Nigeria Deposit Insurance Corporation, NDIC, said it is working towards ensuring that proportion of the nation’s population who are financially included increase to 80 per cent by 2020.
The corporation which aimed at achieving the said target via mobile money stated that with 21 mobile money operators which have so far been registered by the Central Bank of Nigeria, CBN, across the country and over 70 per cent of the proportion of the Nigerian population that use mobile phones, banking transaction done through mobile money has recorded tremendous growth, thus showing that the effort of the CBN, NDIC and others were not in vein.
Speaking at NDIC special day at the just concluded 2015 Lagos International Trade Fair, the Managing/ Chief Executive Officer, NDIC, Alhaji Umaru Ibrahim stated that the upsurge in the use of mobile communication which has witnessed a phenomenal attraction of about 120 million subscribers has given glimpse of hope that financial inclusion could be successful in Nigeria.
Umaru, who was represented by the Director, Assets Management Department of NDIC, Bashir Dada Umar pointed out that NDIC in collaboration with CBN has embarked on various awareness initiatives on financial literacy and financial inclusion with a view to drastically reducing the percentage of Nigeria who have no access to any form of financial service from 70 to 20 per cent by the year 2020.
According to him, the CBN has issued a regulatory framework for Mobile Payment Services in Nigeria since June, 2009 adding that the apex bank has granted licenses to 21 Mobile Money Operators (MMOs) across the country, comprising of 15 non-bank and six bank operators carrying out commercial operation as at June, 2015.
Speaking further, he noted that another set of eight operators were currently undergoing stages of pilot run for final licensing.
Ibrahim also stated that NDIC on its part had developed a framework for the extension of deposit insurance to individual subscribers of the MMOs in the form of pass-through deposit insurance adding that it had earlier developed a framework for the extension of deposit insurance scheme to depositors of non-interest banks.

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