Business
IMF Leads Global Push For Euro Zone
International Monetary Fund chief Christine Lagarde led a global push on Saturday for the euro zone to boost its financial firewall, saying “if it is big enough it will not get used.”
Lagarde, supported by the British finance minister, George Osborne, said the IMF could boost its support for the euro zone but pressed its leaders to act first. Some attendees at the Davos Forum still doubted the viability of the currency union.
Countries beyond the 17-country bloc want to see its members stump up more money before they commit additional resources to the IMF, which this month requested an additional 500 billion euros ($650 billion) in funding.
“Now is the time – there has been a lot of pressure building in order to see a solution come about,” Lagarde told a Forum panel discussion on the economic outlook from which euro zone leaders – most notably Germany – were conspicuously absent.
“It is critical that the euro zone members develop a clear, simple firewall that can operate both to limit the contagion and to provide this sort of act of trust in the euro zone, so that the financing needs of that zone can actually be met,” she said.
Lagarde’s comments rounded out a crescendo of calls at the Davos Forum for the euro zone to boost its financial defenses. The annual five-day conference began with German Chancellor Angela Merkel deflecting pressure to do so.
In a carefully worded keynote address, Merkel suggested doubling or even tripling the size of the fund may convince markets for a time, but warned that if Germany made a promise that could not be kept, “then Europe is really vulnerable.”
On Friday, U.S. Treasury Secretary Timothy Geithner pressed Europe to make a “bigger commitment” to boosting its firewall.
Two bankers who attended meetings with Geithner at the Forum said on Friday the United States was looking for the euro zone to roughly double the size of its firewall to 1.5 trillion euros. There was no immediate comment from the U.S. Treasury.
Osborne said the currency bloc must beef up its firewall before other countries increase their funding to the IMF.
“I think the euro zone leaders understand that,” said Osborne, the only European minister on Saturday’s panel discussion on the global economic outlook in 2012.
“There are not going to be further contributions from G20 countries, Britain included, unless we see the colour of their money,” he added, calling for the euro zone “to provide a significant increase in available resources.”
Japanese Economics Minister Motohisa Furukawa echoed Osborne’s comments, saying: “Without the firm action of Europe, I don’t think the developing countries like China or others are willing to pay more money for the IMF.”
On condition that the euro zone boosts its own defenses, he said Japan and other countries were willing to additional support via the IMF.
Lagarde said, however, that if the international lender’s resources were boosted sufficiently, this would raise confidence to such a degree that they would not be needed.
“If it is big enough, it will not get used. And the same applies to the euro firewall for that matter,” she added.
Japanese Prime Minister Yoshihiko Noda, speaking to the Forum by video link from Tokyo, said Japan was working with South Korea and India to reduce the risk of the euro zone crisis spreading to Asia.
“Japan stands ready to support the euro zone as much as possible,” he added.
Mexico’s central bank chief, Agustin Carstens, said on Friday he believed a consensus was building on boosting the IMF’s resources to help European countries and others that might need aid from the global lender.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
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