The National Broadcasting Commission (NBC) has granted former Channels Television staff, Betty Dibiah a licence to operate the first Nigerian children’s television channel.
The broadcast channel which operates on the StarTimes Network can be watched on Channel 135.
It is a children’s channel broadcasting a variety of continental and intercontinental programmes that are highly informative, educative, entertaining, and suitable for family viewing.
The concept of children’s television is to provide niche programming for children between age 0 and 13 who are mostly left out in broadcast content consideration, currently.
Founder of Branama TV, operators of the channel, Dibiah, said: “It is interesting that over the past 32 years since deregulation, as the broadcast media landscape of Nigeria opened, content for children has been on the decline. Years back, there was a children’s belt on TV with quality locally produced programmes. Today, this is not the case.
“The African Charter on Children’s Broadcasting stipulates that children should hear, see and express themselves, their culture, their language, and their life experiences, through the electronic media which affirm their sense of self, community and place. The National Broadcasting Commission code section 4.2.2 k even speaks of 10 percent airtime to be allotted to children but this is not being done for various reasons. Funding is a key challenge too.
“Studies have shown that children 14 and under, make up about 40 percent of Nigeria’s population. Other studies have also shown that not much about them, except the odd bad story or the odd exceptional achievement make the airwaves. The time to return local content for children on TV with adequate airtime is now.
Hopefully, the government is listening, to support this initiative and the many individual efforts with much-needed funding, and relevant policy implementation structures to ensure that the children have the right orientation through broadcasting quality content/messaging. This will ensure proper children’s development for the benefit of the society,” she added.
Dibiah said Branama TV is working with reputable local producers to add to its original content in addition to exceptional content sourced from some international organisations who are excited about the initiative.
“We are open to working with as many local producers as possible because only the best for the children and the family can come out of such collaborations. We also have a string of in-house productions with Nigerian children as participants.
Our goal is to be known for quality content that can also be exchanged with nations and partners across the globe who yearn for great African children’s content.”
She said the TV team has collective experience in the media and working with children for over five decades.
She added: “Our vision is to provide a learning and entertainment platform for the millions of Nigerian children who have so much to show and learn. They will get the psychological satisfaction of seeing themselves on TV doing the things they watch other children from other parts of the world doing. We began test transmission in December 2023 and hope to grow a brand that will fly Nigeria’s flag high.
“Our promise is good quality, indigenous and original content, produced according to global production best practices that guide children’s media.”
Some three or so weeks ago, ex-military president Ibrahim Badamasi Babangida was on Channels Television reiterating the need to devolve powers to the states in a restructured federation. He told his interviewer his administration had in fact contemplated that idea in 1989. It is not clear whether his government was really keen on the idea, seeing how much he loved power, but responding to a question on power devolution, he zeroed in on the absolute necessity of devolving control of the police to the states and giving them the resources to run the law enforcement agency. He is being wise after the fact. As a military dictator, he was not only infatuated with the unitary system of government, he was also obsessed with regime elongation. His refrain was the absoluteness of Nigerian unity, insisting that unity was non-negotiable.
Every administration since then, whether elected or military, has been uncomfortable with devolution of power, especially regarding law enforcement and security agencies. It has taken extreme challenges to peace and security of the nation, not visionary consideration of the country’s future, to persuade most Nigerians as to the practicality of devolving control of the police. Even then there is still a lot of haphazardness and reluctance. But if insecurity is not to really threaten the peace and stability of the nation, if insecurity is not to spiral out of control, the government will have to urgently restructure the police to give states control. It took decades to convince Gen. Babangida of the absolute necessity of power devolution; it should not take the Tinubu administration many more months to recognise the long-lasting constitutional folly of centralising policing control.
Our Girls are still missing since April 15th 2014. Pray for their return.
Channels can do better–proper analysis of cross carpeting please. Channels TV is right to report carpet crossing shenanigans by ‘turncoat’ or even principled National Assembly (NASS) members. It should never report such cross carpeting without a full political implication analysis of any change in party number for the balance of power within the NASS.
More deaths and burnings of farms, and government blames the farmers? A shame. The despicable cattle colonies proposed by Audu Ogbeh are aptly named in the light of our ‘colony status’ to Britain and are troubling and questionable. Is Audu Ogbeh an interested party? Does he own or represent a lobby for those who own millions of cattle? The president owns cattle, no crime. Millions own farms –a new crime? If Audu Ogbeh owns even one cow, not even a million head herd, he should resign now for pushing an evil agenda to give the millions of cattle belonging to him or/and his cronies ‘right of way’ and ‘free feeding’ funded by the ‘mumu’ Nigerian farmer. Cows are merely another farm produce, a crop, like pigs, goats, vegetables, cocoa, usually raised in different parts of every farm to maturity.
One cornet grow the cow, another corner grow seed and water all at home in the north and ship cows when ripe by train, trailer and truck to be eaten. Which Nigerian farmer gets free feeding and free fertilizer for crops so maliciously destroyed by Fulani herdsmen long before ISIS was invented to be blamed? In Nigeria, farmers’ deaths and farm harvest losses outnumber Fulani herdsmen deaths and economic losses in the ongoing Fulani Herdsmen –Farmers War by 1000+ to one and still the farmers are blamed for instigating violence.
I did my NYSC on the Jos, Akwanga, Lafia, Makurdi axis in1975/6 and have great affection for the people and empathy for the suffering inflicted on their land. What social and political arrogance is making the victim the perpetrator?
It may interest the snail-slow Nigerian Curriculum Commission to wake up to annual reviews of curriculum because schools abroad offer video cameras, 3D Printing, electronics, drone design, autonomous driving, coding, robotics etc to every level of school which can afford them using corporations called ‘Rapid Education’ – google it please. Nigerian private schools should contact companies like Rapid Education and kick-start Nigerians into the 21st century. If not when this generation of students goes for A-levels, they will be disadvantaged in the sphere of E-Education, Electronic Education. It is time for the current generation of Nigerian curriculum managers to hand over to young futuristic professionals. They are too old, too stuck in petty power play and too inbred, no international exposure, to deliver a 21st Nigerian school curriculum STEM –Science, Technology Engineering & Mathematics. Visit online the current STEM curriculum in 1000 modern UK, USA schools on the web to know how abysmally equipped the Nigerian student is and where the Nigerian student could be with a quickly delivered Annually Reviewed New STEM Curriculum. We could have been there if we did not have a myopic curriculum review process and massive stealing from government budgets rendering education a casualty with nothing for ‘science purchases’ which are expensive!
What percentage of politicians have 24/24hr power paid for by Nigeria? 100%. What percentage of schools have 8/24hr x the nine months of school? 1% or 0%. That is the problem. Those ‘high ups’ who can afford to pay always also manage to get it for free, as of right, while those youth who deserve and desperately need it have NOTHING!!! God gives long life to some in order for them to repent and do restitution. Where is ‘Nigeria’s School N2billion Science Fund’?
I think two years ago, through a very close friend, EA, I met the British MP attacked last week while addressing a university audience, Mr Rees-Mogg MP, in London. In a brief introductory chat, with me and others, I found him warm, accommodating, interested and a conservative Briton to boot. The words ‘racist’ etc hurled at him are somewhat overboard and violence should be a No-No! I have no business or sway with British politics and differ in political views. However I must share in the support he is given as such attacks are shameful and make dangerous the political climate. We all remember the brutal murder of Jo Cox, MP.
Should all UK MPs now have armed guards? Britain is something of a role model for Nigeria as Nigeria and Nigerian politics has never recovered from the political time bombs planted way back in the 1956 elections and since. But that said, most Western countries, including most recently the USA, have legislated or educated to overcome political violence to achieve political and electoral decision-making. Now they rely on plots and schemes using even the secret service. No life was lost in the acrimonious USA election. When will we be able to say ‘election violence is over’ in Nigeria, even as our previously violent traditionally political parties gear up for another election battle? Can they cleanse themselves or be cleansed of violence? If they refuse to be cleansed, can we take an alternative route to victory over violence and force them to comply? Will this be a third force or a Coalition 60- Parties Agenda?
NB: Uncover ‘I LOVE NIGERIA’ KNOWLEDGEABLE CANDIDATES for 2019 -SDG 16.
Delta State government will build storm water discharge channels in Asaba, Information Commissioner Mr. Patrick Ukah has said.
He spoke on the government’s approval for the construction in a statement at the weekend in Asaba, the capital
Ukah said one of the channels would pass through Ambassador Ralph Uwechue Way to Anwai River, and another through Delta Broadcasting Service (DBS) vicinity and Cabinet-Umejei Adudu Way to Amilimocha River.
The commissioner said the decision on the project was reached at this year’s first Executive Council meeting.
“The project is to address the menace of flood on Okpanam road and its environs.
“The meeting also approved the completion of the rehabilitation of runway and taxiways, extension of box culvert and ancillary work at Asaba International Airport,’’ he said.
News Agency of Nigeria (NAN) reports that Ukah said the government also approved trauma centre for Agbor, Ika South Local Government.
He said the centre would provide a “comprehensive and specialised multidisciplinary emergency medical services to those suffering from major traumatic conditions.’’
The commissioner said the government re-validated the contract partitioning the Pathology Department of the state’s University Teaching Hospital, Oghara, into 80-bed ward to accommodate more patients.
“The government also approved the installation of 280 Smart Off-Grid Solar Solutions at Owa-Ekei Road and another 280 at Old Lagos-Asaba Road, both in Agbor, to provide illumination at night for the security of life and property.
“Council approved the building of Owerre-Olubor/Ekwuoma Road in Ika Northeast Local Government,’’ he added.
Organisers of the Okpekpe International 10km road race have hailed the Nigerian media as well as the Nigeria Police Force for their roles in making the fifth edition of the race held a forthnight ago in Okpekpe near Auchi in Edo state a huge success.
”The publicity which the fifth edition of the Okpekpe race enjoyed is second to none and this is thanks to the Nigeria media.Without the media,the race would have lost its substance as not many people would have had the opportunity to follow the events locally and far beyond,’said Dare Esan,spokesman for the Okpekpe race.
‘Through the media the race was presented with electrifying beauty and it has made it attractive to sponsors who have also helped in ensuring the IAAF Bronze Label race is sustained’.
Esan is particular about the contribution of Supersports Nigeria,Africa Independent Television (AIT) and Channels television who are official media partners of the race.
‘We want to say a special thank you to Supersports who have been worthy partners since the start of the race.We thank them for also helping out with the kids in Etsako East local government with their Let’s Play programme, a corporate social responsibility initiative they developed in response to a national need.
About 3,000 kids benefited from this initiative a day before the main Okpekpe race. For these children, a seed has been sown and they will draw inspiration from their experiences for years to come,’said Esan.
‘We cannot also forget the role played by Channels,especially its Chief Executive Officer, John Momoh who instituted prize money for athletes who come from North Ibie, a large homogenous group of people found in Okpekpe Clan and the three Ibie Clans of Imiegba, Imiakebu and Itsukwi of Etasko East Local Government Area of of Edo state’.
Esan also praised the Federal Road Safety Corps and Nigeria Police Force for providing security and adding colour to the whole event.
‘The Nigeria Police Force availed us the use of their Helicopters which was used for television recordings as well as transport important dignitaries from Okpekpe to Benin after the race.’
The Okpekpe race is organised by Pamodzi Sports Marketing,leaders in sports marketing and hospitality business in Nigeria.
Ethiopans Leul Gebriesialse (29:28) and Gabru Azemra (33:59) emerged the winners of the $15,000 top prize money on offer for the men and women’s race to end Kenya’s two-year domination of the event.
THE National Broadcasting Commission (NBC) may revoke the operating licences of three broadcast stations – Channels Television, Silverbird Communications Limited and DAAR Communication Plc – over N1.676 billion debts.
The three TV stations have been given a two-week deadline to pay up.
The NBC has also accused the companies of failure to furnish it with their annual audited accounts.
The media organisations also risk sanctions for allegedly refusing to remit 1.5 per cent of their annual income as stipulated by the NBC Act.
The two-week deadline was conveyed to the stations in separate letters on February 13 and 17, 2017.
The letter, signed by the NBC Director-General, Mr. Is’haq Modibbo Kawu, gives the breakdown of the debts as follows: Channels Incorporated Limited (N442,907,000); DAAR Communication Plc (N500 million) and Silverbird Communications Limited (N733,650,793).
Although a February 13, 2017 letter appreciated the efforts of Channels Incorporated Limited to fulfill its obligations, the NBC nonetheless said it had outstanding liability of N442,907,000.
The NBC wrote: “I write to acknowledge the receipt N25 million being part-payment of Licence Renewal fee for the Direct-To-Home (DTH) licence granted to your company for another term of five years from December 16, 2016 – December 16, 2021.”
”The commission notes that only part-payment of the licence fee in the sum of N150 million has been paid, leaving a balance of N350 million, which the company in its previous letter dated 26th February, 2015 had given a commitment to pay within 12 months but has failed to do so till date”.
”Finally, the commission has observed that Channels incorporated Limited has not remitted the sum of Seven Million, Nine Hundred and Fifty Seven Thousand, Two Hundred and Sixty Eight Naira being 105% of its annual statutory levy on income for 2009 – 2010 or forward its annual audited accounts for the subsequent years of 2011, 2012, 2013, 2014, 2015 and 2016 respectively, to enable the commission compute the amount due for these years.
”In view of the above, the company is hereby directed to comply with the following”
(a) Pay the sum of N25 million being balance of licence renewal fee for its Direct-To-Home (DTH) Broadcast licence.
(b) Pay the sum of N350 million being outstanding licence fee for the News Thematic Terrestrial Television Broadcast Licence (Superstation).
(c) Pay the sum of Seven Million, Nine Hundred and Seven Thousand, Two Hundred and Sixty Eight Naira being outstanding amount computed as 1.5 per cent of annual levy on income for 2009 – 2010.
(d) Forward to the commission certified copies of its annual audited accounts for 2011 – 2016 to enable the commission compute the amount due as 1.5 per cent and convey to the company to remit the amount due.”
The NBC said DAAR Communication Plc is owing about N500 million.
A letter by its D-G said: “Please recall the provisional approval for a National Network Broadcast Service Licence (Radio/Television) granted to your company for an initial term of five years from September 07, 2010 – September 07, 2015 and the subsequent correspondence/meetings between the company and the commission on the issue.
“The National Broadcasting Commission has observed that the initial five years of the licence has lapsed since September 07, 2015 but your company has not indicated any interest in renewing the licence as stipulated by the NBC ACT, CAP. N11, Laws of the Federation, 2004 but have continued operations till date without a valid licence for the purpose.
“Furthermore, the commission has observed that your company has not been furnishing the commission with its annual audited accounts or remitting 1.5 per cent of annual income therein as stipulated by the NBC ACT.
“In view of the above, I am directed to request you to:
“Pay Licence Renewal fee for another term of five years in the sum of N500,000,000 only, for the period September 7, 2015 – September 6, 2020.
“ Forward to the commission certified copies of your annual audited accounts for the period; 2010 – 2015 to enable the commission compute the amount due as 1.5 per cent of annual levy on income for each year and convey to the company to remit.
“Forward to the commission certified copies of your annual audited accounts for the period ; 2010 – 2015 to enable the commission compute the amount due as 1.5 per cent of annual levy on income of each year and convey to the company to remit.”
The letter by NBC to Silverbird Communications Limited, puts its debt at N733.6 million.
The NBC wrote: “Please recall the provisional approval granted by the National Broadcasting Commission to your company for a National Network Broadcast Service Licence (Radio/Television) for an initial term of five years from March 10, 2011 – March 01,2016 and the subsequent correspondence/ meetings between your company and the commission, especially regarding payment of licence fee.
“ The commission notes that the initial term of five years for the licence has lapsed since March 01, 2016; with an outstanding licence fee of N233,650,793.00 only unpaid.”
The National Insurance Commission (NAICOM) has created new distribution agencies to be known as “Referral Partners/Agents” to deepen insurance penetration in Nigeria.
The “Referral Partners/Agents” according to the Commission will be operated by individuals and regulated corporate entities.
NAICOM’s Head, Corporate Affairs Rasaaq Salami said inadequate insurance distribution channels has been identified as one of the major challenges of deepening insurance penetration in the country and the Commission believes that expanding the channels of distribution will go a long way in bridging the gap of insurance awareness and penetration in the country.
He said the Commission will be meeting with relevant regulatory agencies and professional bodies to discuss the modus operandi and benefits inherent in this new initiative.
MUSIC television network, Trace TV, has added three broadcast rights to its kitty, including Trace Africa, Trace Mziki and Trace Gospel. These, the parent company, Econet Media says, will be standalone channels, joining the comprehensive list of Kwesé channels that bring premium and affordable content to viewers.
While Trace Africa serves as the premiere destination for Southern African music lovers, featuring music videos of the best contemporary Southern African music hits, Trace Mziki is a channel made in Swahili and English devoted to the very best music straight from the heart of East Africa.
Trace Gospel, on the other hand, is the first channel exclusively dedicated to Gospel music. The channel will offer the finest Gospel music programming, from the latest chart-topping hits to the classics, and feature new music from Africa.
“Trace has a proven track record across Africa and audiences resonate with its music offering. We knew it would be a good fit for Kwesé’s content portfolio while adding to our premium offering for the market”, said Joseph Hundah.
“We are excited to be part of the Kwesé content offering, TRACE has been in Africa for a while but this is the first time that we have been able to offer a hyper localised music offering whose core purpose for us is to give the people what they want while creating musical bridges across the diverse communities of Africa. A valuable partner like Kwesé, plays a key role in breaking down our borders through music” said Leo Manne, Senior Vice President for the Southern African region TRACE.
BEGINNING from November 1, DStv subscribers will enjoy massive content upgrade on all bouquets. This move follows DStv’s reduction in the prices of its Explora and HD Zapper decoders and airing the world’s best football leagues in sports, new programmes along entertainment, documentaries and other programmes.
“This major boost in entertainment value across all DStv bouquets demonstrates our commitment to ensuring DStv customers receive great entertainment and best-in-class value,” said John Ugbe, Managing Director of MultiChoice Nigeria.
“We are all living in tough economic times – and while the everyday costs of food, water, power and fuel are increasing at an alarming rate, we recognize that there is still a need to take time to escape and relax with the family at home to enjoy quality and entertaining programmes from movies to sports, series, documentaries and a whole lot more.”
On DStv Premium, three HD channels will be added this month. Also, DStv Premium customers will enjoy pop-up channels like M-Net Movies Blockparty on 109 this month and M-Net Movies Harry Potter channel from November 4 to November 14.
Also, DStv Compact Plus customers will enjoy new channels like Vuzu AMP, Lifetime, Discovery channel, Crime & Investigation, History channel and Africa Magic Showcase. They will also enjoy more UEFA Champions League matches on SuperSport 6 and SuperSport 4.
In addition, DStv Compact will get new channels such as SS4, ROK,Eva Plus and B4U Movies, DStv Family gets six additional channels – B4U Movies, Eva, Eva Plus, CBS Reality, SuperSport 4 and FOX.
Dstv Access will also get four new channels – SS4, BBC World News, B4U Movies and Eva Plus while DStvBoxOffice introduces ‘GREEN’ button which allows subscribers rent selected movies at a discounted price of N286.
Banks are abandoning telecommunication networks to create alternate channels to support mobile money platforms and give subscribers value for their money. This new digital platform may define the success of mobile payment in future without involving telcos, writes COLLINS NWEZE.
As 45-year-old lawyer, Moshood Rasaq, waited outside the courtroom for his colleagues, his smartphone beeped with a familiar SMS message alert. It was another reminder for him to pay his electricity bill.
In three minutes, he opened his mobile money platform on his phone and the payment was done. A few years ago, he could only have imagined making such payment with ease without going to the bank.
With mobile money, instead of paying with cash, cheque, or credit cards, a consumer uses a mobile phone to pay for goods and services, and it is now the new face of banking but not without some hitches.
Expectedly, mobile money is yet to be fully embraced by the banking populace because of poor connectivity by telecommunication operators (Telcos).
In many cases, poor connectivity hinders seamless completion of transactions. Some customers explained that the fear of getting transactions completed at record time without hitches has prevented them from doing banking the mobile way.
For instance, Chinyere Okafor, a sales girl in Lagos, lamented her experiences in using mobile money platforms. “I tried to send money to my brother in Aba using a mobile platform but the transaction was stalled because of poor network. I went to my bank to make the deposit. Until banks solve connectivity challenges and build confidence in the network, I will not try it again,” she said.
Cases like this have prompted banks to rethink their mobile money strategies. Hence, to achieve a seamless mobile money services, a consortium of six banks and Unified Payments have inaugurated PayAttitude, an electronic payment scheme that allows transactions in online and offline platforms.
Chairman, PayAttitude, Victor Etuoku, who listed the participating banks as FirstBank of Nigeria Ltd, Zenith Bank Plc, Access Bank Plc, Diamond Bank, Skye Bank Plc and United Bank for Africa Plc, said the lenders are commitment to making the project succeed.
He said the collaboration with Unified Payments on PayAttitude is expected to drive innovation in service delivery, convenient mobile payment system and making Nigeria’s financial system the “safest and fastest growing amongst emerging markets.
“PayAttitude guarantees subscribers the confidence and comfort of successful mobile payment for goods and services at merchant locations at all times, notwithstanding the challenges of telecommunication or unavailability of network in the merchant’s bank or the customer’s bank,” he said.
Managing Director/CEO, PayAttitude, Agada Akpochi, reiterated that challenges of telecommunication or unavailability of network in the merchant’s bank or the customer’s bank will no longer delay transactions.
The GMD/CEO, FirstBank, Bisi Onasanya, affirmed that no doubt Unified Payments and PayAttitude would redefine the domestic payments ecosystem that had been plague numerous challenges.
The bank chief said the lender is working to constantly provide dynamic and relevant solutions that will improve the lifestyle of its customers whilst ensuring the safety and security of their funds.
He noted that with the developments in the electronic money industry, it became imperative for the payments industry to look inward for a solution that will guarantee successful retail payments of Point of Sale (PoS) terminals without depending where online real-time communication is not required between the acceptance device and the customers’ accounts in the bank.
Besides being part of the PayAttitude platform, Access Bank Plc went a step further, by inaugurating a new multi-banking payment solution, PayWithCapture.
The platform, a mobile payment solution, allows customers to make payments by scanning a merchant’s pre-generated code using the camera of their mobile device.
The product, the lender explained, can be linked with different payment cards, giving users options on payment instrument of their choice.
• GMD Access Bank Plc Herbert Wigwe
The bank’s Group Managing Director, Herbert Wigwe said: “Forging growth in mobile payment solutions requires inclusiveness. For the potential of mobile payment technologies to truly explode, it is important that we begin to see it as more than a bank initiative but more of a consumer initiative. That is where inclusiveness comes in”.
Telcos react
Managing Director, Airtel Nigeria, Segun Ogunsanya, has called for a review of the current mobile money model, saying a telco-led model will help expand retail banking, thereby driving financial inclusion in the unbanked segment.
Telecoms companies are not permitted to provide their own mobile money services as the current model approved by the financial regulator, CBN, empowers banks to provide mobile money services while telecoms companies play only a supporting role.
Speaking, at the yeraly lecture of the Chartered Institute of Bankers in Nigeria (CIBN) in Lagos, Mr. Ogunsanya, said for the mobile money market to reach its full potential, it is important that restrictions on telcos activity in mobile money are lifted.
CEO, MTN Nigeria, Michael Ikpoki, urged banks to expand its retail footprints; they must seek to develop simple products, push for transparency and ensure that their products and services are relevant to the target segment.
CBN defends policy
The CBN has also admitted that its mobile money expectations are not met, despite N5 billion annual turnover recorded by operators. CBN Director, Banking Supervision, and Chairman, Nigeria Electronic Fraud Forum (NeFF), ‘Dipo Fatokun, defended the bank-led model, saying the CBN does not regulate telcos and will not give them total control of the project. He said the CBN will continue to monitor progress being made in the mobile money space.
He said: “It is not correct that we have not made progress in mobile money. It is right that our expectations on mobile money has not fully been met and probably because we were very ambitious in setting the target.”
He regretted that most of the mobile money transactions are for subscription payment, and remittances, like mobile wallet sending money to account in the bank, or account in the bank sending money to mobile wallet.
NDIC’s connection
The Nigeria Deposit Insurance Corporation (NDIC) has called on stakeholders in the mobile money business to seek ways of extending the service to a larger proportion of the population.
• NDIC MD Umaru Ibrahim
NDIC’s chief, Umaru Ibrahim, who made this known during a roundtable discussion on mobile money services in Lagos, said there are over 100 million mobile phone lines in the country.
He said: “According to Enhancing Financial Innovation and Access (EFiNA) survey, the rural population is 71 per cent, while 76.2 per cent of the population remains unbanked. Mobile phone ownership is 55.6 per cent in the rural areas.”
He explained that effective rendering of mobile banking financial services can be a key mechanism in achieving the objective of National Financial Inclusion Strategy (NFIS) based on the huge success recorded by Kenya, Uganda and South Africa in enhancing financial inclusion through mobile financial services.
Ibrahim said mobile banking subscribers will soon get deposit insurance coverage, with each subscriber guaranteed up to N200,000, or N500,000 as applicable to Microfinance Banks/Primary Mortgage Banks and Deposit Money Banks (DMBs) respectively, in the event of bank failure.
He said if a bank fails, the insured mobile account can be transferred to another sound bank, to further engender public confidence in the system and promote financial stability. According to him, the framework for extending deposit insurance to individual customers of mobile payment services is being finalised.
