What does a Deposit Transfer Involve?
The NDIC transfers an amount equivalent to the
total insured deposits of a failed insured institution to another financial
institution under an agreement which will enable depositors of the failed
insured institution to collect their entitlements from the financial
institution.
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FAQS and Facts about Deposit Insurance in Nigeria
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 ...
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.
What is Pass-Through Deposit Insurance (PTDI)?
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 ...
How does NDIC Establish Ownership of a Bank Deposit?
The NDIC relies on deposit account records kept by a failed bank as well as on the proofs presented by depositors.
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.