Mobile Money customers can rest easy as the Nigeria Deposit Insurance Corporation (NDIC) has included mobile money operators in its insurance coverage. Mr Ibrahim said the corporation provides insurance coverage for depositors of deposit money banks, non-interest banks and primary mortgage banks who will be reimbursed up to a maximum limit of N500,000 while microfinance bank depositors would be reimbursed up to a maximum limit of N200,000. The NDIC, whose function, according to the NDIC Act 2006, is to serve as an insurer of deposits for financial institutions so that in the event of failure, the depositors don’t lose all their savings, said the Central Bank licensed 23 Mobile Money Operators and as at June, the number of Mobile Money subscribers stood at over 9.2 million people. Meanwhile, the NDIC periodically reviews the insured limits through its board to ensure that the majority of depositors are covered. The establishment of the NDIC can be attributed to the renewed confidence of depositors in the quality of the Nigerian financial system.

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The Nigeria Tax and Fiscal Bill seeking to increase the Value Added Tax from 5% to 7.5% yesterday passed second reading in the Senate. This was despite the objection by some senators who claimed that they did not know the details of the bill because its copies were not made available to them. Their objection was overruled by Senate President Ahmad Lawan. Senate Majority Leader Yahaya Abdullahi said the bill had five strategic objectives including promoting fiscal equity by mitigating instances of regressive taxation, reforming domestic tax laws to align with global best practices, introducing tax incentives for investment in infrastructure, supporting ongoing ease of doing business reforms and raising revenues for government, including proposal to increase the Value Added Tax from 5 percent to 7.5%.

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The Central Bank of Liberia has dismissed reports that it is planning a massive layoff of some 400 of its staff in compliance with the International Monetary Fund's request to slice the wage bill. In a statement Tuesday, the CBL countered that reports of massive redundancies, to the tone of 400 staff members - something that would amount to more than 50% of all its employees, is simply untrue. "This story, first reported in the Frontpage Africa Newspaper on Friday, 1 November 2019, has the potential of sowing discontent at the Bank and within the wider society and, in so doing, undermine the recent hard work by a renewed and re-invigorated CBL Board of Governors to enhance the credibility of the Bank as the Monetary Authority of the Country." Former Auditor General John Morlu struck nerves last week when he said that the IMF had made the dismissal of some 400 employees from the Central Bank of Liberia as one of the prerequisites for Liberia entering its Extended Credit Facility. The CBL said Tuesday that, like other public sector organizations, it is implementing an austerity program that will qualify the Government of Liberia for an IMF-Supported Program, which is critical to the country's economic recovery in the medium term.--- Support this podcast: https://anchor.fm/newscast-africa/support

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The automotive industry in Nigeria may be the beneficiary of a new joint development agreement between Volkswagen and German-based Siemens company. The project, which is said to be an electric mobility feasibility project for Africa, was announced by the Chief Executive Officer (CEO) of Volkswagen Group South Africa, Thomas Schäfer. Electric cars are relatively new in Africa, so this joint agreement is set to make it popular by introducing Volkswagen electric cars. The first stop for this is Kigali, Rwanda. According to Schafer, four e-Golfs and one charging station would be launched during the pilot phase of the project.

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The National Council of Registered Insurance Brokers (NCRIB) has asked the Nigerian government to prevent its agencies from collecting license renewal fees from its members. According to President of NCRIB, Mrs Bola Onigbogi during her investiture as the 20th President of the Council, the collection of these fees is against the drive of the current government to increase the level of ease of doing business in the country and is completely unfavourable to her members. Mrs Onigbogi acknowledged that the biggest buyer of insurance is the government and advocated for quick payment premiums already budgeted for which could help grow the industry and motivate development in the national economy.--- Support this podcast: https://anchor.fm/newscast-africa/support

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The National Council of Registered Insurance Brokers (NCRIB) has asked the Nigerian government to prevent its agencies from collecting license renewal fees from its members. According to President of NCRIB, Mrs Bola Onigbogi during her investiture as the 20th President of the Council, the collection of these fees is against the drive of the current government to increase the level of ease of doing business in the country and is completely unfavourable to her members. Mrs Onigbogi acknowledged that the biggest buyer of insurance is the government and advocated for quick payment premiums already budgeted for which could help grow the industry and motivate development in the national economy.

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The Nigerian Communications Commission (NCC) has been given five days by the Minister of Communications and Digital Economy, Dr Isa Pantami to address the issue of illegal deduction of subscribers’ data bundles. The Minister also directed the NCC to compel telcos to reduce the prices of their data packages. These directives were given when Adeleke Adewolu, the new Executive Commissioner of the NCC, was inaugurated. Pantami, who said he was also affected by the issues, was unhappy that his directives had not been carried out after issuing them in October when he received a progress report on the NCC’s Key Performance Target Indicators. According to the Minister, NCC’s job involves the protection of consumers. He stressed the need to make sure Nigerians are well treated and tasked the NCC to deliver those targets as soon as possible.

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Xerox is planning to make a cash-and-stock offer for personal-computer and printer maker HP, the Wall Street Journal reported late Tuesday evening. The company’s board discussed the possibility on Tuesday, people familiar with the matter told the Journal, adding that Xerox has an informal funding commitment from a major bank. late Tuesday evening. The company’s board discussed the possibility on Tuesday, people familiar with the matter told the Journal, adding that Xerox has an informal funding commitment from a major bank. Xerox, which makes printers and copiers, has a market cap of $8.05 billion, less than a third of HP’s $27.27 billion market value. A spokesperson at HP said the company “doesn’t comment on rumors.” Representatives from Xerox were not immediately available to respond to CNBC’s emailed request for comments. As both companies look to cut costs, sources told the Journal that combining the companies could save more than $2 billion in expenses.--- Support this podcast: https://anchor.fm/newscast-africa/support

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