Over 97% of depositors at deposit money banks are covered by the NDIC

The Nigeria Deposit Insurance Corporation (NDIC) established that over 97% of depositors at deposit money banks (DMBs) in the country would be completely protected by the N500,000 Maximum Insured Limit.

The Managing Director/ Chief Executive Officer of the Nigeria Deposit Insurance Corporation, NDIC, Mr Bello Hassan stated this during the 2021 Finance Correspondents and Business Editors (FICAN) workshop organized by the Commission.

The NDIC’s maximum coverage limits of N500,000 per depositor in commercial, merchant, and non-interest banks, primary mortgage banks, and mobile money operators, as well as N200,000.00 per depositor in microfinance banks, remained the most adequate and robust in the world, according to the NDIC’s CEO.

According to Bello Hassan, the total number of accounts in deposit money banks in 2016, 2017, 2018, and 2019 was 83.0 million, 99.1 million, 112.0 million, and 128.4 million, respectively, with the NDIC’s N500,000 Maximum Insured Limit (MIL) fully covering 99.4 per cent, 97.6 per cent, 97.5 per cent, and 97.6 per cent of accounts, respectively.