As a Depositor, must I apply for a Deposit Insurance Cover
As a Depositor, must I apply for a Deposit Insurance Cover
No. A depositor does not need to. Under the
deposit insurance system, eligible deposit accounts in insured institutions are
automatically insured at no charge to any depositor.
FAQs and Facts About DIS in Nigeria Introduction This section presents a set of Frequently Asked Questions (FAQs) and Answers that would give more insights on the concept and practice of DIS in Nigeria as well as new developments in the financial ...
The conditions for eligibility as contained in the framework are as follows: i.The relationship between the MMOs and their subscribers shall be based on Bare Trust arrangement. ii.MMOs must take Fidelity Bond Insurance. iii.The records of the Trust ...
The NDIC provides deposit insurance coverage to subscribers of Mobile Money Operators (MMOs) using the Pass-Through-Deposit-Insurance Concept. It is an arrangement where the deposit insurer extends deposit insurance coverage to Pool Accounts or Trust ...
No. The maximum insurance limit is applicable to deposits in each of the participating banks. In the case of a bank having one or more branches, the main office and all branch offices are considered as one bank. In summary, if a person has many ...
No. Deposit insurance is not increased merely by dividing funds held in the same right and capacity among the different types of deposits available. For example, demand, time and savings accounts held by the same depositor in the same right and ...