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?

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

  Yes. But notice is always given to depositors before termination of insurance. Depositors should take precaution to verify that the MFB or PMB they are dealing with is insured and pay deposit insurance premium annually.

• 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 ...

• How does NDIC Protect Bank Depositors against Loss?

  The NDIC protects bank depositors against loss through: a) Deposit Guarantee This is the most significant and distinct role of the NDIC. As a deposit insurer, the NDIC guarantees payment of deposits up to the maximum insured sum of N500,000 to a ...

• 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 ...