Determined to instill confidence in the Nigerian payment system, the Central Bank of Nigeria (CBN) is currently collaborating with the Nigeria Deposit Insurance Corporation (NDIC) to provide insurance cover for the mobile payments in the country.

Consequently, in the event of any unforeseen circumstances during transit by the operators, the customers’ interests will be protected so as to realise the full value for their money.

Samson Olusola, assistant director, CBN, who represented, Titus Oladipupo Fatokun, director, banking and payment department, made the disclosure at the ongoing seminar for financial journalists in Akure yesterday.

“CBN is collaborating with NDIC to provide insurance cover for mobile payments. You know the money belongs to the customers and it is that money we want to protect, so that when anything happens along the line, customers’ money will be safe,” Fatokun said.

He acknowledged the challenges currently being encountered by customers, adding that it will take some time for the impact of the CBN appointed operators to be felt.

“CBN had given commercial licence to 15 mobile payments schemes operators to launch mobile payments services in Nigeria under bank- led, bank-focused and non- bank-led models.

Preparatory to the full implementation of the initiative, the bank had earlier approved the regulatory framework for mobile payments services in Nigeria which addresses technology security, operational and customer protection issues,” Fatokun said in his paper titled, ‘Cash-less policy as a vehicle to achieve financial inclusion’.

mrperfect: I think is a welcome development if NDIC will speed up their service, not taken half decade to process a request.

otokx: Most banks are having issues with their network and ATMs, why do we keep deceiving ourselves in this country?

sylve11: After 100,000,000 people are done with it without complains, then i will give it a try.

sylve11: After 100,000,000 people are done with it without complains, then i will give it a try.

a1solution: Nigeria is moving forward, the only drawback is electricity which would be a thing of the past soon!

a1solution: Nigeria is moving forward, the only drawback is electricity which would be a thing of the past soon!

nedostic: Please let us desist from introducing baseless religious sentiments into issues. I advise anyone to always study the bible and totally avoid corrupting the word of God with hearsay. Please treat God's word with all due respect. There is no scripture to prove that mobile banking is in tandem with the mark of the beast. If you have scriptures,kindly prove me wrong.

This post has nothing to do with religion.

I do want anyone who is in doubt of M-PESA, to do a google search on it and find out the contributions of mobile money/banking to an average Kenyan rather than fumbling and wobbling in the ignorance of what you cannot prove in the bible.

We should learn to contribute wisely to issues rather than feeding people with fictions and not facts.

nedostic: Please let us desist from introducing baseless religious sentiments into issues. I advise anyone to always study the bible and totally avoid corrupting the word of God with hearsay. Please treat God's word with all due respect. There is no scripture to prove that mobile banking is in tandem with the mark of the beast. If you have scriptures,kindly prove me wrong.

This post has nothing to do with religion.

I do want anyone who is in doubt of M-PESA, to do a google search on it and find out the contributions of mobile money/banking to an average Kenyan rather than fumbling and wobbling in the ignorance of what you cannot prove in the bible.

We should learn to contribute wisely to issues rather than feeding people with fictions and not facts.