NDIC MOBILE PAYMENT GUIDELINES

The Nigeria Deposit Insurance Corporation (NDIC) has released deposit insurance guidelines on mobile payments system (MPS), which is known as “Pass-Through Deposit Insurance scheme”.

The “Pass-Through Deposit Insurance scheme” is the protection provided by the NDIC to mobile money subscribers, whereby the Corporation insures funds that are deposited by a Mobile Money Operator (MMO) in the deposit money banks (DMBs).

The MMO acts as a custodian on behalf of the one or more subscribers who are actual owners of the funds as if those actual owners have deposits in the deposit money banks (DMBs).

Mobile Payments System (MPS) refers to payment services operated under financial regulation and performed through the use of mobile devices such as smart phones, cell phones, tablets, personal digital devices and other electronic devices.It is also a convenient, safe and affordable way by which subscribers make instant transfer of funds and execute payments for goods and services from anywhere at any time without having a bank account.

The public policy objectives of the Pass-Through Deposit Insurance guidelines which form the framework for the scheme are as follows:

(a)  Guarantee the payment of insured sums to subscribers of MMOs in the event of failure of insured institutions where pool funds are maintained.

(b) Enhance confidence of subscribers and ensure continuity of the Mobile Payments System (MPS).

(c) Promote financial inclusion by protecting and ensuring the safety of the MPS; and

(d) Promote the stability of the Nigerian financial system.

Some of the salient elements of the NDIC Pass-Through Insurance consist of the following:

• The subscribers of MMOs shall be insured up to the maximum coverage level of N500,000.00 per subscriber per Deposit Money Bank or the applicable coverage level for depositors in line with the NDIC Act.
• Subscribers’ funds in pool accounts and other deposits in the same institution under the same capacity shall be aggregated and insured up to the maximum coverage limit.
• The relationship between the MMOs and their subscribers shall be based on Bare Trust Arrangement. (Bare Trust refers to an account where each beneficiary holds a separate share and is entitled to protection within the parameters of the scheme.)

CHAN 2016 RESULTS

Monday 18 January 2016

Nigeria 4 - 1 Niger

Tunisia 2 - 2 Guinea

Sunday 17 January 2016

Angola 0 - 1 Cameroon

DR Congo 3 - 0 Ethiopia

Saturday 16 January 2016

Gabon 0 - 0 Morocco

Rwanda 1 - 0 Ivory Coast

50 YEARS LATER, THE FIRST COUP STILL HUNT NIGERIA

Although most of Nigeria's current population of about 170 million was not born when the country's first coup was staged 50 years ago, its legacy lingers on, writes Nigerian historian and author Max Siollun.

On 15 January 1966, a group of young, idealistic, UK-trained army majors overthrew Nigeria's democratic government in a violent military coup.

YVONNE NELSON LESBIAN STORY

Interview with top Ghanaian actress – Yvonne Nelson-was a revelation in so many ways. Of the leading Nollywood stars, Yvonne is among those I had not had a close relationship with.

Having watched her from afar, seen countless number of her movies and with the thought she was a great and talented actress – someone who combined

BRF-GMB POWER SUPPLY AGENDA

The Minister of Power, Works and Housing, Mr Babatunde Fashola, on Monday unfolded a 13-point agenda to drive efforts towards enhancing power supply in the country. Fashola said in Abuja during his maiden meeting with power generation, distribution and transmission companies, and other stakeholders that the agenda was drawn up to ensure effective monitoring of the sector.

The minister

said the agenda involves continuous public engagement on tariff collection, debts, power generation, maintenance, ancillary services, dispatch orders and discipline. Others areas include gas requirement and constraints, transmission constraints, 33KV load offtake, imbalances-locations of excess, overload safety, service quality, new captive and embedded generation, franchising and other issues relevant to the growth of the sector.

According to Fashola, President Muhammadu Buhari has approved that all stakeholders in the sector should hold monthly meetings on issues concerning the industry. He said that the meeting would be rotated among the various GENCOs, DISCOs, TCN and other stakeholders across the country. Fashola said that all decisions reached in such meetings would be binding on all the stakeholders.

In this respect, the minister stated that the various companies and stakeholders would each be represented by a management member with authority to take decision on behalf of their companies. He explained that in order to minimise the cost of hosting the meetings, the companies were advised to jointly pull up resources required to hold the meetings.

The minister further said the meetings would also involve lawyers, engineers, planners and other stakeholders, adding that
the ministry would issue a communiqué at the end of each meeting on steps taken to address challenges in the sector.

ENGLISH PREMIER LEAGUE DRAMA CONTINUES MAN U 3:NEW CASTLE 3

Tuesday, January 12
Newcastle 3 FT Man United 3	Bournemouth 1 FT West Ham 3
Aston Villa 1 FT Crystal Palace 0
Wednesday, January 13
Man City 8:45 PM Everton	Stoke City 8:45 PM Norwich City

THE NEEDED CHANGE IN AGRICULTURE

The Federal Government says to bring about the needed change in agriculture that there is need to focus energy more on developing and

Iran Seizes US Sailors

Iran seized two United States Navy patrol boats and 10 crew members who were described as “trespassing” on Tuesday in Iranian waters near a major naval base.

But the Pentagon and the State Department said