Banking
NDIC Increases Deposit Insurance Coverage for Banks
By Adedapo Adesanya
The Nigeria Deposit Insurance Corporation (NDIC) has raised the maximum deposit insurance coverage for depositors of all licenced Deposit Money Banks (DMBs) in the event of bank failure by 900 per cent from N500,000 to N5 million.
Deposit insurance is the government’s guarantee that an account holder’s money at an insured bank is safe up to a certain amount.
The Managing Director of NDIC, Mr Bello Hassan said the insurance coverage for Micro-finance Banks (MFBs) had also been increased from N200,000 to N2 million which would provide 99.27 per cent coverage of total depositors.
He said that Primary Mortgage Banks (PMBs) were increased from N500,000 to N2 million with full coverage of 99.34 per cent compared with the current 97.98 per cent.
For subscribers of Mobile Money Operators (MMOs), he said that the deposit insurance coverage had increased from N500,000 to N5 million per subscriber, per MMO.
Mr Bello said the Payment Service Banks (PSBs) insurance coverage had also increased from N500,000 to N2 million.
He said the adoption of the revised maximum deposit insurance coverage would be supported by the Corporation’s funding, represented by the balances in the various Deposit Insurance Funds (DIFs) and expected annual premium collection.
Other support would be enhanced supervision to reduce the likelihood of bank failures, effective bank resolution frameworks and other funding arrangements provided by the NDIC Act.
Mr Bello also said that factors considered in the upward review of the coverage level were deposit distribution, the impact of inflation, per capita Gross Domestic Product (GDP), exchange rate and other statistical models.
“NDIC’s mandate of Deposit Guarantee is a critical component of depositors’ protection, as it guarantees the payment of deposits up to a maximum set limit in the event of bank failure.
“The deposit guarantee covers depositors of all deposit-taking financial institutions licenced by the Central Bank of Nigeria (CBN), which include DMBs, MFBs, PMBs, Non-Interest Banks (NIBS), Payment Service Banks (PSBs) and subscribers of MMOs.
”We need to stress that the high level of uninsured deposits posed a risk of bank runs.
”This is in line with our commitment to enhancing depositors’ protection, public confidence, financial inclusion, and stability of the financial system.
“I am pleased to announce that the NDIC’s Interim Management Committee (IMC), approved an increase in the maximum deposit insurance coverage levels for all licenced deposit-taking financial institutions.
”The revised deposit insurance coverage has balanced the NDIC’s goals of deposit protection and financial system stability with incentives for depositors to practice market discipline and prevent banks from unnecessary risk-taking and moral hazard.
“Consideration was given to ensure that the coverage was limited but adequate enough to protect a large number of depositors,” he said.
The managing director reaffirmed the corporation’s commitment to protecting depositors and contributing to the stability of the financial system.
By Aduragbemi Omiyale
The N3.97 billion commercial paper issuance of AG Mortgage Bank Plc will close on Thursday, June 18, 2026.
The sale of the debt instrument by the real estate lender commenced on Wednesday, June 10, 2026.
It is under the N5 billion commercial paper issuance programme of the lending firm aimed to support its short-term working capital and funding requirements.
The company is selling the papers in two series, with Series 2 offered at a discounted rate of 19.2895 per cent for 270 days, and Series 3 at a discounted rate of 19.3651 per cent for 364 days.
The minimum subscription is N5 million, and subsequent additions of N1 million.
AG Mortgage Bank is a leading primary mortgage bank in Nigeria with over two decades of experience in providing affordable mortgage financing and housing finance solutions.
The bank has grown its asset base to over N33 billion and remains a key participant in major housing intervention programmes, including the National Housing Fund Scheme and other government-backed mortgage initiatives.
Supported by a diversified product offering, strong institutional credibility, and an experienced management team, AG Mortgage Bank continues to deliver solid financial performance.
For FY 2025, interest income increased by 28.1 per cent to N3.65 billion, while profit after tax rose by 130.0 per cent to N1.05 billion, reflecting strong earnings growth, operational efficiency, and prudent risk management.
By Aduragbemi Omiyale
The chairman of Access Holdings Plc, Mr Aigboje Aig-Imoukhuede, has reaffirmed the organisation’s long-term commitment to shareholders, expressing confidence in the company’s strategic positioning, which he said is underpinned by disciplined execution, a diversified business model, a strengthened capital base, and a clear focus on sustainable value creation.
Speaking at the 4th Annual General Meeting (AGM) of the firm on Wednesday, he explained that the temporary suspension of dividend distributions was a consequence of regulatory compliance requirements rather than any deterioration in the group’s financial performance.
Mr Aig-Imoukhuede reaffirmed that the financial institution’s earnings capacity remains strong and that the board’s position reflects adherence to supervisory expectations and prudent capital management principles.
He assured shareholders of the board’s commitment to resuming dividend payments as soon as the relevant regulatory conditions are satisfied, noting that, “Our approach is clear: capital retained today must translate into greater value tomorrow and sustainable returns for our shareholders.”
The Chairman reiterated the strategic imperative underpinning the company’s next phase of growth, saying, “Our strategy, From Scale to Value, reflects the natural evolution of our journey. Scale created opportunity; value creation is how we fully realise it.”
He noted that while the organisation continues to generate strong returns, ensuring that earnings per share consistently exceed the cost of capital remains central to unlocking sustainable shareholder value.
The retired banker also acknowledged the significant unrealised value embedded within the firm’s international subsidiaries and reiterated management’s focus on improving market recognition of that intrinsic value over time.
Commenting on the financial performance of the group in 2025, he said Access Holdings accelerated provisions on legacy and regulatory forbearance credit exposures, resulting in elevated impairment charges.
He explained that the group consciously prioritised balance sheet strength and long-term resilience over short-term earnings optimisation.
“Periods of economic uncertainty often reveal more about an institution than periods of uninterrupted growth. Our focus remains on building a business that is not only growing, but improving in the quality, resilience, and sustainability of its earnings,” he stated.
Last year, the financial services organisation delivered pre-tax profit of N1.007 trillion, underscoring the strength of its diversified platform and expanding earnings base across key markets. Total assets increased to N51.56 trillion, while customer deposits grew strongly, reflecting sustained franchise momentum and deepening customer trust.
By Modupe Gbadeyanka
A new report highlighting the transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers has been launched by HabariPay Limited.
The report, known as the HabariPay Impact Report 2025, provides stakeholders with a comprehensive evolution, innovation journey, business performance, and impact of the fintech subsidiary of Guaranty Trust Holding Company (GTCO) Plc on the digital payments landscape.
The company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions were also captured in the piece.
The HabariPay Impact Report 2025 also highlights the organisation’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions.
The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.
It showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.
“As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators.
“The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy,” the Managing Director of HabariPay, Ms Eduofon Japhet, said.
“The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders.
“As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive,” she added.
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