What is the Maximum Cover for Subscribers under the Pass-Through-Deposit Insurance Scheme?

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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 ...

• 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 ...

• 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 ...

• 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.

• 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.