The Nigeria Deposit Insurance Corporation (NDIC) has increased the maximum deposit insurance coverage levels across various banking sectors.
For Deposit Money Banks (DMBs), the maximum deposit insurance coverage has been increased from N500,000 to N5,000,000. This change will now fully cover 98.98% of depositors, significantly up from the current 89.20%.
For Microfinance Banks (MFBs), insurance coverage for MFBs increased from N200,000 to N2,000,000 with protection limit extending to 99.27% of depositors, compared to 98.76% under the previous limits.
