The Nigeria Deposit Insurance Corporation (NDIC) on Thursday raised the maximum deposit Insurance coverage for depositors of banks by 900 per cent to N5 million.
The increase of the maximum deposit insurance coverage from N500,000 to N5,000,000 would provide full coverage of 98.98 per cent of the total depositors compared with the current cover of 89.20 per cent.
“ In terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37 percent compared with the current cover of 6.31 percent of total value of deposits,” Bello Hassan, managing director/CEO, NDIC said in the statement.
For Microfinance Banks (MFBs), the NDIC said the increase of the maximum deposit insurance coverage from N200,000 to N2,000,000, 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.
 on Thursday raised the maximum deposit Insurance coverage for depositors of banks by 900){kind=link}