What is a Pool (Trust) Account?
An account opened and operated by a MMO in an
insured institution on behalf of its subscribers.
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What is Pass-Through Deposit Insurance (PTDI)?
The NDIC provides deposit insurance coverage to subscribers of Mobile Money Operators (MMOs) using the Pass-Through-Deposit-Insurance Concept. It is an arrangement where the deposit insurer extends deposit insurance coverage to Pool Accounts or Trust ...
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 ...
What is a Bare Trust?
This is a situation where each beneficiary of an account holds a separate share and is entitled to protection within the parameters of the scheme.
FAQs and Facts About DIS in Nigeria
Introduction This section presents a set of Frequently Asked Questions (FAQs) and Answers that would give more insights on the concept and practice of DIS in Nigeria as well as new developments in the financial services industry. Question 1: What is ...
FAQS and Facts about Deposit Insurance in Nigeria
FAQs and Facts About DIS in Nigeria Introduction This section presents a set of Frequently Asked Questions (FAQs) and Answers that would give more insights on the concept and practice of DIS in Nigeria as well as new developments in the financial ...