E-Financial
Nigerian Digital Currency Sector Holds Immense Potential for Positive Transformation – Seun Dania, Tradefada CEO

Seun Dania, Founder/CEO of Tradefada, Nigeria’s most actionable and easy-to-use digital currency trading platform. Also, he is a founding member of Digital Currency Coalition (DCC). In an Interview with Ugo Onwuaso, Seun Dania shared his thoughts on Digital Currency, cNGN Stablecoin, others in 2024. Excerpts.

Seun Dania, Founder/CEO of Tradefada,
The digital currency space was occasioned with several policy summersault, especially from the CBN. What is your rating of the sector in 2023? What are the challenges that bewildered the growth of the industry?
The cryptocurrency sector in 2023 faced significant challenges due to policy shifts, particularly since there was a change in governments. I’d rate it as a period of both consolidation and introspection. Key challenges included regulatory uncertainties and market volatility, which dampened growth prospects. However, 2023 wasn’t without its silver linings. Towards the year’s end, a new CBN administration emerged, ushering in a wave of clarity. Directives were issued to financial institutions, coupled with outlines for comprehensive regulatory frameworks. This shift towards structure and collaboration signaled a commitment to nurturing a responsible and thriving digital currency ecosystem, offering a glimmer of hope for the future.
Many Nigerians do not have confidence in the digital currency sector. What do you think is responsible for these fears? Is it lack of awareness or just fear of losing money?
While regulatory ambiguity eased in 2024, lack of awareness and fear of financial loss remain roadblocks to widespread digital currency adoption in Nigeria. Public education initiatives that demystify the complexities of this nascent field are crucial to building trust and encouraging participation. The onus lies on both the government and industry players to spearhead these efforts. All of which we can already see through the initiatives for education in blockchain technology and AI of the current Minister for Communications, Innovation and Digital Economy; Dr. Bosun Tijani. So, it’s safe to say all these concerns will be alleyed in the coming year. Investing in financial literacy programs, partnering with educational institutions, and launching targeted awareness campaigns are vital steps towards bridging the trust gap. By equipping the public with the knowledge and tools needed to navigate the digital currency landscape responsibly, we can foster a more informed and engaged participant base.
Year 2024 is here, what are those things you believe government and players in the sector did not do and must be done going forward to boost the industry?
As we step into 2024, the Nigerian digital currency sector stands at a critical juncture. To unlock its true potential, a collaborative approach is paramount. This requires the government, industry leaders, and consumer protection advocates to work in tandem to establish clear, consistent, and mutually beneficial regulations. A robust legal framework that fosters innovation while prioritizing consumer safety is essential. Open dialogue and knowledge sharing between stakeholders will pave the way for a responsible and sustainable digital currency ecosystem, one that harnesses the transformative potential of this technology for the benefit of all Nigerians.
Beyond overcoming challenges, the Nigerian digital currency sector holds immense potential for positive transformation. Blockchain technology, the foundation of digital currencies, offers a plethora of potential applications in various sectors beyond finance. From supply chain management and healthcare record-keeping to land titling and identity verification, the possibilities are vast. In 2024 and beyond, fostering research and development in these areas will be crucial. By supporting innovative startups and encouraging collaboration between established institutions and blockchain developers, we can unlock the transformative potential of digital assets across different sectors of the Nigerian economy.
As a major player in the digital currency space, what will be your outlook of the industry in 2024 going by the issues that happened in 2023?
The events of 2023 fuel a cautious optimism for 2024. With regulatory clarity on the horizon, we can anticipate increased involvement from institutional players like banks and financial institutions, drawn by the promise of secure and efficient digital transactions. This influx of expertise and resources will likely enhance market stability and drive adoption rates. Furthermore, initiatives like the cNGN Naira stablecoin by the African Stablecoin Consortium add to the positive outlook. By bridging the gap between traditional and digital finance, such innovations hold the potential to revolutionize both the digital and real economy, fostering financial inclusion and economic growth across Nigeria. It is indeed a clear motivation, and I must commend the current administration and leadership of the CBN for its change in approach which projects inclusivity and will indeed translate to FDI into Nigeria and will in turn usher in financial abundance.
The CBN recently issued guidelines on operations of bank account for Virtual Assets Service Providers. What do you think about this? In what ways will these guidelines help the industry?
The CBN’s recent guidelines on operations of bank accounts for Virtual Assets Service Providers (VASPs) mark a significant step towards formalizing the digital currency sector. These guidelines will bring much-needed transparency to operations, boost investor confidence, and create a safer trading environment. The CBN’s recent actions demonstrate a willingness to collaborate with industry stakeholders, a promising development for the sector’s future.
There is a Digital Currency Coalition formed to promote digital currency in Nigeria, and also to support government in that regards. You are one of the founding members of the Coalition. Is that Coalition still active? Has it been able to come up with any policy document that the government can work with?
The Digital Currency Coalition remains a driving force in promoting responsible digital currency adoption in Nigeria. We actively engage with policymakers, developing comprehensive policy recommendations that address regulatory frameworks, innovative applications, and robust consumer protection measures. Our continued dialogue with the government underscores our commitment to working alongside stakeholders to build a thriving and responsible digital currency ecosystem that benefits all Nigerians.
You are the CEO/Founder of Tradefada, one of the leading digital currency trading platforms. How is Tradefada fairing even in the face of the various challenges in the industry?
Amidst the industry’s challenges, Tradefada remains a beacon of hope to local players, while we ensure high-end security and safety of users assets. We prioritize stringent security measures, diverse trading options, and comprehensive educational resources to empower our users. Our platform emphasizes responsible participation through risk management tools and educational materials, fostering a safe and informed trading environment.
Without mentioning names, we have cases of digital currency trading platforms not been able to pay investors. What are the issues and how can they be addressed?
The unfortunate instances of some platforms failing to meet their obligations highlight the need for stricter operational standards and enhanced accountability. Adherence to robust KYC/AML regulations, improved transparency, and effective risk management practices are crucial for preventing such occurrences in the future. Furthermore, promoting user education about platform risks and responsible investment practices is essential. By fostering a culture of informed participation, we can collectively build a stronger and more resilient digital currency ecosystem. While the users / investors may have been greatly affected, I strongly believe that the industry is getting mature enough to ensure that all incidents are properly investigated, perpetrators brought to book and all users made whole.
E-Financial
FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS

Federal government has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities.
Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS).
The agency will be renamed to the Nigeria Revenue Service (NRS) from January 2026, when the new tax system will take effect.
“Every person who has an obligation to deduct and remit tax under this Act or any other Returns for tax legislation shall render monthly returns to the appropriate tax authority, as specified deduction of tax in the regulation issued for that purpose,” the Act reads.
“Without prejudice to section 142 of this Act, every bank, insurance company, stock-broking firm, or any other financial institution, shall prepare, with or without demand be delivered by the relevant tax authority, quarterly returns to the relevant tax authority specifying the names and addresses of new customers;Nigerian fashion trends
“…and existing customers in the case of (i) an individual, all transactions where the cumulative transactions in a month amount to N25,000,000 or more, or (ii) a body corporate, all transactions where the cumulative transactions in a month amount to N100,000,000 or more.”
Prior to the new tax law, banks were mandated to report deposits of N5 million — a measure intended to curb illicit financial flows, according to TheCable
Experts said the shift is part of efforts to tighten anti-money laundering reporting in the financial sector.
In 2023, Nigeria was listed on the grey list by the Financial Action Task Force (FATF) over deficiencies in tackling money laundering and terrorism financing.
Since then, the country has been making efforts to exit the grey list, which subjects it to increased monitoring by the FATF.
In November 2024, Hafsat Bakari, chief executive officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), said Nigeria has achieved upgrades in five key recommendations from the FATF.
E-Financial
NIBSS: Active Bank Accounts in Nigeria Hit 320m

Nigeria Inter-Bank Settlement System (NIBS) has revealed that the number of active bank accounts in the country increased to 320 million in the first quarter of 2025.
NIBSS also announced that the country’s cashless transactions rose to N295 trillion in the that quarter, up from N237.11 trillion in the corresponding quarter of 2024.
NIBSS disclosed this in its latest report on the country’s financial sector.
According to the data, the report highlighted the growing reliance on digital payments nationwide.
Details from the report showed that electronic payment channels were used 2.21 billion times in Q1, while point-of-sale, PoS terminals recorded 776.94 million transactions.
The NIBSS report corroborates ACI Worldwide data, which indicated that the volume of Nigeria’s real-time payment transactions will reach 19.7 billion by 2028, up from 7.9 billion in 2023.
“In Nigeria, real-time payments are quickly becoming a viable alternative to cash, historically the dominant choice for payments in the country,” ACI said.
E-Financial
Edun, Finance Minister Inaugurates NDIC New Management

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, has inaugurated Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations), at the Ministry of Finance, Abuja.

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, flanked by Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations),
In his speech during the occasion, the Minister submitted that the NDIC, as a component of the financial safety-net has a crucial role to play in the nation’s march to economic stability and prosperity.
He therefore charged the Management team to bring their diverse wealth of experience to bear on their new assignment while assuring them of the ministry’s full support in the task ahead.
Responding, Mr Sunday who spoke on behalf of the Management team, expressed appreciation to His Excellency, President Bola Ahmed Tinubu for their appointment.
He assured the Hon Minister of the readiness of the Management under his leadership to live up to expectations of the President in particular and the nation in general in the discharge of their duties.
The Management later received by the Corporation’s Head Office with a warm welcome by the workforce.
A statement signed by Hawwau Gambo, head, Communication & Public Affairs Department, revealed that Addressing the workers on behalf the Management team, Mr. Sunday promised to work in harmony with the staff to move the Corporation to its next level performance.
He stressed that the Management’s focus would be based on the public policy objectives, functions and mandate devolved on the Corporation by the enabling law that established it.
Thompson Oludare Sunday is a seasoned financial expert with over 30 years of regulatory and supervisory experience.
Having cut his teeth with the Central Bank of Nigeria (CBN) in 1989, he went ahead to acquire high-end knowledge in Central Banking, spending 24 unbroken years in banking supervision.
While his vast experience is in the regulation and supervision of licensed institutions, his deep expertise span corporate governance, risk management and compliance as veritable tool for ensuring the safety and soundness of institutions.
He is a highly analytical and cross functional team worker with strong interest in building individual and institutional capacity for transformation and excellence.
Thompson’s skills and experience were horned by several key responsibilities and special assignments he handled for the apex Bank before his retirement as a Director 2021.
Kabir Sabo Katata, ED (Operations), is a quantitative energy strategist and computational finance expert with strong power trading and risk management experience.
He has over twenty-eight years’ experience in the design and management of technically innovative systems in multiple industries including telecommunications, IT, energy (petroleum & power), finance and government.
He is a specialist in sophisticated financial optimization, the application of modern statistical techniques and mathematics to energy, deposit insurance and banking sectors.
Dr. Katata joined the service of the Nigeria Deposit Insurance Corporation in 2012 as an Assistant Director in the Research, Policy and International Relations Department and rose to the pinnacle of his career as Director in January 2022, before his new appointment as Executive Director (Operations).
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