ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, September 20, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

BREAKING: NDIC Raises Depositors’ Coverage For Banks From N500,000 To N5m

by Nse Anthony - Uko and Mark Itsibor
1 year ago
in News
NDIC
Share on WhatsAppShare on FacebookShare on XTelegram

BREAKING: NDIC Raises Depositors’ Coverage For Banks From N500,000 To N5m

Advertisement

BY NSE ANTHONY-UKO and MARK ITSIBOR

The Nigerian Deposit Insurance Corporation (NDIC) has increased the maximum coverage of all deposit-taking financial institutions across all levels.

Managing director of the NDIC, Hassan Bello, who made this announcement on Thursday in Abuja, said the coverage has increased the maximum deposit insurance coverage of Deposit Money Banks (DMBs) from N500,000 to N5million, which would provide full coverage of 98.98 per cent of the total depositors compared with the current cover of 89.20 per cent.

The MD said in terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37 per cent compared with the current cover of 6.31 per cent of total value of deposits.

Related News

Otuaro Cautions PAP Foreign Scholarship Beneficiaries Against Abuse Of Opportunity 

2 hours ago

PICTORIAL: Jubilant Supporters Welcome Aiyedatiwa In Ondo After Supreme Court Victory

2 hours ago

“For Microfinance bank, the maximum deposit insurance coverage was increased from N200,000 to N2 million would provide full coverage of 99.27 per cent of the total depositors compared with the current level of 98.76 per cent and would increase the value of deposits covered by deposit insurance to 34.43 per cent compared with 14.38 per cent of total value of deposit, currently covered.

“Primary Mortgage Banks (PMBs): The increase of the maximum deposit insurance coverage from N500,000 to N2 million would provide full coverage of 99.34 per cent of the total depositors compared with the current 97.98 per cent and would increase the value of deposits covered by deposit insurance to 21.04 per cent compared with 10.77 per cent.

“Payment Service Banks (PSBs): The increase of the maximum deposit insurance coverage from N500,000 to N2 million would provide full coverage of 99.99 per cent of the total number of depositors and would increase the value of deposits covered by deposit insurance to 43.10 per cent of the total value deposits from the current cover of 40.60 per cent.

“Subscribers of Mobile Money Operators: The increase of the maximum Pass-through deposit insurance coverage from N500,000 to N5 million per subscriber per MMO as the applicable coverage level for depositors of DMBs,” Bello stated.

Join Our WhatsApp Channel

Tags: NDIC
SendShare10184Tweet6365Share

Other News Updates

News

Otuaro Cautions PAP Foreign Scholarship Beneficiaries Against Abuse Of Opportunity 

2025/09/20
News

PICTORIAL: Jubilant Supporters Welcome Aiyedatiwa In Ondo After Supreme Court Victory

2025/09/19
News

Lagos Private Varsity Appoints Prof. Austin Nosike As Vice Chancellor

2025/09/19
Entertainment

Music Enthusiasts Hail JaySynths For Latest Collaborations With Teni, Kcee, Wyclef Jean, Idris Elba

2025/09/19
News

Tinubu Commissions Tantita-sponsored Projects In Kaduna’s Sultan Bello Mosque

2025/09/19
News

Group Denounces ‘Unfounded Claims’ Fueling Discord On Insecurity

2025/09/19
Leadership Conference advertisement

LATEST

Otuaro Cautions PAP Foreign Scholarship Beneficiaries Against Abuse Of Opportunity 

PICTORIAL: Jubilant Supporters Welcome Aiyedatiwa In Ondo After Supreme Court Victory

Lagos Private Varsity Appoints Prof. Austin Nosike As Vice Chancellor

Music Enthusiasts Hail JaySynths For Latest Collaborations With Teni, Kcee, Wyclef Jean, Idris Elba

Tinubu Commissions Tantita-sponsored Projects In Kaduna’s Sultan Bello Mosque

Group Denounces ‘Unfounded Claims’ Fueling Discord On Insecurity

President Tinubu Felicitates Music Icon 2Baba At 50

PICTORIAL: EFCC Arrests 19 Suspected Internet Fraudsters In Niger

Ebola/Marburg: Abuja Results Came Out Negative, Says NCDC

‘Let’s Embrace This Moment As Fresh Beginning’, Fubara Urges Rivers People

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.