Maximum Deposit Insurance Coverage 1989 To 2020

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.

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2020: N500,000 deposit money banks, Primary Mortgage Banks and Payment Service Banks and N200,000 Microfinance banks

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