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Published On: Fri, Dec 6th, 2019

Over 9.2m MMOs subscribers benefited NDIC insurance coverage-MD

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From Mustapha Adamu, Kano

The Nigeria Deposit Insurance Corporation (NDIC) has said that its greatest achievement is the provision of deposit insurance coverage to subscribers of Mobile Money Operators (MMOs).
This was revealed by the Managing Director of the Corporation, Alhaji Umaru Ibrahim at the NDIC’s Special Day at the 40th Kano International Trade Fair, held in Kano State, yesterday.
The Managing Director, represented by Kano Zonal Controller, Alhaji Bashir Alhassan said NDIC provided the maximum limit of N500, 000 to subscribers of the MMOs, which stood at N9, 249,265, as at June 30th, 2019.
According to him, the number of licensed MMOs by the Central Bank of Nigeria (CBN) is 23, explaining that 8 of them are bank-led while the remaining 15 are non-bank-led.
“One of most significant achievements of the corporation is the provision of the deposit insurance coverage to subscribers of Mobile Money Operators (MMOs) to the maximum limit of N500, 000 through the Pass-through Deposit Insurance Framework.
“As it stands, the number of MMOs by the CBN is 23, with 8 being bank-led while the remaining 15 are non-bank-led.
“As at 30th June, 2019, the number of subscribers to the MMOs stood at 9,249,265,” he said
The MD also disclosed that the corporation, as at June 30, received a total number of 35 petitions and complaints from bank customers on various issues such as ATM frauds, unauthorized fund transfers, cheque related issues among others.
He further disclosed that investigations and mediations we’re carried out where necessary, adding that the affected customers were appropriately reprieved.
Ibrahim however cautioned Nigerians to avoid keeping money at home to avoid dangers of fire, theft or armed robbery, advising the general public to report any case of bank cheating to both NDIC and CBN.
In his remark, the President of Kano Centre of Commerce, Industry, Mines and Agriculture (KACCIMA), Alhaji Dalhatu Abubakar called on the NDIC to always partner with KACCIMA in its activities.
Abubakar, represented by the first Vice President of the KACCIMA, Abubakar Usman Darma also assures the readiness of the organization to cooperate with NDIC in its activities.

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