Nigeria

Nigeria uses the naira (NGN). The Central Bank of Nigeria (CBN) licenses different categories of deposit-taking institutions, including deposit money banks, microfinance banks, non-interest banks and payment service banks. Their products and permitted activities are not identical. A digital interface or shared brand can hide important differences between the institution offering an app and the legal entity holding customer money.

The Nigeria Deposit Insurance Corporation (NDIC) provides deposit protection for qualifying balances at CBN-licensed member institutions. Its arrangements include different institution classes and a pass-through mechanism for eligible mobile-money funds held in pooled accounts at insured banks. This does not mean that every fintech balance is insured or that all covered accounts have the same maximum protection. Check the institution and account conditions rather than relying on generic claims about safety. NEXVORO currently lists Nigerian financial organisations without publishing their individual product offers.