2015-12-17

Framework For The Establishment of Pass-Through Deposit Insurance For Subscribers of Mobile Money Operators in Nigeria

The Nigeria Deposit Insurance Corporation (NDIC) has released a framework for pass-through deposit insurance for subscribers of mobile money operators (MMOs) in Nigeria. This framework aims to engender confidence in mobile payment services and promote financial inclusion, reducing the number of unbanked individuals. Key elements include deposit insurance coverage up to N500,000 per subscriber, eligibility criteria for coverage, and regulatory guidelines for MMOs to ensure the safety and security of subscribers' funds.

Nigeria

Nigeria Deposit Insurance Corporation

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