E-Financial
Blockchain Offers High FDI Potential for Nigeria – KureCoin CEO
With effective industry collaboration and government support, the adoption of blockchain technology can become a major source of foreign direct investment for Nigeria, the Chief Executive Officer of Kure Holdings, Mr. Tega Abikure, has said.
Speaking on Saturday at the company’s investors’ forum in Lagos, he noted that Nigerian government was slow in understanding and embracing the technology to drive economic development in the nation at a time other nations were already taking advantage of it.
Abikure revealed that with global cryptocurrency market, having a capitalisation in excess of $500 billion, the ecountry can take advantage of it and attract a lot of money into the country, once the right expertise is developed in locally to tap into it.
According to him, Blockchain represents the new economic revolution of the 21st century with a vast possibility of its application in several areas of the economy such as finance, medicine, agriculture, insurance, voting system etc.
According to him, government must stop foot-dragging and adopt a very robust approach at promoting Blockchain adoption and development in the country so that it will not fall behind others in the continent and the world at large.
According to him, some African countries have begun to take steps to integrate the blockchain technology into their economy having realised its potentials for growth.
“South Africa has already started taking actions, same as Uganda,” he stated.
He regretted that the use of the technology in cryptocurrencies and the subsequent involvement of Nigerians with ponzi schemes had wrongly created the impression that Blockchain is a technology used for such questionable things.
He advised Nigerian wishing to make money from cryptocurrencies and other applications of Blockchain to invest in education as this is very central to benefitting from what it offers today.
Nigerians, he explained have invested funds in excess of $5 million into the cryptocurrency market in recent years but without little to show for it due to ignorance of how they work.
“The 21st century economy is one based on information and proper education. Blockchain and its applications would only bring ultimate benefits when people begin to study properly and then put this knowledge to effective use,” he stated.
He revealed that his company’s project, KureCoin Hub, was the biggest Blockchain project in Africa and once fully developed will shape the industry in Africa within a very short period of time.
Abikure added that Kure Holdings Limited, the parent company of KureCoin Hub, had already succeeded in many areas of the economy and believed that it will also succeed in the Blockchain industry.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.
MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.
Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.
The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.
The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
The inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.
In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN, disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.
“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.
The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.
However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.
Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.
Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.
Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.
The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.
Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.
“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”
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