The FDICIA procedures give the Federal Deposit Insurance Corporation (FDIC) the authority to act as a receiver for an insolvent bank and to set up a bridge bank to facilitate an orderly liquidation of the firm.
This agreement provides for the establishment of an escrow account in the financial institution where money is deposited before creation of e-value. Safeguarding customers’ virtual money which they purchase with cash from mobile money agents has been the BoU’s main concern. The BoU has only allowed mobile money operations when this is done in partnership with a supervised financial institution.