Mobile Money Operators Insured by NDIC in 2025

A Guide to Safe Mobile Transactions A Leap Towards Financial Inclusion

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:

Abeg Technologies Limited - Abeg App
Cellulant Nigeria Ltd. - Cellulant (also known as Tingg)
Chams Mobile - ChamsMobile
eTranzact International Limited - eTranzact
Fortis Mobile Money Limited - Fortis Mobile Money
Funds And Electronic Transfer (FETS) Limited - FETS
Hedonmark Management Services Limited - Hedonmark
Kongapay Technologies Limited - KongaPay
Mkudi Limited - Mkudi
Nownow Digital Systems Limited - NowNow
Opay Digital Services Limited - OPay
Pagatech Limited - Paga
Palmpay Limited - PalmPay
Parkway Projects Limited - Parkway
Teasy International Company Limited - Teasy
Visual ICT Limited - Visual ICT
VTNetwork Limited - VTNetwork (also known as VTcash)
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.