Breaking: Hope rises as NDIC increases insurance coverage for bank depositors

The Nigerian Deposit Money Banks (DMBs) on Thursday announced the increase of the maximum deposit insurance coverage from N500,000 to N5,000,000 for depositors of Deposit Money Banks (DMBs).

NDIC Managing Director/CEO, Bello Hassan, also said that the new amount  would provide full coverage of 98.98% of the total depositors compared with the current cover of 89.20%. 

He said: “In terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37% compared with the current cover of 6.31% of total value of deposits.”