Very interesting indeed: 97% of bank balances in Nigeria are within N500,000 of Nigeria Deposit Insurance Corporation (NDIC) insurance window. That means only 3% of bank accounts are not fully insured in the nation.
In the event of a bank failure, the Nigeria Deposit Insurance Corporation (NDIC) stated that over 97 per cent 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.
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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.
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