What are the Eligibility Criteria for Pass-Through-Deposit Insurance Cover?

The conditions for eligibility as contained in the framework are as follows:

i.The relationship between the MMOs and their subscribers shall be based on Bare Trust

arrangement.

ii.MMOs must take Fidelity Bond Insurance.

iii.The records of the Trust (pool) account must clearly indicate that the funds belong to individual

subscribers and not the agent or custodian.

iv.The identities of the subscribers must fulfil all KYC requirements specified by the CBN.

v.The interests of the subscribers must be disclosed properly in records maintained by the insured

institutions, MMOs, and Agents.

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As a Depositor, must I apply for a Deposit Insurance Cover
No. A depositor does not need to. Under the deposit insurance system, eligible deposit accounts in insured institutions are automatically insured at no charge to any depositor.
What is the Maximum Cover for Subscribers under the Pass-Through-Deposit Insurance Scheme?
The subscribers of MMOs will be insured up to the maximum coverage level of ₦500,000 (Five Hundred Thousand Naira) per subscriber per DMB or the applicable coverage level for depositors in line with the NDIC Act.
Are MMOs Covered under Pass-Through-Deposit Insurance (PTDI)?
No. MMOs are not covered under the PTDI but their corporate account in banks are covered up to the maximum amount allowed by law.

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