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.
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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.
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 services industry. Question 1: What is ...
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 ...
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 ...