Addressing journalists in Abuja on Thursday, May 2, NDIC Managing Director/Chief Executive, Bello Hassan, unveiled the expanded coverage, which applies to Deposit Money Banks , Microfinance Banks , Primary Mortgage Banks , Payment Service Banks , and Mobile Money Operators .
The key highlights of the increased coverage are: customers of Deposit Money Banks , will henceforth enjoy an upward review of deposit coverage from N500,000 to N5,000,000, now providing full coverage for 98.98 percent of depositors. Depositors with Payment Service Banks will now receive increased coverage from N500,000 to N2,000,000, providing near-complete protection for depositors while customers of Mobile Money Operators will enjoy maximum Pass-through deposit insurance coverage of N5,000,000 per subscriber per MMO, aligning it with DMBs coverage levels.
Furthermore, Hassan urged depositors to patronize only licensed deposit-taking institutions listed on the CBN and NDIC websites, cautioning against unlicensed entities.
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