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About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC - Business - Nairaland

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About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by TheRareGem1(f): 12:22pm On Oct 27, 2021
The Nigeria Deposit Insurance Corporation, NDIC, said that 99.4 per cent of bank accounts contain less than N500,000 Maximum Insured Limit (MIL) of the Nigeria Deposit Insurance Corporation, NDIC

Managing Director/Chief Executive, NDIC, Mr. Bello Hassan disclosed this in Gombe, at the second led of the Corporation’s workshop for Finance Correspondents and Business Editors.

He stated this against the concerns over the adequacy of tl the NDIC’s maximum coverage limits of N500,000per depositor per commercial, merchant and, non-interest bank, primary mortgage bank and mobile money operator, as well as N200,000 per depositor per microfinance bank.

Hassan said: “”I need to reiterate that, as it is today, these limits are not only adequate, they are also consistent with the extant provisions and recommendations of the International Association of Deposit Insurers (IADI) in its Core Principle for Effective Deposit Insurance System on the determination of coverage limits.

“The IADI Core Principle No. 8 on coverage limits specifically requires that the thresholds should be limited, credible with the capacity to fully cover substantial majority of bank depositors while the rest remain exposed to ensure market discipline. Deposit insurance coverage should also be consistent with the deposit insurance system’s public policy objective

“In addition, the coverage limits are not designed to be static but subject periodic reviews to ensure that they are consistent with the public policy objectives of the Deposit Insurance System. The Corporation successfully reviewed upward the coverage limits from N50,000 at inception in 1989 to N200,000 in 2006 and N500,000 in 2010.

“In the same vein, the Corporation invites you to note that in 2016, 2017, 2018 and 2019, the total number of accounts in the deposit money banks stood at 83.0 million; 99.1million; 112.0 million and 128.4 million respectively. Out of these numbers, the N500,000 coverage limit fully covered 99.4%; 97.6%; 97.5% and 97.6% of accounts, respectively. What these figures entail is that only less than 3% of accounts/depositors are not fully covered by the prevailing coverage limits.

The implication of this is that in the event of failure of a bank, above 97% of depositors would be fully covered by the Corporation.
“From the foregoing statistics, it could be observed that the Corporation’s deposit insurance coverage limits are not only adequate but robust enough to engender confidence in our banking system.”

https://www.vanguardngr.com/2021/10/just-in-99-4-of-bank-accounts-contain-less-than-n500000-ndic/

3 Likes

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by TheRareGem1(f): 12:24pm On Oct 27, 2021
Levels

80 Likes 4 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by klonboi: 12:26pm On Oct 27, 2021
cheesy
You mean less than 900 dollar?

92 Likes 1 Share

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by SarkinYarki: 12:26pm On Oct 27, 2021
That's why if I see nay idiot in Lagos shouting do u know me I start laughing

363 Likes 21 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Esseite: 12:31pm On Oct 27, 2021
It's a shame to even say 99.4% of your citizens dont have upto $1,000. How then are you fighting corruption, insecurity, out of school children and vote buying?

The quickest and effective way out is to introduce the mortgage/credit system to the middle and lower class.

213 Likes 11 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by jlinkd78(m): 12:32pm On Oct 27, 2021
Deep

13 Likes 2 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by PrinceOfLagos: 12:32pm On Oct 27, 2021
Chei
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by PrinceOfLagos: 12:32pm On Oct 27, 2021
SarkinYarki:
That's why if I see nay idiot in Lagos shouting do u know me I start laughing
Shishi no dey dia pocket

227 Likes 9 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by TheRareGem1(f): 12:34pm On Oct 27, 2021
PrinceOfLagos:

Shishi no dey dia pocket

123 Likes 6 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by CUMIN: 12:34pm On Oct 27, 2021
This a confirmation that Nigeria is supreme headquarters of grand hopeless poverty.

242 Likes 18 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by PrinceOfLagos: 12:36pm On Oct 27, 2021
TheRareGem1:


Na packaging full Lagos

Chinedu in ABA get money pass Rashidi in Lagos

149 Likes 9 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by janvier27(m): 12:37pm On Oct 27, 2021
Then NDIC should step up. If the banks can enjoy the deposits, they should pay the premium for full coverage. What's the sin of the 3%?

40 Likes 5 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by SmartPolician: 12:42pm On Oct 27, 2021
99% is an alarming percentage! Damn it! Forget all the packaging, Nigerians are really poor!

But then, I think enlightened Nigerians are increasingly saving their money in USD and other stablecoins because naira is on free fall.

Despite that, it doesn't negate the fact that Nigerians are living on the breadline.

116 Likes 7 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by SmartPolician: 12:43pm On Oct 27, 2021
PrinceOfLagos:

Na packaging full Lagos

Chinedu in ABA get money pass Rashidi in Lagos

Oga, you need to grow up and stop promoting tribalism here. What do you typically gain from doing this every day?

242 Likes 22 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Elliotwaveforec: 12:45pm On Oct 27, 2021
That's a strong indication of poverty. Suffering and smiling everywhere and 'fake life'

45 Likes 2 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by XXXXTENTACION: 12:58pm On Oct 27, 2021
And zombies keep supporting Buhari.... undecided

25 Likes

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by zainabicy: 1:45pm On Oct 27, 2021
Please note that having money in your account is different from your worth. Many salary earners who earn top salaries are involved in building projects e.t.c and other businesses that means you just keeping money in your account might not be worth it.

So no be say people no get money o, but them no just dey keep am for account.

168 Likes 8 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Jollylolly(f): 11:34am On Oct 28, 2021
no be small thing o
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Chriswazo(m): 5:17pm On Oct 31, 2021
Really. That's 750 Eur.
I don't believe this stat for business cities like Aba and so on.

In simple terms, if U have even 20mil in a bank and it liquidates tomorrow, U can only get 500,000 naira back, this is a very low sum honestly, coverage should be up to a mil at least.

14 Likes

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by thesicilian: 5:17pm On Oct 31, 2021
Most wise people prefer to save their moneys in assets such as lands and landed properties, stocks, mutual funds, bonds, profit yielding businesses etc instead of bank accounts.

65 Likes 7 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by hisgrace090: 5:17pm On Oct 31, 2021
You see.

And they want to start pursuing everybody arround for tax,
Some of the artisan you see have less than 10k in their bank account.
Poverty have shown us peppe in this country as our leaders cares not.

10 Likes 2 Shares

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by eliwa47: 5:17pm On Oct 31, 2021
To show you the level of poverty in Nigeria! Abi?

8 Likes

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by revived: 5:17pm On Oct 31, 2021
Poverty

2 Likes

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by bewla(m): 5:17pm On Oct 31, 2021
Pandsho:
Who keeps money in the bank? Most people are actively running projects. You put your money in the bank, the bank keeps profiting, your money is safe but still remains the same but a weaker purchase power.
Na them go tell us how to leave

If them no like am

Borrow money fill am up


You can borrow to buy mosquito net now

4 Likes

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by FactBoyz: 5:17pm On Oct 31, 2021
d

1 Like 1 Share

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by nairavsdollars(f): 5:18pm On Oct 31, 2021
big fat lie

15 Likes 1 Share

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by belente(m): 5:18pm On Oct 31, 2021
Ok

2 Likes 1 Share

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Nobody: 5:18pm On Oct 31, 2021
T
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by 69Ansour69: 5:18pm On Oct 31, 2021
Omo!
Can you just imagine?? 99.4%?

Wallahi, Enugbe!!

Everyone's mouth is dry like sand in the desert

1 Like 1 Share

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Seankhalifa: 5:18pm On Oct 31, 2021
Fake life people jow far grin

5 Likes

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by belente(m): 5:18pm On Oct 31, 2021
This is simply an indication of poverty level of most Nigerians

2 Likes

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