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NDIC announces insurance guidelines for mobile payments

Nigeria-Deposit-Insurance-Corporation-NDICTVC E, BUSINESS – The Nigeria Deposit Insurance Corporation (NDIC) has released the deposit insurance guidelines for mobile payments systems.

Mobile payment refers to the use of mobile telephone technology for payment and financial transactions.

In a statement announcing the guidelines, NDIC said that deposit insurance for mobile payment system is known as Pass-Through Deposit Insurance scheme.

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This insurance scheme is the protection provided by the NDIC to mobile money subscribers, whereby the Corporation insures funds that are deposited by a Mobile Money Operator (MMO) in the deposit money banks (DMBs).

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