The Nigeria Deposit Insurance Corporation, (NDIC), says it established a strong structure to meet its obligations of settling depositors who lost money in any closed banks.
Managing Director/Chief Executive Officer NDIC, Hassan Bello, who disclosed this during a courtesy visit by the executive members of the Finance Correspondents Association of Nigeria, (FICAN) in Abuja, implored such depositors to file their claims through the zonal offices of the corporation in Nigeria.
Besides, the NDIC has appointed ten agent banks to help facilitate payment across the nation. The banks are: First Bank of Nigeria, United Bank of Africa, Zenith Bank, Wema Bank, Heritage Bank, Union Bank, Fidelity Bank, Polaris Bank, Unity Bank and Access/ Diamond Bank.
The corporation also disclosed that the maximum deposit insurance coverage (MDIC) per depositor per bank has progressively increased from ?50,000.00 at inception in 1989 to its current ?500,000 per depositor per any Deposit Money Bank (DMB).
It further said the insured limit for microfinance banks (MFBs) and primary mortgage banks (PMBs) in 2009 was increased from ?100,000.00 to ?200,000.00 per depositor per MFB/PMB in 2010.
Recall that five years ago there was an upward review of the deposit insured limit for depositors of PMBs to ?500,000.00 in order to ensure coverage of over 90 percent of depositors in that sub-sector.
The NDIC said it further extended deposit insurance coverage to the subscribers of Non-interest banking institutions, under the sharia-compliant banking services to the maximum limit of ?500,000.00 per depositor.
Besides, the corporation had developed a framework on Pass-Through Deposit Insurance Scheme (PTDIS) to protect the subscribers of Mobile Money Operators (MMOs) with a maximum insured limit of ?500,000.00 per subscriber of this banking product.
Bello said NDIC launched its capacity-building workshop for finance correspondents and business editors in 2002 as a veritable means of building capacity in the media industry, especially on the workings of the deposit insurance system in Nigeria as well as other topical issues in the Nigerian financial services sector.
