Opay is the member of nigerian deposit protection scheme. deposits taken by opay are protected and insured by a government entity, which is?

Question: Opay is the member of nigerian deposit protection scheme. deposits taken by opay are protected and insured by a government entity, which is?

Opay is a member of the Nigerian Deposit Protection Scheme (NDPS), which is a government-backed deposit insurance scheme. The NDPS insures deposits of up to 500,000 Nigerian Naira (₦500,000) per depositor, per bank (or other eligible financial institution). This means that if Opay were to fail, depositors would be compensated for their losses up to the limit of ₦500,000 per depositor.

The NDPS is managed by the Nigeria Deposit Insurance Corporation (NDIC), which is a government-owned corporation. The NDIC is responsible for protecting depositors' funds and promoting financial stability in Nigeria.

Opay's membership in the NDPS is a testament to the company's commitment to protecting its customers' deposits. It also means that Opay's customers can be confident that their deposits are safe and insured.

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