NDIC To Protect Mobile Banking Customers

Plans are underway to
introduce a framework that would protect users of mobile banking platform nationwide, an official has said.
The Managing Director, Nigeria Deposit Insurance Corporation (NDIC) Alhaji Umaru Ibrahim, announced this in Uyo at the just-concluded workshop organised by NDIC for finance correspondents.
He explained that the plan was expected to boost confidence in mobile payment system.
Ibrahim said the framework, which would come in form of a protective measure, would serve as an insurance cover for mobile banking services users.
“The framework will be used to mitigate loses that arise from the use of mobile banking.
“The regulator will also look into what constitutes deposit, saving and how to handle transactions on mobile banking platform,’’ he said.
Ibrahim hinted that CBN and the commission had worked with relevant agencies to develop a curriculum on the teaching of financial literacy in schools.
The managing director said that the implementation of the curriculum would start by the second quarter of 2014.
He said that financial literacy programme would be out-sourced and would be an all stakeholders’ efforts.
Ibrahim urged corporate entities, local government councils and organised private sector to float microfinance banks in order to access the N22O billion for the sub-sector.
He said such groups coming together to form micro-finance banks would reduce their vulnerability to liquidation.
It would be recalled that the Central Bank of Nigeria (CBN) inaugurated the N220.