The Nigeria Deposit Insurance Corporation (NDIC) has assured Nigerians of the safety of their savings, disclosing that over 99 percent of bank depositors in the country are now fully covered under its deposit insurance scheme.
Managing Director and Chief Executive of the NDIC, hompson Sunday, gave the assurance during the Corporation’s Special Day at the ongoing Abuja International Trade Fair on Thursday.
Sunday who was represented by Director Performance Management Department, Olabimpe Akande, revealed that the maximum deposit insurance coverage had been significantly increased, ensuring that depositors of Deposit Money Banks (DMBs), Mobile Money Operators, and Non-Interest Banks are now insured up to N5 million, while those in Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), and Payment Service Banks (PSBs) are insured up to N2 million.
According to him, the enhanced coverage translates to protection for 98.98 percent of depositors in Deposit Money Banks, 99.27 percent in Microfinance Banks, 99.34 percent in Primary Mortgage Banks, and 99.99 percent in Payment Service Banks.
“NDIC’s unwavering commitment is to protect your deposits and promote confidence in the banking system. Nigerians can be assured that their savings are safe,” Sunday stated.
