Depositors of liquidated Deposit Money Banks ( DMBs), Primary Mortgage Institutions ( PMIs), and Microfinance Banks ( MFBs) are to, enjoy a new threshold of maximum deposit insurance coverage payment, courtesy of Nigeria Deposit Insurance Corporation ( NDIC).
Currently, based on the NDIC Act, the corporation guarantees payment of deposits up to the maximum insured sum of N500,000 to a depositor in DMBs and PMBs and N200,000 to a depositor in MFBs in the event of failure of a participating financial institution.
Mr Bello Hassan, the Corporation’s Managing Director/ Chief Executive Officer, hinted on Wednesday at a plan to review upward, insurance coverage in the the face of current macroeconomic development. Hassan spoke in Owerri, Imo state at the 20th edition of Capacity Building for Business Editors and members of the Finance Correspondents Association of Nigeria,( FICAN).
This was, as he disclosed fresh steps by NDIC to establish a special desk at the Economic and Financial Crimes Commission (EFCC) for the investigation and prosecution of parties responsible for the failure of banks.
Hassan said: ” The Corporation has also reached an advanced stage in the review of the maximum deposit insurance coverage, to account for the impact of macroeconomic development in its last review. It is our belief that the new coverage level once approved will go a long way in reinforcing depositors’ confidence in the NDIC’s deposit guarantee scheme”, he said