From Adanna Nnamani, Abuja
The Nigeria Deposit Insurance Corporation (NDIC) has increased the maximum deposit insurance coverage level for depositors of all categories of financial institutions in the country.
The Managing Director, NDIC, Mr Bello Hassan disclosed this as a press conference in Abuja on Thursday.
Hassan said the Corporation made the decision for the increase during its Interim Management Committee (IMC) meeting on April 24 and 25.
NDIC raised the maximum deposit insurance coverage for Deposit Money Banks (DMBs)
from N500,000 to N5,000,000,.
It increased that of Microfinance Banks (MBs) from N200,000 to N2,000,000,.
The NDIC also raised the maximum deposit insurance coverage of Primary Mortgage Banks (PMBs) and Payment Service Banks (PSBs) from N500,000 to N2,000,000.
Also,the maximum Pass-through deposit insurance coverage for Subscribers of Mobile Money Operators was moved from
N500,000 to N5,000,000 per subscriber per.
More details to follow….