Uche Usim, Benin
Soothing news came the way of 154 Microfinance Banks (MFBs) and six Primary Mortgage Banks (PMBs) whose operating licenses were recently revoked by the Central Bank of Nigeria (CBN) as the Nigeria Deposit Insurance Corporation (NDIC) is set to pay them their insured deposit sum.
This was as number of licensed Mobile Money Operators (MMOs) by the Central Bank of Nigeria has increased to 23.
Addressing Business Editors and members of Finance Correspondents Association of Nigeria ( (FICAN) at a seminar in Benin City, the NDIC Managing Director, Mr. Umaru Ibrahim, represented by Director, Insurance and Surveillance department, Mohammed Y. Umar, said arrangements to commence payment had since been tidied up.
According to him, of the 23 MMOs, eight are bank led, while 15 are non-bank led.
He hinted that the amount provided by NDIC as deposit insurance coverage to the subscribers of MMOs in the event of liquidation is…
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