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

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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