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Nigerians Ignore Warnings, Stake N1.3Bn on Bitcoin Weekly

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Nigerians have continued to invest in cryptocurrency, trading up to N1.38 billion across 13 local cryptocurrency exchanges in the country, despite warnings by regulators and legislators.

 

Leadership reported that analysts have urge government to embark on smart regulatory tactic in controlling the surge in the trend.

 

Emeka Okoye, software developer and chief architect at Cymantiks Nigeria Limited,  who spoke with Leadership, urged the government and particularly the Central Bank of Nigeria (CBN) and the Nigeria Deposit and Insurance Corporation (NDIC) who have been at the forefront in the fight against cryptocurrency in the country to do a rethink on the way to regulate the use of cryptocurrency

 

Noting that cryptocurrency will not take the place of fiat money, he said the criticism against cryptocurrency will further fuel speculation and encourage its use by outlaws.

 

The International Monetary Fund (IMF) had last week urged governments to look into regulation of cryptocurrencies in the fight against money laundering and financing terrorism.

 

Many countries in recent times are coming up with stronger regulations for the trading of cryptocurrencies. Although the value of Bitcoin which is the most popular and most traded cryptocurrency has been down since December, 2017, interest in the currency is yet to wane in Nigeria.

 

Having seen the highest weekly trading average of N1.94 billion in mid-December last year, weekly average turnover had dropped to N1.299 billion at the end of December before rising to N1.817 billion in January.

 

As at February 12, 2018 which is the latest data on Coin.dance a global cryptocurrency tracking website weekly average of Bitcoin trading on the exchanges in Nigeria was at N1.389 billion. This is asides the investments of Nigerians in other cryptocurrencies such as Ethereum, Billioncoin amongst others.

 

Okoye while advising regulators in the country to adopt “smart regulation” rather than outright ban of cryptocurrency said “it is an attitude of allowing innovation to move forward and let regulation follow because at the end of the day it is about the consumers and not about the players.

 

“If they ban cryptocurrency, it means they are outlawing a tech tool and when you outlaw a tech tool, outlaws will use the tools and when they use them you have no control. People will have to live with the consequences.

 

“Right now we do $4.7 million dollars weekly and we are expecting more. Now we have more exchanges, by count we should have up to 13 crypto exchanges in Nigeria. If you really want to see its implication in Nigeria, think of MMM.

 

“MMM was a pointer that things are not alright. We cannot continue to regulate things. It is not going to work if we keep regulating things to work against the desires of the people. It should be about the people. When you talk of innovative product and services, we cannot use the same tactics we used in the old economy. This is a new economy. The power has gone to the consumer.

 

“The thing is regulators need to think very well before they start banning. First of all do they understand how it works? I can build a crypto exchange and it is not domiciled in Nigeria, they cannot regulate it. Secondly, do they understand that I also have a foreign card and they cannot control what I do with it?” Okoye queried.

 

He however noted that there was no way cryptocurrency will replace fiat money saying it will only complement its use and make it easier to move wealth around at convenience. He also noted that the current trend of speculation driving the value of cryptocurrency is a distraction from the real value.

 

“Speculation of cryptocurrency is a big distraction and it is turning the internet to be an internet of money rather than being an internet of value. This speculation has nothing to do with the value we can derive from it” he stated.


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E-Business

StarNews, Global Black Economic Forum Launch Business Competition In Partnership with MTN & USAID

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Africa’s leading video streaming platform, StarNews Mobile and the Global Black Economic Forum (GBEF), have announced a call for applications for the launch of their Business Competition in Lagos, Nigeria.

Held in partnership with MTN and United Nations Agency for International Development (USAID), the initiative will empower Nigeria’s most promising businesses that are classified as Small-Medium Enterprises (SMEs) with invaluable investment and partnership opportunities from the USA.

Held over 10 weeks between April 8th to June 14th, hosted exclusively on the StarNews Biz Channel on the StarNews platform, this competition offers a platform for emerging entrepreneurs to showcase their ventures and gain national visibility.

With subscribers voting for their favourite candidates, the top 20 contestants will seize the spotlight and make their mark on the business landscape.

The StarNews Business Competition in partnership with GBEF delivers a unique opportunity for thriving Nigerian SMEs to access mentoring, funding, partnerships and socio-economic development tools through the Global Black Economic Forum.

With the prospect of securing cash prizes through StarNews worth up to NGN5,000,000, getting access to StarNews’s network of investors and the opportunity to gain national visibility by having their business on the StarNews web platform.

The top three winners will also receive coaching from GBEF’s Academy for Advancing Excellence and become part of GBEF’s ecosystem of global leaders committed to social and economic justice across the Black Diaspora.

Previous speakers at GBEF convenings from the entertainment sector include Wyclef Jean (Haitian Musician & Activist), Debra Lee (Former CEO of Black Entertainment Television – BET) and Ceci Kurzman (Founder of Nexus Management Group). Applications will close on April 5th 2024.

Speaking on the competition’s launch, Guy Kamgaing, Founder and CEO at StarNews Mobile, says “The StarNews Business Competition is a passion project close to our hearts at StarNews Mobile.

It’s about discovering the most promising business entrepreneurs and creators in Nigeria, opening up global opportunities for them and providing them with the resources and tools to achieve their goals.

By partnering with MTN, USAID and GBEF, we want to be a platform of empowerment for these SMEs by helping them give back to the communities that are supporting them.”

According to the US Embassy and Consulate for Nigeria, over 80% of Nigerian startups are incorporated in the United States and more than 60% of venture capital funding in Nigerian startups accounted for by the US.

In 2023 alone, Nigerian startups raised a total of $398mn however, this signalled a 66% funding decline compared to 2022 due to the global economic downturn, reinforcing the massive need for a fresh injection of capital and business support for Nigeria’s emerging SMEs.

Alphonso David, President and CEO of the Global Black Economic Forum notes that, “Our partnership with StarNews Mobile is a critical resource as we continue to build the collective strength of entrepreneurship across the Diaspora.

“Building a sustainable ecosystem of Black entrepreneurs in the United States and across the African continent is essential to create a future that makes economic opportunity and economic freedom a reality for all.”

A sister company to ESSENCE, GBEF advances its work by convening global summits and conferences, bringing together world leaders, business leaders, entrepreneurs, celebrities and civic leaders to address the most challenging problems facing our communities.

GBEF’s Academy for Advancing Excellence facilitates workforce and leadership development strategy, addressing the talent pipeline & employee lifecycle, providing leadership development & coaching, and conducting institutional assessments & research.

GBEF also develops and implements economic and social justice policy recommendations with partners ranging from civil and human rights organisations to government entities and corporations that advocate for economic opportunity, social justice, and health equity through thought leadership, advocacy and litigation.

Launched in 2017, StarNews Mobile empowers African content creators with the unique opportunity to monetize their work through a subscription model, boasting over 4 million subscribers and a thriving community of more than 120 content creators.

With a strong presence across six countries including Cameroon, Nigeria, Côte D’Ivoire, Congo, Benin and Ghana, the platform has also established key partnerships with major telecom operators such as MTN and Orange.

To-date, StarNews Mobile has secured over $8mn in funding with its most recent raise – a $3mn pre-Series A funding round in October 2023 – led by Janngo Capital with participation from French football players Aurélien Tchouaméni, Jules Koundé and Mike Maignan.

 


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Companies Invest More than $100,000 Yearly to Upskill their Cybersecurity Teams – Study Reveals

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Over 70% of businesses pay more than USD $100,000 for additional training annually to keep skills of their cybersecurity employees up to date, a recent global Kaspersky study has revealed.

However, the surveyed companies also highlighted that there was a lack of relevant courses covering new challenging spheres in the educational market and stated that training does not always bring them the expected result.

In its recent study ‘The portrait of the modern Information Security professional’, Kaspersky examined the topic of the global cybersecurity staff shortage, analysing the exact reasons businesses lack cybersecurity experts, and identifying the ways they evaluate and upskill their cybersecurity workforce¹.

According to the research, companies are investing significant amounts in upskilling their cybersecurity teams: 43% of organisations globally say they usually spend between $100,000 and $200,000 per year on information security courses, while 31% even invest over $200,000 for training programs. The remaining 26% state they usually pay less than $100,000 for educational initiatives².

However, cybersecurity practitioners also note that the educational market is struggling to keep up with the rapidly changing industry and fail to deliver the necessary training programs on time.

Survey results for the Middle East, Turkiye, Africa (META) region shows that the scarcity of courses covering new challenging spheres (48%) was the main problem for those searching for cybersecurity training.

50% of respondents from the META region also stated that trainees tend to forget what they learned because they had no opportunity to apply newly acquired knowledge, therefore the courses were useless to them.

The need for special training pre-requisites such as coding and advanced mathematics, which were not specified at the pre-registration stage were also problematic for 37% of practitioners from the META region.

“With a constantly evolving threat landscape, businesses should continually improve the skills of their cybersecurity personnel in order to be well prepared for sophisticated cyberattacks.

“Developing high-profile specialists within the company and building internal expertise can be an effective strategy for organisations that aim to retain existing employees and allow them to grow professionally, instead of constantly hunting for new candidates and checking their professional backgrounds and practical skills.

“For organisations served by Managed Service Providers it is also important to maintain a pretty high level of expertise internally and use the same language when discussing the scope of services and Service Level Agreement with them,” comments Veniamin Levtsov, VP, Center of Corporate Business Expertise at Kaspersky.


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Heirs Insurance Launches User-friendly Website for Stakeholders

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Heirs Insurance Group, Nigeria’s fastest growing insurance group, has launched a new website that delivers the most user-friendly insurance experience in the industry.

Heirs Insurance Launches User-friendly Website for Stakeholders

In addition to its features that aid simple navigation, the website also personalizes the insurance experience taking customers through a short journey that enables them to make decisions quickly on the best insurance plan to support their personal and business success, or access competent insurance advisors to speak with.

According to Ifesinachi Okpagu, chief marketing officer, Heirs Insurance Group, the website, www.heirs insurance group.com, embodies the ethos of the brand: the delivery of simple, quick, and accessible insurance service that delights customers and brings the uninsured much closer to taking up insurance plans.

She said: “Today’s customers want simplicity and this new website delivers on that request, ensuring that people find the right insurance solutionsfor their needs in a few minutes. We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.” Heirs Insurance Group has been at the forefront of pioneering a new era of insurance solutions since its launch with the roll-out of various initiatives including a seamless mobile app, USSD; Prince, its intuitive chatbot; InConnect, its partnership portal Digital Experience Centre; and more. With the launch of this website, Heirs Insurance Group solidifies its position as the leading digital insurance company in Nigeria, democratising access to insurance for all.


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