“The rise of the utmost deposit insurance coverage protection from N500,000 to N2,000,000 would offer full protection of 99.34% of the overall depositors in contrast with the present 97.98% and would enhance the worth of deposits lined by deposit insurance coverage to 21.04% in contrast with 10.77% of whole worth of deposit, presently lined.”

Hassan additionally acknowledged that elevating the utmost deposit insurance coverage protection for major mortgage banks from N500,000 to N2,000,000 would offer full protection for 99.99% of whole depositors and enhance the worth of deposits lined by deposit insurance coverage to 43.10% of the overall deposit worth, up from the present 40.60% cowl.

The Company has additionally raised the utmost pass-through deposit insurance coverage protection for subscribers of Cellular Cash Operators from N500,000 to N5,000,000 per subscriber.