NDIC Ensures 99% Deposit Coverage in Nigerian Banks, Enhances Protection

The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Sunday, announced that the NDIC provides full insurance cover for 99% of the total deposits in Deposit Money Banks (DMBs). This coverage includes Mobile Money Operators, Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks.

The insurance limit for DMBs is five million naira, while for other banks, it ranges from two million naira to five million naira. This enhanced coverage aims to protect depositors and ensure financial sector stability.

The NDIC remains committed to safeguarding depositors' funds in collaboration with the Central Bank of Nigeria. The announcement was made during the ongoing 20th Abuja International Trade Fair.