By Babajide Komolafe
The Nigeria Deposit Insurance Corporation, NDIC, said that 99.4 per cent of bank accounts contain less than N500,000 Maximum Insured Limit (MIL) of the Nigeria Deposit Insurance Corporation, NDIC
Managing Director/Chief Executive, NDIC, Mr. Bello Hassan disclosed this in Gombe, at the second led of the Corporation’s workshop for Finance Correspondents and Business Editors.
He stated this against the concerns over the adequacy of tl the NDIC’s maximum coverage limits of N500,000per depositor per commercial, merchant and, non-interest bank, primary mortgage bank and mobile money operator, as well as N200,000 per depositor per microfinance bank.
Hassan said: “”I need to reiterate that, as it is today, these limits are not only adequate, they are also consistent with the extant provisions and recommendations of the International Association of Deposit Insurers (IADI) in its Core Principle for Effective Deposit Insurance System on the determination of coverage…
Source: Vanguard Newspaper