What you should know?
The Nigeria Deposit Insurance Corporation (NDIC) was established as a government corporation responsible for the protection of the deposits of customers of banks and other CBN licensed deposit taking financial institutions and to administer these deposits in the event that the banks or other financial institutions’ businesses fail or go insolvent.
The purpose of the deposit insurance system is to protect depositors and guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, thereby helping to maintain financial system stability.
Before now, the maximum deposit a customer was entitled to as a recoverable fund in the event of the failure of a bank or financial institution was N500,000 across all banks.
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