Category Archive : Nigeria

Nigeria to Launch Major Crypto Initiative, IP Exchange Marketplace and Wallet, on Algorand in Partnership with Developing Africa Group and Koibanx

MONTEVIDEO, Uruguay, May 24, 2022 /PRNewswire/ — The Nigerian government has signed a 3-year exclusive IPR (intellectual property right) agreement with Developing Africa Group to launch a nation-wide wallet which will enable the international commercialization of all IP forms being created and registered within the country, both locally and internationally. In this context, the IPR exclusivity agreement consists in the government granting Developing Africa Group – a regional software development company – to build the country’s official platform for its people to be able to upload any form IP rights and trade, sell or exchange them abroad, while collecting the royalties and proceeds of these operations on their wallets.

IP forms reached by the above mentioned agreement include trademarks, patents and all forms of copyrights such as songs, lyrics, videos, shows, lectures, podcasts and all forms of streamable content.

The Developing Africa Group has chosen Koibanx, with the Government’s approval, as the tokenization and payments engine to be utilized in the country and the Algorand Blockchain the protocol to build on top of. Koibanx, the leading Latin American asset tokenization and Blockchain financial infrastructure company, will be in charge of implementing the wallet, the token both for the IP being sold and stable token (equivalent to the Naira) to pay the creators in addition to the overall technical integration of the different vendors in play, which include one of the top card issuing companies worldwide, a content streaming platform and top firms both legal and data mining, they will all be announced before launch date.

All tokens will be launched on top of the Algorand Blockchain. “Algorand’s protocol not only provides the performance, scalability, security and functionality required to implement such a large scale project but is also environment-friendly which is important for the Government and has a huge philosophical match with the `creators economy…


CBN, NFIU Urged to Track Illicit Transactions in Cryptocurrency, Bitcoins

Ugo Aliogo

The Central Bank of Nigeria (CBN) and The Nigerian Financial Intelligence Unit (NFIU) have been urged to effectively engage with the centralized exchange agencies such as Bundle, Binance, and Guider, to ensure that if anyone uses crypto for illicit transactions, they would be able to track it and also get data from these agencies for investigations and regulation purposes.

Giving the advice in Lagos yesterday, at the 2022 Legal Business Conference with theme: ‘Regulating Blockchain and Fintech Innovations: Finding the Balance’ organized by Legal Business Network, the President, Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), Senator Ihenyen, noted that in 2017, the CBN disclosed that there was a lot of risks involved in the cryptocurrency space, but wanted all banks to conduct KYC through compliance and transaction monitoring, adding that in 2021 the apex bank changed that policy.

He also said banks and other financial institutions should conduct more Know Your Customer (KYC) processes and procedures for every person that transacts in crypto using their bank accounts, in order to have their data, from binance, guider, and bundle, “this brings a level of transparency and traceability.”

He further explained that the Financial Action Task Force (FATF), which is the global body already evaluated Nigeria in terms of compliance with global standards in the areas of money laundering and Combating the Financing of Terrorism (CFT)compliance in August, 2021 and our scorecard was poor.

Ihenyen revealed that FATF ranked Nigeria poor in seven sectors because the global body concluded that the country doesn’t have adequate or effective mechanism to checkmate money laundering and financial terrorism in the financial services sector and other sectors, including the virtual asset sector as well. 

He hinted that the Securities and Exchange Commission (SEC) issued a…


Crypto Wrap — Bitcoin and Ethereum rise; India must establish cryptocurrency regulations, says CoinSwitch CEO – Arab News

Crypto Wrap — Bitcoin and Ethereum rise; India must establish cryptocurrency regulations, says CoinSwitch CEO  Arab News

Cryptocurrency: ‘SEC’s guidelines unfavourable to Nigerians’

Operators in the block chain technology industry have knocked the Securities and Exchange Commission (SEC) over its newly released guidelines to regulate the cryptocurrency market; describing it as “unpatriotic”.

SEC recently released its Digital Assets regulation that is meant to guide how digital assets such as cryptocurrencies are regulated in the country.

The new rules for Digital Assets, according to the commission, are part of its effort to regulate digital/virtual assets such as bitcoin and NFTs.

The document titled: “New Rules on Issuance, Offering Platforms and Custody of Digital Assets”, covers regulation on five major items ranging from issuance of digital assets to rules that govern digital assets exchanges in the country.

Reacting to the development, a block chain expert, co-founder and Chief Technology Officer at Bekonta, Japheth Johnson, in a chat with Daily Trust, said although the guidelines were a welcome development for the industry, the ingredients of the regulations did not favour the local market.

He said, “This is not the way to go about in regulations. SEC released these guidelines with no consultations whatsoever. Industry players were not carried along. There was no public hearing to aggregate the views of experts. so it will guide them on how to regulate the sector.

“We in the industry feel that someone wants to just monopolise the process to favour foreign companies. If you examine the guidelines, they demand a paid up capital of N500m with 25 per cent equity, then you will need to proceed to NITDA which will also charge you for software evaluation. All these monies are aside registration fees and processes. This is unpatriotic, and then we ask, how many indigenous operators can afford to pay such amount?”

Speaking further he noted that, “Over $2.5bn of crypto currency transactions took place between July, 2020 and early 2021, when it was banned by the CBN. Out of that, domestic companies could not trade over $500m as…


Why is Crypto growing rapidly in Africa?

May 23, 2022 11:44 IST

New Delhi [India] May 23 (ANI/ATK): Blockchains technologies have been constantly developing ever since the initial emergence of Bitcoin back in 2009.
The introduction of cryptocurrency is revolutionising the way that we exchange, trade and invest. Financial assets have grown exponentially in prominence, particularly in the last decade with the popularisation of smartphones permitting easy access to the transition from physical banking to handling finances online.
As banks began to adapt to the high demand for virtual transactions by creating online banking applications, the mysterious Satoshi Nakamoto began to push this ethos further by expanding the virtual realm through the construction of Bitcoin (BTC).
It is exciting to see how much cryptocurrency has transcended all regions of the world. According to Triple-A, the top three countries for crypto ownership in 2021 were India, the USA and Nigeria, all countries that are outside of Europe.
How different countries in Africa deal with crypto
When specifically looking at the continent of Africa, many countries are attempting to normalise the use of cryptocurrencies.
According to columnist Bitange Ndemo, cryptocurrencies’ role has rapidly increased in sub-Saharan Africa. Figures from the Foresight Africa report convey that Africa is the third fastest-growing market in the world, along with being the fastest growing cryptocurrency market among developing economies.
Despite both of these facts, Africa still has the smallest cryptocurrency economy.
With Nigeria being prominent in the economy of Africa, it is unsurprising that one in three people have reported using crypto. However, Nigeria has struggled to legitimise the use of crypto as its banks restrict financial institutions from conducting business via blockchain technologies.
Furthermore, the East African country…


We help underdeveloped African regions fight inflation, secure funds —Ugochukwu

After his company recently celebrated its first anniversary, Aronu Ugochukwu, CEO of Xend Finance, a cryptocurrency platform focused on helping under developed regions in Africa protect their fund against inflation, speaks with DANIEL ABEL about his entrepreneurial journey.


Xend Finance recently celebrated one year of existence. How has the journey been? How would you describe the crypto platform’s growth so far?

It’s been very exciting, yet rough at times as well. We have had to navigate different regulatory landscapes in our move to drive adoption of decentralized finance (DeFi), in Africa and developing regions. However, people realise that they must protect the value of what they earn and we have seen incredible adoption the last few months.

Many people were searching for an answer to easily convert their local currency to stable cryptocurrency or US dollars, rather than keep what they were earning in devaluing local currency. On top of that, not only are we keeping the value of what people earn, but allowing them to earn 15 per cent interest by harnessing the power of DeFi.

Impressively, many customers now consider us the premier crypto banking platform in Africa, boosting our growth to almost 100,000 users in about four months and our upcoming expansion into Ghana and Kenya has given us great courage in our drive.


What are the reactions you’ve gotten so far? Have Nigerians responded positively to the DeFi project?

We have seen mixed reactions but the majority is positive. Nigerians are very excited that we have built a product that tackles their existing problem of inflation directly without exposing them to any risk, as their assets are completely insured.


How have Nigerians and people in other underdeveloped regions benefited from the DeFi project?

They have benefited by being able to convert their…


Youssef: We’re Focused on Supporting Greater Financial Inclusion in Nigeria

Oluchi Chibuzor

Over the last few decades, African countries have faced economic challenges that have prohibited the continent’s prosperity. With a population of over 1.4 billion, the continent’s population lacks comprehensive access to quality healthcare, education, nutrition, and safe drinking water. In addition, unemployment, and underemployment of the youth and women continue to undermine social cohesion and inclusive development.  But despite these challenges, the future is bright as Africa youths are discovering alternative methods of generating income, learning new technology, and creating new opportunities to set themselves up for success. Founder/CEO of Paxful, Ray Youssef, in this interview speaks about his confidence in the continent.

Connecting to his roots

Originally from Egypt and immigrating to the US at the age of two, Youssef has always been passionate about his home continent of Africa. Growing up in New York, he had humble beginnings, starting his first job at the age of eight, where he ran around the city streets selling heavy stacks of newspapers.                             “As a young newspaper boy I was able to make decent money. Shortly after, I worked as a teller at my parents’ newsstand. I quickly learned the importance of handling money and connecting to people and the streets. These experiences definitely sparked my entrepreneurial spirit,” he says.

As an Entrepreneur, Youssef also experienced hardships, launching eleven start-up businesses, and eventually finding himself couch surfing in the concrete jungle of New York. “It was at this point that I got introduced to Bitcoin by my friend, who convinced me to attend a Bitcoin meetup and see for myself. My friend told me that you could make a 100 per cent profit selling bitcoin for gift cards. I didn’t believe him and then I tried. It worked,” he reminisces. That meetup became a game…


The Nigerian Alternative Space; NTFs and Metaverse

This Week In Tech by Nosa Alekhuogie
[email protected]

Nosa Alekhuogie BY THIS WEEK IN TECH

With the global trend of digitalising access to real-time and universal processes, the need to fully tap into the unlimited potentials of the internet and the usability of this virtual space is top on the list of the world’s most needed engagement. In achieving this, the world has experienced a wealth of evolving inventions, many of which have redefined the outlook of what the future holds for global digitalisation and human interaction with the alternative space.

A number of these inventions have gradually opened billions of internet users to several Blockchains. Part of these is the Non-Fungible Tokens (NFTs) and the Metaverse, which are vital contributors to this ever-increasing engagement as they are fast becoming economic drivers. Industries and governmental establishments are beginning to re-address their traditional outlook on products and services as a one-off process that only stirs interest in their customers. Rather, the economic value of product and services now have an interactive value addition for both parties, that is, both the company and the buyer of the product alternatively exchange value.

The NFTs
The Non-fungible tokens (NFTs) are patented units of data stored on the blockchain, a digitalised database replacing cryptocurrencies like Ethereum, Bitcoin, Solara, etc. The major difference here is the NFTs’ non-interchangeability, unlike other cryptocurrencies. With NFTs, one can buy or sell digital substances like artworks, tweets, virtual trading cards and images, videos, virtual real estate, records, etc.

The NFT market, as of 2021, was worth $24.9 billion globally, with 42 per cent of Nigerians owning one or more crypto-related products or trading such. This, therefore, puts Nigeria as the foremost crypto-engaged nation in the world, but the story glides into a low when NTFs…


African governments’ failure to provide jobs fueling youths’ interest in Bitcoin business | The Guardian Nigeria News

Jude Ogene is the Deputy General Counsel of Paxful, a peer-to-peer fintech platform built to provide equal access to cyptocurrency traders. Ogene, who leads the company’s initiatives with respect to product support, litigation management and corporate/commercial transactions, in this interview with The Guardian, explains the state of digital currencies in Nigeria.

Bitcoin has become the new gold for African youths, what would you say is fueling their interest and passion?
Africa’s median age is 19.7 years, and trending lower. Just think about that for a second! It is a continent of 1.4 billion young people, most of whom are digital natives. There are three main things fueling their interest in Bitcoin: (1) the continuing failure of African governments to provide opportunities for their citizens to secure employment or engage in entrepreneurship; (2) related to the first, which is the depreciation of these countries’ local fiat currencies – in the 1980s, the Nigerian currency (the naira) traded at parity with the U.S. dollar; now it takes close to N600 to buy one dollar; and (3) due to the rise of mobile telephony and apps, African youths are used to having the world at their fingertips. With Bitcoin, they have the opportunity to transact 24/7 and send/receive money cheaply and almost instantaneously from all over the world. The combination of these factors contributed to Africans’ appetite for Bitcoin and peer-to-peer platforms.

It is said that Bitcoin plays critical role in boosting Africa’s economic prosperity, how is this so?
It does so in several ways. First, combined with the rise of remote work, Bitcoin will make it possible for world-class talent in Africa to take advantage of global work and entrepreneurial opportunities. Second, Bitcoin will usher in frictionless payment and trade rails across all of sub-Saharan Africa. This is particularly important because of the Africa Continental Free Trade Agreement…


CBN dismisses report on planned replacement of Naira with eNaira

The Central Bank of Nigeria (CBN) has dismissed report on planned replacement of Naira notes with the country’s digital currency, eNaira.

Reports emerged at the weekend that the apex bank will phase out the Naira with the eNaira serving as the single currency for trades in Africa’s largest economy.

The digital currency was launched in October 2021 in a bid to check the growing adoption of cryptocurrency among Nigerians.

The launch of the eNaira made Nigeria the first country in Africa to officially have a digital currency as a legal tender.

READ ALSO: eNaira will cause money laundering, help finance terrorism —IMF

The CBN’s Director of Corporate Communications, Osita Nwanisobi, in a statement on Saturday dismissed the claim as outright falsehood.

He said the eNaira was created to complement the physical cash in trades and not to erode its presence as being speculated.

Ripples Nigeria had reported that there are over N3.33 trillion Naira notes in circulation as of December 2021.

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