NDIC puts account numbers in DMBs at 112.005m in 2018

The financial inclusion drive of the Nigeria Deposit Insurance Corporation (NDIC), seems to be yielding result as the total number of accounts in Deposit Money Banks (DMBs) rose to 112,005,516 as at 31st December, from 99,114,035 as at 31st December, 2017 2018. 

The figure which represents an increase of 13.01 per cent was also driven by various other social welfare schemes of the Corporation. 

According.to NDIC in its 2018 annual report noted that the number of fully covered accounts at ₦500,000 in DMBs also increased from 96,760,687 in 2017 to 109,305,169 in 2018, representing a 12.96 per cent increase. Therefore, the number of fully covered accounts that fell within the ₦500,000 guaranteed limit represented 97.59 per cent of all depositors in licensed DMBs.

The report stated that the sum of ₦92.45 billion was collected as premium from commerxial banks while the sum of ₦306.24 million and ₦1.065 billion was collected from NIB and  MFBs and PMBs in 2018.

The Deposit Insurance Fund (DIF) grew by 14.66 per cent from N955.18 billion as at 31st December, 2017 to N1,095.23 billionas as at 31stDecember, 2018. 

“The Special Insured Institutions Fund (SIIF) increased by 10.72% from ₦99.24 billion as at 31st December 2017 to ₦109.88 billion as at 31st December, 2018, while Non-Interest Deposit Insurance Fund (NIDIF) increased by 43.47% from N693.70 million as at 31st December, 2017 to N999.94 million as at 31st December, 2018. The Total Insurance Fund of N1.206 trillion fell short of the NDIC Estimated Insurance Fund Risk Exposure of N3.32 trillion as at 31st December, 2018,” NDIC said in the report. 

Concerning Mobike Mkney Operators (MMOs), the insurers regulator said estimated risk exposure of subscribers of 17 MMOs that rendered returns amounted to N1.50 billion representing 0.14 per cent of the DIF.

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