The Nigeria Deposit Insurance Corporation (NDIC) has been granted approval for an upward review of its maximum deposit insurance coverage for financial institutions five times since 1989.
1989: N50,000 for all banks 2004: N200,000 deposit money banks and N100,000 for Microfinance banks and Primary Mortgage Institutions
2010: N500,000 MMOs (Pass-through Deposit Insurance) 2015: N500,000 deposit money banks and & Primary Mortgage Banks and N200,000 for Microfinance banks
2016: N500,000 deposit money banks and N200,000 for Microfinance banks and Primary Mortgage Institutions.
2020: N500,000 deposit money banks, Primary Mortgage Banks and Payment Service Banks and N200,000 Microfinance banks
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