The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan has disclosed that the agency has extended its insurance coverage to non-interest bank depositors in order to minimize risk and boost competition.
Mr Hassan stated this Thursday in Abuja at the NDIC’s special day in the ongoing 17th Abuja international trade fair.
According to the MD, “The NDIC has been highly responsive in providing coverage to all types of accounts and products as they evolve in our banking system. Apart from depositors of Deposit Money Banks (DMBs), Primary Mortgage Banks (PMBS) and Microfinance Banks (MFBs), the Corporation has also been responsive by extending deposit insurance coverage to depositors of Non-Interest Banks (NIBs), Payment Service Banks (PSBs) and subscribers of Mobile Money Operators (MMOs).
“While depositors of DMBs, PMBs, PSBs and subscribers of MMOs are insured up to a maximum limit of N500,000 per depositor per bank, those of MFBs are guaranteed up to a maximum limit of N200,000 per depositor per bank. The Corporation has also recorded similar giant strides in its other mandates which time will not permit us to delve into here,” he explained.
Speaking further, he noted that the Corporation is in the process of verifying and paying depositors of 20 failed banks which it has fully liquidated.
