Nigeria: CBN, NDIC Plan Insurance Cover for Mobile Banking

The Central Bank of Nigeria (CBN) is working with the Nigerian Deposit Insurance Corporation (NDIC) to provide insurance cover for users of mobile banking services as a way of mitigating losses that could arise from that such transactions.

CBN Assistant Director, Banking and Payment System, Samson Agboola, who made this known in Akure yesterday, said the two regulators were considering a trustee arrangement for the 15 mobile payment companies already granted licenses by the CBN and others coming after them.

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