By Babajide Komolafe
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.”
The Corporation stated, “The “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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