Business
BREAKING: NDIC increases deposit insurance coverage for banks, others
The Nigeria Deposit Insurance Corporation (NDIC) has announced an increase in deposit insurance coverage for all licensed deposit-taking financial institutions, which includes Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), Payment Service Banks (PSBs), and Mobile Money Operators (MMOs). Bello Hassan, the Managing Director/Chief Executive of NDIC, made this announcement during a briefing in Abuja.
Here are the key points regarding the increased deposit insurance coverage:
- Deposit Money Banks (DMBs): The coverage has been raised from N500,000 to N5,000,000, providing full coverage for 98.98% of depositors compared to the previous 89.20%.
- Microfinance Banks (MFBs): The coverage has increased from N200,000 to N2,000,000, offering full coverage for 99.27% of depositors (up from 98.76%) and significantly increasing the value of covered deposits.
- Primary Mortgage Banks (PMBs): The maximum coverage has been raised from N500,000 to N2,000,000, ensuring full coverage for 99.34% of depositors (up from 97.98%) and increasing the value of covered deposits.
- Payment Service Banks (PSBs): The coverage has been increased from N500,000 to N2,000,000, providing near-complete protection (99.99%) for depositors and raising the value of covered deposits.
- Mobile Money Operators (MMOs): The maximum Pass-through deposit insurance coverage has been raised to N5,000,000 per subscriber per MMO, aligning it with the coverage level for DMBs.
Deposit insurance coverage levels refer to the amount of protection provided to depositors in case a financial institution fails or goes bankrupt. The increased coverage ensures that depositors will be reimbursed up to a certain limit for their deposits in such scenarios.
This move is expected to take effect immediately, offering Nigerians greater peace of mind when saving their money with licensed financial institutions. It is also anticipated to strengthen the banking system and promote further financial inclusion within the country.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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