Mobile Money Operators Insured by NDIC in 2024

Nigeria's Central Bank (CBN) has been actively promoting financial inclusion initiatives to bring more people into the formal financial system. Mobile Money Operators (MMOs) play a vital role in achieving this goal by providing accessible financial services to those who might not have access to traditional bank branches. To further strengthen this drive, the Nigeria Deposit Insurance Corporation (NDIC) has gone ahead to insure deposits held with licensed MMOs. This insurance scheme provides users with greater security and peace of mind, fostering trust and encouraging wider adoption of mobile money services. As mobile money services continue to revolutionise the way we make financial transactions in Nigeria, it's essential to know that your funds are safe in case of any unforeseen circumstances. In this post, is the list of the 18 mobile money operators insured by NDIC, how it works, and what it means for you as a subscriber of the services they render as we leap further towards financial inclusion.

What is NDIC?

The Nigeria Deposit Insurance Corporation (NDIC) is a government agency established to provide deposit insurance coverage to depositors in case of bank failure. The NDIC also insures mobile money subscribers' funds, providing an added layer of security.

Mobile Money Operators Insured by NDIC

Here are the 18 mobile money operators in Nigeria with their subscribers insured by the NDIC:

1. Abeg Technologies Limited - Abeg App
2. Cellulant Nigeria Ltd. - Cellulant (also known as Tingg)
3. Chams Mobile - ChamsMobile
4. eTranzact International Limited - eTranzact
5. Fortis Mobile Money Limited - Fortis Mobile Money
6. Funds And Electronic Transfer (FETS) Limited - FETS
7. Hedonmark Management Services Limited - Hedonmark
8. Kongapay Technologies Limited - KongaPay
9. Mkudi Limited - Mkudi
10. Nownow Digital Systems Limited - NowNow
11. Opay Digital Services Limited - OPay
12. Pagatech Limited - Paga
13. Palmpay Limited - PalmPay
14. Parkway Projects Limited - Parkway
15. Teasy International Company Limited - Teasy
16. Visual ICT Limited - Visual ICT
17. VTNetwork Limited - VTNetwork (also known as VTcash)
18. Xpress MTS Limited - Xpress MTS

Recommended for you: 👉5 Ways NDIC is Boosting Financial Inclusion in Nigeria

How Does it Work?

When you use any of the mobile money operators listed above, your funds are insured up to a maximum of N5,000,000.00 (Five Million Naira Only). This means that in the unlikely event of a failure of the mobile money operator or the bank where your funds are deposited, the NDIC will reimburse you up to the insured amount.

Benefits of NDIC Insurance for Mobile Money Subscribers:

• Added security for your mobile transactions
• Protection against loss of funds in case of mobile money operator or bank failure
• Increased confidence in using mobile money services
• Up to N5,000,000.00 insurance coverage per subscriber

Conclusion

Mobile money services have made financial transactions more accessible and convenient in Nigeria. With NDIC insurance coverage, you can have peace of mind knowing that your funds are protected. Always use mobile money operators insured by NDIC to ensure your funds are safe.

Also read:

• CBNHiked MPR to 24.75%: Can It Curb Inflation?
• 7-StepGuide to Investing in Nigeria Bonds