Can Insured-Status of a Licensed MFB or PMB be terminated?

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• What is the Status of Depositors in a Case Where an Insured Microfinance Bank or Primary Mortgage Bank is acquired by another Insured MFB or PMB?

  The depositors of the acquired insured MFB or PMB will continue to be insured up to the maximum of ₦200,000 for MFBs and ₦500,000 for PMBs in the aggregate with respect to deposits he or she holds in the same right and capacity.

• What is the Current Insured Limit and why is it limited to a Fixed Sum?

  The insured limit is currently a maximum of ₦500,000 for each depositor in respect of deposits held in each insured Deposit Money Bank (including Non-Interest Banks) and Primary Mortgage Bank and ₦200,000 for depositor in MFB in the same right and ...

• Who are the Insured Institutions under the Deposit Insurance System in Nigeria?

  Insured institutions are all deposit-taking financial institutions licensed by the Central Bank of Nigeria (CBN) such as:- a. Banks (Commercial and Merchant); b. Microfinance Banks (MFBs); c. Primary Mortgage Banks (PMBs); d. Payment Service Banks ...

• Is NDIC granting any financial assistance to my bank during crisis?

  Yes. The NDIC Act 2023 empowers the Corporation under sections 49 - 50 to provide financial and technical assistance to eligible insured financial institutions in the interest of depositors, in case of imminent or actual financial difficulties ...

• When is Insured Deposit Payable?

  Insured deposit is payable only when an insured institution has been closed as a result of action taken by the Central Bank of Nigeria or when there is suspension of payment by a bank.