The Nigeria Deposit Insurance Corporation has done an upward review of the Maximum Deposit Insurance Coverage for banks operating within the country.
The limit for Deposit Money Banks, Primary Mortgage Banks coverage and Mobile Money Operators subscribers was raised to five million naira from five hundred thousand naira.
That of Microfinance Banks moved from two hundred thousand naira to two million naira. Addressing a news conference in Abuja, the Managing Director, NDIC, Bello Hassan said the new coverage is aimed at ensuring depositor safety.
He also spoke on how the commission has successfully nipped moral hazards by banks.
The NDIC boss however, noted that the new regime will boost public trust, inclusivity of financial services and the overall stability of the financial sector.
