99.4 % Of Bank Accounts Contain Lower Than N500,000 — NDIC

99.4 % Of Bank Accounts Contain Lower Than N500,000 — NDIC 5

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 a recent event.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.

“The Corporation invites you to note that in 2016, 2017, 2018 and 2019, the total number of accounts in the deposit money banks stood at 83.0 million; 99.1million; 112.0 million and 128.4 million respectively.

Out of these numbers, the N500,000 coverage limit fully covered 99.4%; 97.6%; 97.5% and 97.6% of accounts, respectively. What these figures entail is that only less than 3% of accounts/depositors are not fully covered by the prevailing coverage limits,” the statement read in part.

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