Nigeria Deposit Insurance Corporation set to insure mobile banking

Nigeria Deposit Insurance Corporation (NDIC) has announced plans to extend deposit insurance cover to mobile banking subscribers.

 

NDIC managing director Alhaji Umaru Ibrahim said at a roundtable discussion in Lagos on mobile payment services in Nigeria each subscriber would be guaranteed insurance in the event of bank failure.

He also said if a bank fails the insured mobile account can be transferred to another bank, in line with efforts aimed at engendering public confidence in the system and promoting financial stability.

“The NDIC framework for extending deposit insurance to individual customers of mobile payment services is being finalised,” Ibrahim said.

He said mobile payment is a convenient, secure and affordable way to send money to friends and family using mobile phones and other electronic devices.

“Mobile phones, in particular, are an attractive way to promote financial inclusion given their extensive use by the population and global reach. Mobile phones can serve as a virtual bank card, point of sale terminal (PoS), ATM or internet banking terminal. The confluence of banking technologies with mobile telephony leads to wider penetration and holds new promise of financial inclusion for the minority of the unbanked,” he said.

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