Latest News in Nigeria

NDIC increases banks’ deposit insurance coverage from N500k to N5m

Published

2 weeks ago

May 2, 2024

The Nigeria Deposit Insurance Corporation (NDIC) has increased deposit insurance coverage for all licensed deposit-taking financial institutions.

NDIC disclosed this in a post on its Facebook page on
Thursday.

Deposit insurance protects depositors’ funds in the event of
a bank failure.

Bello Hassan, NDIC managing director and chief executive
officer (CEO), said the deposit insurance coverage for commercial banks was
increased from N500,000 to N5 million.

Hassan said the increase provides coverage for 98.98 percent
of depositors in Nigeria.

More to follow…

Source link: Nigerianeye

Nigeria News Update

NDIC increases banks’ deposit insurance coverage from N500k to N5m

Latest News in Nigeria

NDIC increases banks’ deposit insurance coverage from N500k to N5m

Federal Gov’t Unveils Initiative To Bridge Youth, Police Gap

Defected Rivers lawmakers can’t return – PDP

Club confirms first summer transfer window deal

The Samsung Galaxy Z Flip 6 could have a tougher screen and a smaller crease

Photos and video from the funeral of Nollywood actor, Junior Pope

Imo police arrest gunmen who abducted and murdered a retired General after collecting $50k as ransom from his family

Amad Diallo nets beautiful goal for Man United vs Newcastle

Aston Villa star’s social media activity hints that he wants to join Chelsea

Google I/O 2024: Here’s everything Google just announced

Lady gushes as she and her husband gets sent to same NYSC camp

Nigeria News Update

NDIC increases banks’ deposit insurance coverage from N500k to N5m

You may like

Federal Gov’t Unveils Initiative To Bridge Youth, Police Gap

Defected Rivers lawmakers can’t return – PDP

Club confirms first summer transfer window deal

The Samsung Galaxy Z Flip 6 could have a tougher screen and a smaller crease

Photos and video from the funeral of Nollywood actor, Junior Pope

Imo police arrest gunmen who abducted and murdered a retired General after collecting $50k as ransom from his family

Amad Diallo nets beautiful goal for Man United vs Newcastle

Aston Villa star’s social media activity hints that he wants to join Chelsea

Google I/O 2024: Here’s everything Google just announced

Lady gushes as she and her husband gets sent to same NYSC camp