Section 17: Deposit Insurance Funds.

(1) There is established the following Deposit Insurance Funds for each corresponding category of insured institution-
(a) the Deposit Insurance Fund (DIF) for Deposit Money Banks and Mobile Money Operators;
(b) the Non-Interest Deposit Insurance Fund (NIDIF) for non-interest banks and windows;
(c) the Special Institutions Insurance Fund (SIIF) for Microfinance Banks and Primary Mortgage Banks;
(d) the Non-Interest Special Institutions Insurance Fund (NISIIF) for noninterest Microfinance and Primary Mortgage Banks; and
(e) the Payment Service Bank Insurance Fund (PSBIF) for Payment Service Banks.
(2) Without prejudice to the provisions of subsection (1), the Corporation may with the approval of the Board establish such additional deposit insurance funds for such other category of insured institutions as the Board may stipulate and a reference to deposit insurance funds in this section shall include deposit insurance funds established under this subsection (2).
(3) The deposit insurance funds established under this section shall each be funded up to the minimum target fund size prescribed for each category of funds under subsection (4), from the respective sources prescribed in subsection (6).
(4) The Board shall prescribe the minimum target fund size for each of the deposit insurance funds established under this section and the timeframe within which such minimum target fund size shall be attained:
Provided that the Board shall within such periods as the Board may determine review and if thought fit revise the minimum target fund size.
(5) For the purpose of subsection (4), the Board shall prescribe the target ratio for each of the deposit insurance funds by reference to the total deposits of the corresponding category of insured institutions or such other basis as may be determined by the Board.
(6) There shall be paid into each respective deposit insurance fund established by or under this section-
(a) all assessed premiums payable by insured institutions within the corresponding category of insured institutions;
(b) all special contributions payable under section 23 (7) of this Act by insured institutions within the corresponding category of insured institutions;
(c) such portion of the income on investment of each deposit insurance fund as the Board may in its exclusive discretion determine is necessary to maintain such deposit insurance fund at its prescribed minimum target fund size; and
(d) such portion of the general reserves of the Corporation as the Board may in its discretion determine is necessary to-
(i) maintain each deposit insurance fund at its minimum target fund size, or
(ii) meet the deposit insurance payment obligation of the Corporation to depositors of any category of insured institutions when the sum standing to the credit of the corresponding deposit insurance fund is insufficient to meet the deposit insurance payment obligation of the Corporation to such depositors.
(7) The deposit insurance funds established by or under this section, shall be managed by the Corporation in trust for depositors of the corresponding category of insured institutions and shall be utilised with the approval of the Board to the exclusion of any other person or authority exclusively for-
(a) meeting the deposit insurance or deposit guarantee payment obligations of the Corporation under this Act to depositors of the corresponding category of insured institutions in accordance with this Act, including payment to an insured institution which assumes the deposit liability of another insured institution;
(b) in pursuance of sections 4 (b) and 49 of this Act, giving assistance to insured institutions of the corresponding deposit insurance fund in an aggregate amount not exceeding ten percent or such other percentage of the sums standing to the credit of each such deposit insurance fund as may be prescribed by the Board; and
(c) all refunds of excess premium assessment or special contributions as approved by the Board.