NDIC’s Hike in Maximum Deposit Insurance: What Depositors Need to Know

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The Nigeria Deposit Insurance Corporation (NDIC) announced an increase in the maximum deposit insurance coverage for depositors in all categories of financial institutions nationwide. Managing Director Mr. Bello Hassan revealed the decision during a press conference held in Abuja on Thursday, following the Corporation’s Interim Management Committee (IMC) meeting on April 24 and 25.

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Under the new guidelines, the maximum deposit insurance coverage for Deposit Money Banks (DMBs) has been raised from N500,000 to N5,000,000. Similarly, Microfinance Banks (MBs) will now offer coverage of up to N2,000,000, up from the previous N200,000 limit. Additionally, Primary Mortgage Banks (PMBs) and Payment Service Banks (PSBs) will provide coverage up to N2,000,000, previously capped at N500,000.

Furthermore, the maximum Pass-through deposit insurance coverage for Subscribers of Mobile Money Operators has been increased from N500,000 to N5,000,000 per subscriber. This significant adjustment aims to enhance depositor confidence and ensure greater financial security for account holders across various financial institutions in the country.


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OyinyeChukwu Paula
OyinyeChukwu Paulahttp://Vetiva%20Research
OyinyeChukwu Paula Position: Business Journalist, Naija247news OyinyeChukwu Paula is an accomplished business journalist contributing her expertise to Naija247news, one of Nigeria's leading news platforms. With a keen interest in economic affairs, financial markets, and corporate developments, Paula brings a wealth of knowledge to her reporting, delivering insightful analyses on the dynamic business landscape in Nigeria and beyond. Education: Paula holds a degree in Journalism from [Abia State University], where she honed her skills in investigative reporting and business journalism. Her academic background laid the foundation for her commitment to delivering accurate and timely news with a business-focused perspective. Professional Experience: Having amassed experience in the field, Paula's journalistic journey has been marked by a dedication to uncovering stories that impact the business community. Her work spans interviews with key industry figures, coverage of market trends, and in-depth analyses of economic policies. Areas of Expertise: Financial Markets: Paula provides comprehensive coverage of financial markets, offering insights into stock movements, currency fluctuations, and economic indicators. Corporate Affairs: With a focus on corporate activities, Paula delves into mergers and acquisitions, financial reports, and the strategies employed by leading companies. Economic Policy: Keeping a watchful eye on government policies, Paula explores their implications on businesses and the broader economy, providing readers with a nuanced understanding of economic developments. Contributions to Naija247news: Paula's bylines at Naija247news reflect her commitment to delivering quality journalism. Whether unraveling complex financial narratives or simplifying intricate economic concepts, she ensures that her audience is well-informed and empowered. Passion for Business Journalism: Beyond the newsroom, Paula is known for her passion for business journalism's role in fostering transparency and accountability. She believes in the power of information to drive positive change and economic growth. In a media landscape marked by rapid changes, OyinyeChukwu Paula stands out as a dedicated business journalist who continues to shape the discourse on economic matters, contributing significantly to Naija247news's mission of delivering credible and impactful news.

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