The Nigeria Deposit Insurance Corporation (NDIC) has increased deposit insurance coverage for all licensed deposit-taking financial institutions to 5 million naira.

NDIC Managing Director/Chief Executive Bello Hassan announced this at a briefing in Abuja.

He said the increment applies to Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), Payment Service Banks (PSBs) and Mobile Money Operators (MMOs).

The move is expected to strengthen the banking system and encourage further financial inclusion within the country.