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Activists Turn to Bitcoin for #EndSARS Protests as Banks Shut Them Out
As protests surge through Nigeria in response to police brutality, one enclave of protestors has turned to bitcoin as a financial lifeline during turbulent times, according to CoinDesk.
The Feminist Coalition’s bank account was shuttered this month after its involvement in the End SARS protests came to light, according to a person familiar but unaffiliated with the group who asked to be identified as Emma (a pseudonym).
End SARS is a movement in Nigeria to abolish the Special Anti-Robbery Squad (SARS), a subdivision of the police force with a track record of abusing and harassing citizens.
Cast out of the traditional system, the Feminist Coalition is now raising donations in bitcoin.
The #EndSARS protests
The Feminist Coalition was founded in July with a mission to “champion equality for women in Nigerian society with core focuses of education, financial freedom, and representation in public office.”
With the outbreak of protests against police brutality this month, the group has concentrated on providing medical care, legal aid and even funeral funding for those participating in the peaceful demonstrations.
Since the protests surfaced in the beginning of October, 10 Nigerians have died at the hands of police, according to CNN.
As of Oct. 16, the Feminist Coalition has collected a total of 69,891,637.15 naira (a couple bucks shy of $185,000), 15,443,280.00 of which ($40,000) has been deployed to aid 128 protests across the country, according to the coalition’s website.
Bitcoin and censorship-resistant fundraising
All of this fundraising attracted the attention of authorities, though, and they were shut out of Flutterwave, the payments platform and something of a virtual bank they used to process donations.
At press time, Flutterwave had not returned CoinDesk’s request for comment.
That’s when they turned to alternatives.
“Quite a few members of the group work in tech,” so they made the decision to use bitcoin as another payment option, said Emma.
They started by using Sendcash, a platform which converts bitcoin payments into naira and then deposits these funds into a recipient’s Nigerian bank account.
The service is intuitive and highly useful, but it carries the risk that banks will almost certainly sniff out the source of the Feminist Coalition’s funds and shut down its accounts again.
The coalition no longer uses Sendcash because of this likely outcome.
But they still accept bitcoin: Alex Gladstein, chief strategy officer of the Human Rights Organization, set them up with a BTCPay Server.
Emma called the self-hosted payment process “a safer wallet” compared to other options.
Because it operates obliquely to the banking system, the censorship-resistant payment portal is an essential tool for the Feminist Coalition’s fundraising, Gladstein told CoinDesk.
“I would say BTCPay is important because it protects the privacy of donors and prevents the government from easily figuring out what service the protestors are using to cash out their bitcoin into naira,” he said.
Since adding the BTCPay bitcoin donation option on Oct. 14, the coalition has amassed roughly 3.14 BTC (~$36,000).
Bigger than Bitcoin
As CoinDesk has reported previously, Nigerians are no strangers to how the Bitcoin system lets them move money in the shadows of the legacy financial system.
Some Nigerian expats, for instance, use the Paxful exchange to send remittance funds back home, while others use bitcoin to trade directly with China.
More germane to the recent protests against police brutality, others have even used Bitcoin as an unconfiscatible bank account to avoid police shakedowns for cash. As though they see the writing on the wall, the Nigerian government is also spinning up a digital version of the naira.
Still, Emma said that bitcoin is “not popular among the masses yet at all. There are large barriers mostly in terms of education. However, a lot of young Nigerians are now starting to adopt cryptocurrency and it’s growing across the population.”
Further, the Feminist Coalition’s successful fundraising using bitcoin sheds “some positive light on cryptocurrency,” she says, and promotional efforts by Binance in Nigeria are also softening Bitcoin stigma in the country.
Of course, Bitcoin is only one tool in Nigeria’s fight for civil rights – it is not a cure – all for its citizens. What’s really needed is concrete reform.
Nigerians have been protesting as far back as 2016, Emma said, for SARS’ abolition and for police reform. It wasn’t until the most recent bout of unrest beginning in October that the government acquiesced to the protestors’ demands and formally disbanded SARS.
To many Nigerians, though, this is merely political theatre, and they expect SARS abuses to migrate to one of the new task forces that the government is forming to take its place.
That’s why the protests haven’t stopped, Emma said, “because [Nigerians] want to see actual change in terms of police reform.”
With SARS now abolished, though, the protesters’ something-of-a-victory has left Emma hopeful. Not necessarily that things will immediately change, but that the Nigerian people, collectively, are beginning to “wake up” to the government’s abuses.
There’s more activity now than ever pressing for change, she said, and that’s something to be thankful for.
“We’re very tired of the lies and deceit, and there’s a widespread consciousness and awakening among young Nigerians right now that many are saying they’ve never seen before. I know I’ve never seen it before and I’m so relieved that it’s finally here.”
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FG Offers Nine-month Amnesty for Illegal Dollar Holdings
Federal Government on Thursday announced a nine-month programme beginning on October 31 that allows individuals to deposit dollar bills held outside the formal banking system without scrutiny.
It said the new initiative aims to address the rising costs of commodities influenced by the foreign exchange rate, driven by demand and supply dynamics.
Wale Edun, finance minister and coordinating minister of the Economy, revealed this after the 144th meeting of the National Economic Council, the country’s highest economic advisory body, chaired by Vice President Kashim Shettima at the State House, Abuja.
“There will be no penalty; there will be no taxes, and there will be no questions,” he told journalists at a briefing after Thursday’s conclave.
Edun said that, under this programme, individuals can bring in U.S. dollars in cash without facing penalties, taxes, or scrutiny, provided that the funds are not linked to criminal or illicit activities.
Participants will only need to meet the standard Know-Your-Customer requirements set by banks to secure these funds, integrate them into the financial system, and make them accessible for legitimate economic activities.
He explained, “One element of the cost increase is the foreign exchange rate, which is demand and supply. There will be a programme starting today, October 31, and lasting nine months that will allow people to bring in cash outside the banking system.
“[Such cash] is unsafe, insecure and outside legal limits. They will be allowed forbearance to bring dollars cash. Let me emphasise once again: it is to bring dollars that they are holding outside the system to get them in and credit it to their bank accounts, as long as it is not proceeds of crime or illicit money.
“They should just meet the standard Know-Your-Customer criteria of banks and have an opportunity to bring in those funds, making them safe, secure, and available through regular economic activity.
Edun said his ministry will first issue guidelines for the programme, followed promptly by additional guidelines from the Central Bank.
According to the Minister, this measure offers law-abiding individuals a way to formalise their cash holdings. It also provides the financial system with additional dollar reserves, which may help to stabilise the exchange rate.
“This is an opportunity, not just for people who would normally like to comply, to be compliant with the laws and normal business practice, but of course, it allows us to bring those dollars from where they are doing nothing to where they are within the financial system, they add to our reserves, and of course can help with the exchange rate,” he added.
Edun equally gave an update on government economic relief measures, saying 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
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Wema Bank Launches Export Trade Academy to Empower Nigerian SMEs
Wema Bank has announced the launch of the Wema Export Trade Academy, a comprehensive training programme designed to equip Nigerian Small and Medium Enterprises (SMEs) with the essential skills and tools needed to succeed in the competitive landscape of global trade.
Moruf Oseni, the Managing Director and Chief Executive Officer of the bank, this initiative represents Wema Bank’s commitment to enhancing the capacity of Nigerian businesses, supporting their ambitions to thrive on an international scale.
Oseni said the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets.
The Academy is specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.
Through the Wema Export Trade Academy, SMEs will benefit from expert-led sessions, mentorship from industry professionals, and practical insights into international business practices, positioning them to make significant contributions within global markets.
The programme also places emphasis on building a network of Nigerian exporters, encouraging peer support and collaboration, while fostering connections between businesses and international trade facilitators.
Oseni said: “This holistic approach to export training will enhance efficiency and productivity, empowering Nigerian businesses to become competitive players in the global economy.
“The Wema Export Trade Academy reinforces Wema Bank’s dedication to building the capacity of Nigerian businesses and supporting their evolution into formidable global competitors.
“By addressing the barriers in export trade, we are enabling Nigerian SMEs to seize new opportunities in international markets, which aligns with our vision to empower lives and support sustainable business growth.
“The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions.
“With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.
“Wema Bank continues to set the standard for innovation within Nigeria’s financial services industry, supporting individuals and businesses across various sectors to achieve sustainable growth.
“The Wema Export Trade Academy represents the latest stride in Wema Bank’s mission to empower Nigerian SMEs, further strengthening its reputation.”
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MTN Foundation to Celebrate 20 Years of Impact with Anniversary Conference and Dinner
MTN Foundation is set to celebrate a milestone—its 20th Anniversary—with a series of events designed to reflect on its contributions to communities across Nigeria.
The anniversary conference will take place on November 6, 2024, in Abuja, while the celebratory dinner is scheduled for November 14, 2024, in Lagos.
These events will bring together key stakeholders from both the public and private sectors, highlighting the Foundation’s commitment to sustainable development and community engagement.
Since its inception in 2004, the Foundation has been at the forefront of corporate social responsibility (CSR) initiatives in Nigeria. It was one of the first corporate entities in the country to establish a dedicated foundation for managing CSR activities.
The Foundation was officially commissioned in May 2005, with MTN Nigeria Communications PLC pledging to allocate up to 1% of its Profit After Tax (PAT) for funding various projects aimed at improving lives across the nation.
Over the past two decades, the Foundation has invested over NGN 24.73 billion into impactful projects that span all 36 states and the Federal Capital Territory (FCT). With more than 1,023 project sites across Nigeria, the Foundation has successfully executed 50 unique projects, reaching over 31 million people.
These initiatives have addressed critical areas such as education, health, youth empowerment, and arts and culture, making a significant difference in the lives of countless Nigerians.
As part of this celebration, the Foundation will unveil its new logo along with refreshed mission and vision statements.
This rebranding effort symbolizes a renewed commitment to its core values and goals as it looks toward the future.
Odunayo Sanya, Executive Director of MTN Foundation, expressed her enthusiasm for the upcoming celebrations and reflected on the journey thus far.
“This anniversary is both a celebration of our impact in Nigeria and a commitment to do more,” Sanya stated.
“We have always believed in the power of collaboration and community engagement to drive meaningful change.
“As we gather to reflect on our journey, we look forward to engaging with our partners and stakeholders to explore new avenues for sustainable development.”
The upcoming anniversary events aim to foster dialogue among leaders from various sectors, encouraging collaboration that can lead to innovative solutions for pressing societal challenges.
The conference will feature keynote speakers and panel discussions around national development and youth empowerment, as well as interactive sessions designed to inspire participants and share best practices in CSR and community development.
In addition to its focus areas, the Foundation has been instrumental in promoting digital literacy among Nigerian youth through various educational programs. By leveraging technology as a tool for empowerment, the Foundation has equipped thousands of young people with skills necessary for success in an increasingly digital world.
The anniversary conference and dinner are expected to be engaging experiences that will not only celebrate two decades of impact but also set the stage for future initiatives aimed at fostering community growth and resilience.
By bringing together diverse stakeholders, MTN Foundation hopes to ignite conversations that lead to actionable strategies for addressing Nigeria’s most pressing challenges.
The upcoming anniversary events promise to be an inspiring celebration of progress made while looking forward to new horizons in community development.
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