Safety of deposits, insurance cover for Nigerian PSBs assured —NDIC

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THE Nigeria Deposit Insurance Corporation (NDIC) has promised that it will continue to provide insurance cover to depositor’s funds including the newly licensed Payment Service Banks (PSB).

The corporation, on its official twitter handle, described Payment Service Banks as the newest type of banks in Nigeria created by the Central Bank of Nigeria (CBN) to enhance financial inclusion and increase access to financial services to the unbanked.

According to NDIC, there are currently five PSBs licensed by the CBN and insured by NDIC but only two have commenced operations. They are; Hope PSB and 9PSB as at May 18, 2022.

Two weeks ago, the Central Bank of Nigeria (CBN) gave approvals…



Source: Nigerian Tribune