Etini Willie
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A bank was robbed when a bullion van containing millions of naira moved in to offload the cash. In summary, the bank had incurred such a huge loss. People thought it would not recover for some time. The following day, the bank opened and carried out it's normal operations, and every customer that wanted to withdraw was paid àny amount he/ she wanted.
That's where an insurance plan called Deposit Insurance. According to Wikipedia, Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. In some countries, the government makes it compulsory for all banks to subscribe to a Deposit Insurance. A Deposit Insurance typically involves a bank paying premium to an insurance company monthly and if the bank runs a loss, the insurance company would help the bank with funds to pay it's depositors.
Deposit Insurance is very important to us as individuals. It guarantees a no-loss situation when our funds are saved in the bank. In Nigeria, all banks insure their deposit with an agency called Nigerian Deposrtors Insurance Corporation. I bank with a relaxed mind knowing that banks are secured by insurance
That's where an insurance plan called Deposit Insurance. According to Wikipedia, Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. In some countries, the government makes it compulsory for all banks to subscribe to a Deposit Insurance. A Deposit Insurance typically involves a bank paying premium to an insurance company monthly and if the bank runs a loss, the insurance company would help the bank with funds to pay it's depositors.
Deposit Insurance is very important to us as individuals. It guarantees a no-loss situation when our funds are saved in the bank. In Nigeria, all banks insure their deposit with an agency called Nigerian Deposrtors Insurance Corporation. I bank with a relaxed mind knowing that banks are secured by insurance
