Insurance cover banking transactions begins october nibss

It seems like you're referring to the recent development in Nigeria's banking industry. Here's what I found:

The Nigerian Interbank Settlement System (NIBSS) has announced that insurance coverage for banking transactions will commence from October 2022. This move is aimed at providing an additional layer of protection for customers' funds and promoting confidence in the banking system.

According to reports, the insurance coverage will be provided by the Nigerian Insurers Association (NIA) and will cover losses arising from unauthorized transactions, including fraud, theft, and other forms of financial loss.

The insurance coverage is expected to benefit individual and corporate customers who conduct transactions through the banking system. It will provide a safety net for customers in the event of any losses or unauthorized transactions, thereby promoting a culture of trust and confidence in the banking system.

It's worth noting that the implementation of this insurance coverage is a significant step towards enhancing the overall security and stability of the Nigerian banking system. It demonstrates the industry's commitment to protecting customers' interests and promoting a safe and secure banking environment.

Would you like to know more about the details of the insurance coverage, such as the premium rates or the scope of coverage?