E-Financial
Mastercard to Enable Crypto Trading Capabilities in Banks
Mastercard has introduced Crypto Source, a new programme to enable financial institutions to bring secure crypto trading capabilities and services to their customers.
In a statement, the firm says the 2022 Mastercard New Payments Index reported that 29% of respondents globally hold crypto-currency as an investment, with another 65% indicating a preference for crypto-related services to be provided by their current trusted financial institution.
In partnership with regulated and licensed crypto custody providers, Mastercard’s financial institution partners will gain access to a suite of buy, hold and sell services for select crypto assets, augmented with proven identity, cyber, security and advisory services, says the financial services provider.
It adds the Crypto Source offering is complemented by Mastercard Crypto Secure to bring additional security to the crypto ecosystem and support card issuers in their compliance with complex regulations.
“At Mastercard, trust is our business. What we are announcing today is a connected approach to services that will help bring users safely and securely into the crypto ecosystem,” says Ajay Bhalla, president of cyber and intelligence at Mastercard.
“Our recent investments in this space, such as the acquisition of CipherTrace and Ekata, are providing us with a unique set of capabilities to help provide our customers and partners with the most technically advanced solutions available in the market.”
To support this programme, Bhalla says, Mastercard is expanding its partnership and work with Paxos Trust, a regulated blockchain infrastructure platform.
“The partnership aims for Paxos to provide crypto-asset trading and custody services on behalf of the banks, while Mastercard will leverage its technology to integrate those capabilities into banks’ interfaces, resulting in a seamless experience for the consumer.”
“Our commitment is simple – to explore crypto and the underlying digital assets technology to support consumer choice in payments,” says Jorn Lambert, chief digital officer at Mastercard.
“Today is an exciting step in our crypto journey that draws on the strengths of our global businesses, from open banking and identity verification, to analytics and fraud monitoring, to settlement solutions. We’re excited to build on our long-term partnership with Paxos – co-innovating to bring safe and secure technology to financial institutions.
“Our crypto product innovations will provide choice at scale and continue to bring one-of-a-kind opportunities to financial institutions as they seek to offer new, advanced services to their customers.”
“Mastercard has a powerful network of financial institutions around the world. This exciting offering developed by Paxos and Mastercard will give FIs [financial institutions] the fastest and most trusted way to offer safe, reliable crypto access for their consumers globally. We’re thrilled to partner with Mastercard to further accelerate the mainstream adoption of digital assets,” says Walter Hessert, head of strategy at Paxos.
Mastercard says over the past few years, it has been working alongside its customers and partners to bring new services and capabilities that help make crypto more accessible, safe and secure.
It notes these efforts have been complemented with the addition of new technologies through Finicity, Ekata, RiskRecon and CipherTrace.
According to the company, this combination of services provides eligible financial institutions the opportunity to directly manage crypto asset investments for consumers.
It notes Mastercard Crypto Source is currently being prepared for pilot programmes, and additional details on broader availability will be made available at a later date.
E-Financial
CAC Moves Against Unregistered POS Operators as Deadline Expires
The Corporate Affairs Commission (CAC) has begun moves to enforce its directive that Point of Sale (POS) operators should register with the commission.
The registration directive gave POS operators July 7, 2024 to September 5, 2024.
In a statement released by the Commission, the CAC said that it is now working closely with law enforcement agencies and other relevant stakeholders to develop and implement a robust enforcement and sanction framework.
This framework, according to the CAC, will not only target the shutdown of non-compliant businesses but could also involve more severe legal actions against defaulters.
The Commission expressed concern over the low level of compliance by POS operators, despite the large number of such businesses operating across the country.
They also commended those operators who adhered to the directive, noting their responsible approach to formalizing their operations.
“We are to make it clear that the Commission is working with Law Enforcement Agencies and other relevant stakeholders to deploy a comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal Consequences,”
However, the Commission criticized what it termed “recalcitrant operators,” many of whom have either refused or failed to comply with the registration requirement.
The CAC suggested that some of these operators might be engaging in “unwholesome activities” or have other undisclosed reasons for resisting formalization.
As the CAC moves towards enforcement, it urges all unregistered POS operators to take immediate steps to formalize their businesses or face the consequences of their inaction.
Recall that in May 2024 the CAC announced that PoS agents have been given a deadline of July 7, 2024, to register their business.
Hussaini Magaji, Registrar-General of the CAC, who announced this said this was the agreement with the PoS operators after a meeting in Abuja.
According to him, the registrations also align with the legal requirements and the directives of the Central Bank of Nigeria.
He added that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking.
Magaji said the registration is aimed at safeguarding the businesses of fintechs and customers, strengthen the economy and tackle the surge in fraud in Nigeria’s financial industry.
The Commission also announced an extension of the mandatory registration for Fintech Operators to September 5, 2024.
It said the 60-day extension is to give sufficient time to operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses.
“The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales Operators that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents, and Agents has been extended for sixty days beginning from 7th July 2024 to the 5th September 2024,” CAC said in the notice.
“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses.”
E-Financial
CBN Sells FX to BDCs @N1 580/$ to Boost Liquidity
Central Bank of Nigeria (CBN) has approved the sale of dollars to bureau de change (BDC) operators at a rate of N1,580 per dollar.
In a circular signed by W.J Kanya, the acting director of the trade and exchange department, on Friday, September 6, the CBN stated that each BDC operator is eligible to purchase $20,000 in foreign exchange (FX).
The directive further stipulated that all BDCs are permitted to sell FX to eligible end-users at a margin of no more than 1 percent above the purchase rate set by the CBN.
The CBN also instructed interested and eligible BDCs to make their naira payments to the CBN deposit account numbers assigned to them.
It read; “This is to inform the Bureau De Change (BDC) Operators and the general public that we are providing more liquidity into the market. To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$.
“This is to meet the demand for invisible transactions. Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches – (Abuja, Awka, Kano and Lagos) for collection of the US$20,000.00.”
E-Financial
SEC Introduces eFiling System to Reduce Listing Time
Securities and Exchange Commission (SEC), has said that it has introduced various initiatives to reduce time to market with the aim of improving the efficiency and attractiveness of the Nigerian capital market, promote economic growth and development.
Dr. Emomotimi Agama, director general, SEC, who stated this, said these initiatives include streamlined registration processes, introduction of an electronic filing system and enhanced regulatory frameworks among others.
Agama emphasized that shorter time to market can benefit capital market development in several ways like increased liquidity which will lead to faster listing allowing companies to access capital more quickly, increased liquidity in the market and enable companies to allocate resources more efficiently, thereby driving economic growth.
He stated: “Shorter time to market will also improve investor confidence because when the listing processes are efficient, it can enhance investor trust and confidence in the market. A shorter time to market can make a jurisdiction more attractive to companies and investors, promoting competition and growth’’.
Explaining further, he said, “The Commission has been actively digitizing its operations, including the submission and processing of applications for securities registration, to reduce delays caused by manual processes. This involved the use of electronic platforms for document submissions and approvals, which not only speeds up the process but also improves transparency.
“We have undertaken regulatory reforms aimed at simplifying and streamlining the approval processes. These reforms include updating rules and regulations to reflect current market realities and adopting international best practices that enhance efficiency. For instance, the Commission introduced checklist review for registration of fixed income securities, thereby shortening the review and approval timelines. The Commission launched and conducted a targeted bi-annual training for Issuing Houses to enhance time to market and fast-track review of applications”.
- Telecom1 day ago
Coker Urges Africa to Close Digital Infrastructure Gap for Prosperity
- News2 days ago
World Bank says 40% Nigerian MSMEs are Owned by Women
- News2 days ago
Bridging the Digital Divide: Governor Soludo Empowers Disability Rights Commission
- E-Business2 days ago
Allison, BHM Partner to Host ‘Africa Breakfast Convos’ @UNGA79
- Telecom2 days ago
Trump’s Crypto-business: What Does it Portend for American People if he Wins the Election?
- News2 days ago
FG Launches Digital Quality Assurance Platform For Basic Education
- News1 day ago
Thabo Mbeki Tells African leaders to Emulate Relationship Between Nigerian and South African Musicians
- Broadcasting2 days ago
NIPR Appoints Rasheed Bolarinwa As Chairman of FinanceHub Committee