The Nigerian Government has reviewed upward the Maximum Deposit Insurance Coverage for banks operating within the country.

In a recent briefing with journalists, Nigeria Deposit Insurance Corporation Managing Director, Bello Hassan disclosed the new coverage benchmarks.

The NDIC for Deposit Money Banks has been raised from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ from N500,000 to N5 million per subscriber.

Hassan emphasised that the update aims to bolster depositor safety, public trust, the inclusivity of financial services, and the overall stability of the financial sector.

He stated, “The increase in the maximum deposit insurance coverage levels for all licenced deposit-taking financial institutions with immediate effect.”

The coverage benchmark had been raised from N50,000 to N200,000 in 2006; the coverage limit of N100,000 was also set, for the first time, for MFB and PMB depositors in the same year.

In 2011, the coverage limits for DMBs increased from N200,000 to N500,000 and from N100,000 to N200,000 for depositors of MFBs and PMBs.

Additionally, the coverage level was further adjusted to N500,000 in 2016 for PMB depositors and subscribers of licensed Mobile Money Operators.

Coverage of N500,000 was equally extended to depositors of PSBs in 2020.

Meanwhile, the coverage for DMBs remained at N500,000.

The Nigerian Electricity Regulatory Commission (NERC), in a move to deregulate the metre supply and pricing market, released an order on Monday on the deregulation prices for metres deployed under the Meter Asset Provider (MAP) Scheme.

According to the order, the commission said the move was necessitated after MAPs and other operators requested a further review of metre prices in consideration of the significant changes in foreign exchange and inflation rates since NERC’s last price review in September 2023.

It said the significant changes in these macroeconomic variables had constrained the abilities of metre providers to supply metres at the approved regulated price.

“The commission has noted the need for the efficient pricing of meters to respond more quickly to changes in macroeconomic parameters, particularly exchange rates.

“The commission has further taken cognisance of the constraints/challenges faced by MAPs and LMMAs and therefore approved the deregulation of prices of meters deployed under the MAP scheme with effect from May 1, 2024,” NERC stated.

It added, “With effect from May 1, 2024, all prices of meters under the MAP scheme shall be determined through a competitive bidding process with customers provided with a choice of authorised vendors.”

As a result, NERC said it has henceforth deregulated the pricing of meters deployed under the MAP scheme.

“The cost of prices of meters deployed under the MAP scheme is hereby deregulated to enable end-use customers acquire meters from MAPs of their choice based on competitive open market prices determined from transparent bidding frameworks,” the commission stated.

It said, “All MAP permit holders are henceforth eligible to provide services and transact for the provision of meters and metering services with any Disco in the Federal Republic of Nigeria with their existing permit.

“The lifting of the restriction on permitting to operate in all Discos is subject to the mandatory requirement for MAPs to comply with the associated Disco specific requirements/specifications.

“All Discos shall ensure the effective and seamless integration of smart meters deployed by MAPs with the Disco’s head-end systems and meter data management systems.”

Central Bank of Nigeria (CBN) has stopped mobile money operators including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers.

A source at the bank, who confirmed the development to Channels TV however, said no circular was served by the apex bank in that respect.

The affected fintech companies were reported to have accounts being used for illicit foreign exchange transactions.

OPay confirmed the development in a statement on Tuesday, saying it has paused the onboarding of new customers to “support government efforts to clean up the financial industry”.