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when it comes to money in the bank, there's insurance, but it's not a blanket coverage. In other words, not every single naira and kobo is fully protected. Let me break it down for you. Heritage Bank, which unfortunately collapsed, serves as a case study. The Central Bank of Nigeria (CBN) revoked its operating license. Now, here's where it gets interesting: the Nigerian Deposit Insurance Corporation (NDIC) steps in during such distress situations. They're like the financial firefighters, trying to recover what they can. But there's a catch. The NDIC has announced it will pay a maximum of ₦5 million for each depositor of Heritage Bank. So, if you had more than ₦5 million in your account, you've lost the excess. In the past, the Asset Management Corporation of Nigeria (AMCON) used to dive in and buy up the bad debts of struggling banks. But those days are gone. No more superhero rescues. The truth is, there's a real risk of losing your hard-earned money if your bank hits a rough patch. It's like walking a tightrope – one misstep, and your savings could disappear.

Knowledge is Power

In a major move to protect policyholders, NAICOM has taken control of African Alliance Insurance’s board due to ongoing financial issues. The new interim management is set to restore stability, aiming to safeguard the interests of all stakeholders. Head to our blog for full details on this significant intervention and what it means for Nigeria’s insurance sector. Read more at https://lnkd.in/dzBn8gsc _ #insurance #Insure_Africa #Insurancenews #Insuranceblog #insureafricagist #insurancegist #insuranceforum

The financial landscape of any country is typically dominated by two powerful sectors: banking and insurance. Globally, insurance companies are often larger and more influential than banks, but this trend does not hold in Nigeria, https://lnkd.in/dtNjPy3i

[Member News] The National Insurance Commission (NIC), pursuant to sections 2(1)(a) and 198(2)(c) of the Insurance Act 2021 (Act 1061), has issued a directive on the Underwriting of all types of Bonds in Ghana. This directive takes effect from 1st July 2024. #CCIFG #ccifranceghana #ccifgat10 #ccifg2024 #June2024 #ghana #ascomaghana Ascoma Ghana #insurance #insurancebroker #insuranceagent #insurancepolicy #UnderwritingInsights #bond

The Nigeria Deposit Insurance Corporation (NDIC) has increased the maximum deposit insurance coverage for all licensed deposit-taking financial institutions in Nigeria. This move aims to safeguard depositors' funds, mitigate risks, and boost confidence in the banking sector. Deposit Money Banks (DMBs) will see their deposit coverage rise from N500,000 to N5 million, covering 98.98% of total depositors. Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) will also benefit from increased coverage levels, rising to N2 million from N200,000, protecting 99.27% and 99.34% of depositors, respectively. This revision aligns with international best practices and reflects the NDIC's commitment to security and inclusivity across financial institutions. Industry experts have praised this move as a significant step towards bolstering confidence in the banking sector amidst economic challenges. The increased deposit insurance coverage fortifies depositor confidence, fosters financial inclusion, and drives sustainable economic development. Visit blog.theinsureafrica.com to learn more _ #insureafrica #insurancenews #insuranceblog #insurancenigeria #insurance #latestoninsurance

#HappyIndependenceDay🇳🇬 #HappyOctober2024 #BeAware #BeInformed #BeInsured #MIWIN The independence to celebrate Nigeria's 64th Independence derives from enjoying insurance as introduced by family and friends centuries ago. Today, insurance is the bridge between two worlds and the support system that drives financial independence. We are... Making Insurance Work In Nigeria. #Believe🇳🇬

By spreading risk and covering unforeseen losses, insurance helps individuals and businesses in Nigeria avoid sudden financial crises and ensures financial stability. The best time to get an insurance is now!!!

Insurance isn't a luxury in Nigeria; it's your key to financial security. Don't risk your future – this infographic shows why insurance is a MUST. #Insurance #Nigeria #ProtectYourFuture

CBAR has taken a significant step to enhance life insurance for loan takers in Azerbaijan. Under new regulations, insurance coverage is now required to span the remaining loan period, with the insurance sum mutually agreed upon but not surpassing 110% of the debt. This move safeguards borrowers by providing protection against additional expenses such as interest or penalties post an insured event. #Insurance #Azerbaijan #Finance #Regulations 🇦🇿 #CBAR