Most Nigerian bank depositors now fully insured, says NDIC
The Nigeria Deposit Insurance Corporation has announced that about 99 per cent of depositors in Nigerian banks are now fully covered by its enhanced insurance scheme. Thompson Sunday, the Managing Director/Chief Executive of NDIC, made this known at the 47th Kaduna International Trade Fair. He highlighted the agency’s ongoing efforts to protect depositors and strengthen the financial sector. Regina Dinlung represented Thompson Sunday at the event.
TLDR
- Thompson Sunday stated that 99% of Nigerian bank depositors are fully insured under the NDIC scheme.
- The maximum deposit insurance coverage was increased to N5m per depositor per bank for Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks.
- Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks’ depositors are insured up to N2m per depositor per bank.
- The NDIC has improved payout efficiency, as seen in recent closures of Heritage Bank Limited, Union Homes Plc, and Aso Savings and Loans Plc.
- Thompson Sunday urged all depositors to link their BVNs to their bank accounts for faster access to insured deposits.
