The Nigeria Deposit Insurance
Corporation (NDIC) has said it is considering extending deposit insurance
coverage to mobile banking subscribers between N200, 000 and N500,000. Alternatively,
the NDIC said in a situation where a bank fails, the insured mobile account
could be transferred to another sound bank.
Managing Director, NDIC, Alhaji
Umaru Ibrahim, stated this at a roundtable on mobile payment services in
Nigeria held in Lagos. According to the NDIC boss, the move would further
engender public confidence in the system thereby promoting financial stability.
He disclosed that the NDIC
framework for extending deposit insurance to individual customers of mobile
payment services is being finalised.
“The NDIC is equally actively
involved in promoting financial literacy and supporting agent banking and
non-interest/Islamic banking as strategies for attaining financial inclusion in
the country in order to improve the economic well-being of the people who have
been excluded in the formal financial system,” the NDIC boss added.
Furthermore, he stated that a
predominantly cash-based economy is not good for the system, saying that the
corporation is supporting the cashless policy of the Central Bank of Nigeria.
“The NDIC as a deposit insurer
provides a unique role of enhancing financial inclusion by encouraging mobile
financial services. There is a link between deposit insurance system and
financial inclusion.
“Deposit insurance is vital to
financial inclusion because the poor need assurance that their deposits are
safe and available at all times they have need for them,” he explained.
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