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NDIC releases deposit insurance guidelines on mobile payment

Nigeria Deposit Insurance Corporation

TVCE (ABUJA) -New deposit insurance guidelines on mobile payments system (MPS) has been released by the Nigeria Deposit Insurance Corporation (NDIC).

According to NDIC, the new guidelines, which is known as “Pass-Through Deposit 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).

The MMO acts as a custodian on behalf of the one or more subscribers who are actual owners of the funds as if those actual owners have deposits in the deposit money banks (DMBs).

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Mobile Payments System (MPS) refers to payment services operated under financial regulation and performed through the use of mobile devices such as smart phones, cell phones, tablets, personal digital devices and other electronic devices.

It is also a convenient, safe and affordable way by which subscribers make instant transfer of funds and execute payments for goods and services from anywhere at any time without having a bank account.

 

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