
Ibrahim, who made the disclosure at a
media briefing to mark the 30th anniversary of NDIC also revealed that
over ₦2.97 billion has been disbursed to 83,415 depositors of closed
microfinance banks (MFBs), while over ₦70.53 million has been paid to
869 depositors of closed Primary Mortgage Banks (PMBs).
Ibrahim, who was represented at the event
by the Director, Communications and Public Affairs Unit of NDIC, Mr.
Sunday Oluyemi said the corporation has twice increased the maximum
deposit insurance coverage, from ₦50,000 per depositor of deposit money
bank (DMB) at inception to N200,000 in 2006 and finally N500,000 in
2010.
“Similarly, maximum coverage per
depositor of PMBs/MFBs was increased from N100, 000 in 2006 to N200,000
in 2010. Coverage per depositor per PMB had since been increased to
N500,000 to reflect the increased deposits structure in the sub-sector
and to stimulate mortgage savings.
“Since its inception, the Corporation
successfully responded to economic realities and yearnings of depositors
by periodically increasing the maximum Deposit Insurance Coverage (DIC)
to enhance the confidence of the public in the Nigerian financial
system. On average, this is done every five years in line with Global
best practice.
“The DIC covers all deposit-taking
financial institutions licensed by the CBN which include Deposit Money
Banks (DMBs), MFBs, PMBs, Non-Interest Banks (NIBs) and subscribers of
Mobile Money Operators (MMOs).
“NDIC currently provides Deposit Insurance cover to 27 DMBs, 918 MFBs, 34 PMBs and two NIBs
“The Corporation is identified with
ensuring that depositors of liquidated banks suffered little loss or
pain. Between 1994 to date, 53 DMBs, 325 MFBs and 51 PMBs were put under
liquidation without disruption to the nation’s payment system”, he
revealed.
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