Banking
The benefits of Banking as a Service for traditional banks
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3 things the crypto sector must offer to truly mainstream with TradFi
In the past year, we’ve seen the crypto economy undergo exponential expansion as heaps of money poured into various cryptocurrencies, decentralized finance (DeFi), nonfungible tokens (NFT), crypto indices, insurance products and decentralized options markets. The total value locked (TVL) in the DeFi sector across all chains has grown from $18 billion at the beginning of 2021 to $240 billion in January 2022. With so much liquidity in the ecosystem, the crypto lending space has also grown a significant amount, from $60 million at the beginning of 2021 to over $400 million by January 2022. Despite the exponential growth and the innovation in DeFi products, the crypto lending market is still only limited to token-collateralized loans, i.e. pledge one cryptocurrency as collateral to borro...
Low-Orbit Satellites May Improve Banking for Developing World developi
Will residents of the developing world thank their lucky stars as low Earth orbit (LEO) satellites start to usher in the next era of global digital transformation? The cause of Africa’s internet deficiency is, predictably, cost. Africa has the most expensive internet in the world. According to the Alliance for Affordable Internet, Africans pay on average 8,8% of their monthly income to purchase 1GB of data, compared to 3,6% in Latin America and 1,5% in Asia. In some cases, like Chad, the DRC, and CAR, 1GB was found to cost as much as one-fifth of earnings. South Africa has the highest data cost among Africa’s 5 largest economies. The Global System for Mobile Communication’s ( GSMA) State of the Mobile Internet Connectivity 2020 report highlights that in Sub-Saharan Africa mobile ...
Seba Bank raises $119M in Series C funding
Seba Bank, a Swiss-based digital assets banking platform regulated by the Swiss Financial Market Supervisory Authority, announced on Wednesday that it had completed a successful Series C funding round of 110 million Swiss franc, or $119 million U.S. dollars. Notable investors in the round included cryptocurrency exchange FTX, quantitative digital currency trading firm Alameda Research, decentralized finance asset management firm DeFi Technologies, and venture capital entities such as Altive, Ordway Selections and Summer Capital. The bank said it plans to use the funds to fuel international growth and drive demand from institutional investors in the digital assets industry. Seba has been at the forefront of crypto innovation in Switzerland. In September 2021, the firm was granted the f...
Senator backs Nigerian government on grazing routes
The Chairman, Senate Committee on Agriculture, Senator Abdullahi Adamu, has asked the Federal Government to go ahead with its plan to recover the old cattle grazing routes because herdsmen activities affect every part of the country. Adamu, who also served as a two-time governor of Nasarawa State, disagreed with those who argued that the Federal Government should not dabble into grazing issues because it had no constitutional powers to do so. The Senator, who spoke with newsmen in Abuja, said herdsmen needed the cattle routes because of the challenges they usually faced when they wanted to adopt other forms of transportation. He said the Federal Government should attend to the welfare of herdsmen just as it was providing basic amenities for others involved in private businesses across the ...
Kaduna paralysed as NLC begins warning strike
Activities in Kaduna State have been paralysed as the five-day warning strike directed by the Nigeria Labour Congress (NLC) over irregular sacking of civil servants began on Monday. Checks revealed that schools, banks and other business premises had been closed. The National Union of Banks, Insurance and Finance Institutions Employees had directed its members to withdraw banking and insurance services in Kaduna state from Monday 17. The Zonal State Secretary of the union, Mr Adamu Danladi explained that the directive followed the NLC’s warning strike in response to what he described as Gov. El-Rufai’s “anti-workers policies”. He said that the withdrawal of services would continue until otherwise directed by the congress. Also, while some schools were closed, others were open but only a few...
Senate passes amended AMCON bill, empowers agency to seize debtors’ assets
The Senate Wednesday passed the Asset Management Corporation of Nigeria Amendment bill after considering the report of its Committee on Banking, Insurance, and Other Financial Institutions. The amendment bill passed by the upper chamber empowers the Assets Management Corporation of Nigeria to, among others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular. It also empowers the corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters. Presenting the report, Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central) said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, ...
Chukwuma Soludo: I received 19 threats during banking consolidation era
YouTube The former governor of the Central Bank of Nigeria, CBN, Professor Charles Chukwuma Soludo, at the weekend in Awka, narrated how he received 19 written threats on his life following his decision to embark on banking consolidation in Nigeria in 2004 when he became the boss of the nation’s apex bank. In an interview, Soludo also recalled attempts made to kidnap his children at Offa, Kwara State where they were at the time because many people felt threatened by the policy. He said: “I am a very impatient person to see change happen and I am passionate in anything I focus on. When I was the chief economic adviser to President Olusegun Obasanjo, and the tenure of the former CBN governor ended and I came in. within one month, I announced a 13 – point agenda for banking consolidation. “At...
Crypto ban: We acted in Nigerians’ best interest – CBN
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration on Tuesday, February 23, 2021, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and...
Quality FinTech Solutions In Africa
The African continent is an exciting market where financial technology gets implemented every day. The impact these financial technology solutions are having on the financial sector in Africa is tremendous. Financial technology, or FinTech, has proved to be a good and more effective alternative to traditional banking systems in different parts of Africa. The FinTech creates a very advanced environment that promotes value, quality financial solutions, and efficiency gains. FinTech is constantly improving the financial sector across many countries on the African continent and stimulates innovation as well as creativity and productivity in many different sectors. In many countries, the banking sector relies heavily on good FinTech solutions that reduce the cost of banking operations and incre...
Court orders Governor Obaseki to open defence in ‘certificate forgery’ case
The All Progressives Congress, APC, on Monday, closed the forgery case it instituted against Governor Godwin Obaseki of Edo State, after it called a total of six witnesses and tendered 17 Exhibits. Lead counsel to the APC, Chief Akin Olujimi, SAN, announced decision of the party to rest its case, shortly after the court discharged the sixth witness, PW-6, Dr. Mikano Asekome, who is an Associate Professor in Banking and Finance Department at Benson Idahosa University, Benin city, Edo state. The PW-6 told the court that he was on December 23, 2020, summoned to appear as witness in the matter. The witness went ahead and tendered in evidence, the original copy of his certificate in Agricultural-Economics, which the University of Ibadan awarded to him on July 31, 1978. Under cross-examination, ...
Only good governance will silence social media criticism – NCC chair
The Chairman of the Nigerian Communications Commission (NCC), Professor Adeolu Akande, has said only good governance will silence social media from its criticism of government. Professor Akande said the agitation against the social media because of criticism of government through the medium will not stop such criticism, saying when government performs well, the social media is bound to respond positively. “When government performs well, the social media is abuzz with praises for the government. When government fails, the social media is abuzz with condemnation. The best way to silence the social media is to strive and do well,” he submitted. Professor Akande spoke as Guest Speaker at the Annual Lecture of the Nigerian Union of Journalists, Oyo State chapter in Ibadan Tuesday. Speaking on t...
