The cashless banking sector is one of the biggest contributors to the Nigerian economy but it comes with growing problems that need solutions. | Pulse Nigeria
IRDAI issues clarification on cashless claims in Covid-19 cases
April 22, 2021
FM has also clarified that cashless service will be available at all places
Insurance Regulatory and Development Authority of India (IRDAI) has clarified that wherever insurers have an arrangement with the hospitals for providing cashless facility, such network hospitals are obligated to provide cashless service for all treatments including treatment for Covid-19.
This clarification comes in the backdrop of some reports that some hospitals are not granting cashless facility for treatment of Covid-19 despite policyholders being entitled for the cashless treatment under their policy.
Finance Minister Nirmala Sitharaman had earlier held talks with the IRDAI Chairman SC Kunthia on the problems some have faced and the need to address it.
Moving the motion,
Ossai said the Central Bank of Nigeria (CBN) introduced the Cashless Policy in a bid to realise its statutory mandate of promoting monetary stability and sound financial system in Nigeria.
He said that one of the innovations introduced with the policy was-USSD services used by Global System for Mobile Communication Technology to communicate with service providers’ computers via text messages.
He explained that it was to check account balance or mobile airtime, generate bank statement or do fund transfer and data balance enquiries or to receive one-time passwords or pin codes.
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The USSD service which is controlled by Mobile Network Operators, is a critical infrastructure used to provide mobile financial services to banks and other financial institutions in cell phones at very low cost, without requiring access to the user’s SIM card.
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