The Nigeria Deposit Insurance
Corporation has released deposit insurance guidelines on the mobile
payment system, known as ‘Pass-Through Deposit Insurance scheme’.
The NDIC said the move followed the
introduction of mobile banking in Nigeria by the Central Bank of
Nigeria, which issued operating licences to many Deposit Money Banks and
telecommunications companies to provide mobile banking services.
According to a statement from the
corporation, 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 in the 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 DMBs.
Mobile payment system 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,” the statement said.
The Pass-Through Deposit Insurance
scheme is aimed at guaranteeing the payment of insured sums to
subscribers of MMOs in the event of failure of insured institutions
where pool funds are maintained; enhancing confidence of subscribers and
ensuring continuity of the MPS.
Other public policy objectives of the
scheme are to promote financial inclusion by protecting and ensuring the
safety of the MPS, and the stability of the Nigerian financial system.
by Femi Asu
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