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Five ‘Must’ Know Before Putting Your Money in Bitcoin

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Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Bitcoin is now worth $4,317.

Due to this, many are encouraging others to invest in the cryptocurrency. Nigerians are slowly embracing Bitcoin.

In line with this, Jumia Travel, the leading online travel agency share things Nigerians must know before joining the Bitcoin train.

More People Are Using Bitcoin
Despite the fact that some Nigerians are struggling to accept Bitcoin, more people are embracing it after years of gradual growth.
Hence, whether we like it or not, Bitcoin is the future and we have no choice than to use it.

Retailers And Vendors Are Accepting Bitcoin
You can now pay for whatever you purchase online with Bitcoin as some retailers have made it possible to settle transactions with it. Some notable companies that accept Bitcoin include Expedia, Microsoft, Subway, Newegg, TigerDirect, Tesla and PayPal. So, do not be surprised when some Nigerian companies start to accept Bitcoin.

Bitcoin Transfers Are Fast And flexible
While many financial institutions charge you or take days to process transactions, Bitcoin allows transfers from one account to another almost for free. Of course, you must already have your money in Bitcoin form. There is no need for any middlemen. As a result, the transfer is seamless.

Extremely Volatile
Bitcoin is still growing like earlier mentioned and there are a number of market factors that influence it. It very dependent on the rules of demand and supply.
The more people are willing to buy Bitcoins, the more the Bitcoin value will increase. Conversely, if more people sell, the prices will decline.

Treat It As Speculating, Not An Investment
Cryptocurrencies have a bright future as a new way to conduct commerce and business. That is not the same thing as saying that their value right now is sustainable. It’s early days yet, and, while the number of businesses accepting cryptocurrencies are growing, it’s not big enough for most of the demand to be built on legitimate trade.
This means that buying cryptocurrencies is speculation, not investment. Hence, you should be willing to lose the money you invest in buying Bitcoin!

 

 

 

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

EcoBank Research: Digital Innovation in SSA Driven by Explosion in Mobile Phone Usage

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By peter oluka

Digital innovation in Sub-Saharan Africa is being driven by the explosion in mobile phone usage, enabling African consumers to leapfrog existing business models and technologies

The 2017 version of Ecobank Research’s Fixed Income, Currency and Commodities (FICC) Guidebook, which provides expert knowledge and analysis on African markets for investors and businesses, was launched today at AfricaFICC.

Indicating a positive outlook for the continent, three key trends are forecast to take hold during the next 12 months.

The first indicates an economic rebound in sub-Saharan Africa driven by a recovery in the region’s economic heavyweights, Nigeria and South Africa, and ongoing growth in the top performers, Ethiopia, Côte d’Ivoire and (more recently) Ghana.

Growth will be driven by a rise in oil production (notably in Ghana, Republic of Congo, Nigeria and Angola), strengthening infrastructure investment across West and East Africa, and improved weather conditions which bode well for crops.

Strengthening economic activity, plus a moderate improvement in oil and mineral prices, will help narrow the current account deficit, but pressure on SSA currencies will remain.

The second emerging trend points to West Africa’s gas sector becoming a hive of activity in 2018 from Senegal to Angola, with the development of gas pipelines, floating liquefied natural gas (FLNG) platforms and major gas field projects.

Governments in the Gulf of Guinea and across West Africa have ramped up efforts to secure gas supply in order to boost domestic power generation and diversify their revenues away from crude oil.

Deregulating the gas market and allowing market-driven gas prices will be key to unlocking further gas infrastructure investment across the region.

The third trend suggests Fintech innovation in Africa picking up speed in 2018 buoyed by a new generation of Africans who are ‘digital natives’. The proliferation of tech hubs across Africa (notably in South Africa, Kenya, Rwanda, Nigeria, Ghana and Côte d’Ivoire) will nurture the next wave of African start-ups and help connect them with investors.

Digital innovation in SSA is being driven by the explosion in mobile phone usage, enabling African consumers to leapfrog existing business models and technologies.

African Fintech firms are increasingly driving this innovation, deploying digital tools to build credit profiles for the previously ‘unbankable’, providing electricity to rural households that were previously off the grid, even using artificial intelligence to diagnose health problems remotely.

Edward George, Head of Ecobank Group Research, said: “The digital world moves apace, and so must we. The AfricaFICC website is a key way that we can deliver our regional market analysis and expert local knowledge of 41 African markets – which is often hard to access – to a much wider audience. We think these three trends are strong evidence that Africa has weathered the storms of late and is very much on track for improved growth in 2018.”

The Ecobank Research Centre is dedicated to providing the highest quality research for clients to help them navigate the complex African marketplace

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E-Financial

Court Modifies Orders Freezing Accounts without BVN

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A Federal High Court in Abuja Wednesday modified the order it made on October 17 this year for interim freezing of bank accounts who owners have not registered for the Bank Verification Number (BVN)

 

The court, which had stayed further operation of such accounts pending the determination of a case pending before it, has now said the accounts could be operated once the owner registers for BVN.

 

Justice Nnamdi Dimgba announced the modification Wednesday after parties in the case agreed that as presently couched, the order creates an awkward and unfortunate result such that even when account owners have got their BVN, they still will not be able to operate the accounts because doing so will be in violation of the order of court.

 

Parties in the case also agreed that the said Relief No 4 should be revised to eliminate this problem, in the interim.

 

In a ruling, Justice Dimgba said: “Having listened to all counsel on record, and with the consent of all parties represented, I hereby revise Relief No 4 of the court’s order of 17/10/17 such that the new Relief No 4 shall be:

 

“AN INTERIM ORDER of the Honourable Court stopping all outward payments, operations or outward transactions (including any bill of exchange) in respect of the accounts pending the linking of the accounts to a Bank Verification Number”.

 

In view of the above agreed compromise revision of Relief No 4, I also hereby revoke and set aside Relief No 5 of the Court’s Order of 17/10/17, which provides for:

 

“AN INTERIM ORDER of forfeiture of the monies in the said accounts without BVN to the Claimants/Applicants being accounts with insufficient Know Your Customer (KYC) guidelines contrary to Section 3 of the Money Laundering Act, 2011 and CBN guidelines the determination of the Originating Motion on Notice,” the judge said.

 

As as yesterday, none of the 19 commercial banks listed as defendants in the suit complied with the court’s order that they provide information about accounts without BVN in their custody.

 

They only filed a motion challenging the court’s jurisdiction.

 

Earlier in the proceedings, lawyer to 18 of the 20 banks listed as defendants in the suit, A. A. Adegbonmire (SAN) said his clients have filed an application, challenging the court’s jurisdiction to have made the order of October 17.

 

He said the plaintiffs served him with their response yesterday, which he needed time to react to.

 

Adegbonmire urged the court for an adjournment, which was not objected to by Joseph Tobi (for the plaintiffs).

 

The judge consequently adjourned further proceedings to December 11.

 

The Federal Government and the Attorney General of the Federation had filed the suit, querying among others, the continuous retention of accounts without BVN by banks.

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Path Solutions Emerged ‘Best Islamic Technology Provider’ @ IFN Awards 2017

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Path Solutions, a leader in banking software systems with a strong focus on the Islamic banking sector, has won the ‘Best Islamic Technology Provider’ award at the 2017 Islamic Finance news Awards. The company is winning the award for the tenth successive year and eleventh time in total.

Instituted by REDmoney – a leading global provider of specialized Islamic financial media services across three core divisions of publishing, events and training, IFN Awards is one of the most prestigious awards and highly recognized by the global Islamic finance community.

The IFN Polls was established in 2005, and continue to be an apt representation of the current Islamic financial landscape.

Speaking on the award, Mohammed Kateeb, Group Chairman & CEO, Path Solutions, said: “It’s an absolute privilege to be voted as ‘Best Islamic Technology Provider’ one more time at the IFN Service Providers Poll 2017. We especially thank our clients and partners for their continued trust and support.

They’ve made an informed choice in adopting our state-of-the-art Islamic core banking system that will enable them to add further value to complying with industry regulations, improving their management processes and service delivery.

We are again at a pivot point where new technologies are creating new paradigms that will change the shape and face of our industry along with opening up new vistas for the global financial world”.

Kateeb then added, “Path Solutions provides the power of digital transformation, enabling the unbanked to access financial services, improve their lives and secure a better future for them. Our strategy toward 2018 is driven by the ambition to become our clients’ trusted partner in digital life, creating long-term value for them.

We will allow them to be ahead of the curve by implementing a digital-first strategy, leveraging new technologies such as big data, advanced analytics, a 360-degree view of the customer and a personalized engagement, thus providing instant fulfillment to their customers.

In today’s increasingly digital world, failing to invest in and prioritize technology will come at a cost. We believe it’s time to move into the future”.

The prestigious IFN Awards are based solely on merit, and highlight key players, individuals and innovative firms who have provided the Islamic financial world with ground-breaking initiatives.

The award underscores Path Solutions’ momentum to maintaining a leadership position for more than two decades in the evolving Islamic financial marketplace, and the company’s critical role in pioneering industry-specific software solutions and services that are required for its sustainable growth.

“Announcing the IFN Service Providers Poll nominees is always exciting. The special awards honor and celebrate the outstanding annual contributions of those who are the backbone of the Islamic finance community”, commented Lauren McAughtry, Group Managing Editor, REDmoney Group.

“Path Solutions’ leadership and business model promote continuous innovation and impactful growth. Their hard work and commitment is vital to ensuring a technologically-standardized Islamic finance industry”, she said.

In a turbulent year that had its ups and downs — from the geopolitical tensions in the GCC and the ongoing effects of the US elections to giant debut sovereign issuances and oil prices bouncing back — the Islamic finance industry has sailed through successfully.

The IFN Awards recognize and reward the wide range of essential building blocks behind the scenes working to support the Islamic finance industry as it grows ever upwards. This year’s survey has seen a substantial swing with the received votes representing a rock solid review of the real state of the industry and the views of its participants.

The recipients of the IFN Service Providers Poll 2017 will be presented with their awards at a dinner ceremony held alongside the inaugural IFN Global Leaders Forum on 11th March 2018 in Dubai, and the Asian dinner ceremony on 19th March 2018 in Kuala Lumpur.

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