Business
Nigerian Government Boosts Maximum Deposit Insurance Coverage for Banks
The Nigerian Government recently announced an increase in the Maximum Deposit Insurance Coverage for banks operating in the country, as revealed by the Managing Director of the Nigeria Deposit Insurance Corporation, Bello Hassan, during a press briefing.
The new coverage benchmarks include a raise from N500,000 to N5 million for Deposit Money Banks, from N200,000 to N2 million for Microfinance Banks, from N500,000 to N2 million for Primary Mortgage Banks, and from N500,000 to N5 million per subscriber for Mobile Money Operators.
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Hassan highlighted that the primary objective of this update is to enhance depositor safety, strengthen public trust, promote financial services inclusivity, and ensure the overall stability of the financial sector by increasing the maximum deposit insurance coverage levels for all licensed deposit-taking financial institutions with immediate effect.