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E-Financial

EasyShare.Africa Launches Platform Using Safe, Low Cost, Cryptocurrency Technology

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EasyShare; a fast, reliable, and super affordable way to send and receive money to anyone in Africa using crypto has officially launched in beta mode in Africa.

EasyShare.Africa Launches Platform Using Safe, Low Cost, Cryptocurrency Technology

By using innovative low-cost crypto-technology to drastically cut transaction fees, Easyshare will also allow consumers to perform micro-transactions safely, securely and affordably.

Speaking on the launch of the beta platform, Ben Onuoha, co-founder and head of Partnerships & Community at EasyShare.Africa said, “Easyshare was born out of a lot of research. Bitcoin and Ethereum have definitely offered more people access to the global financial system — but African consumers have repeatedly told us that Bitcoin and Ethereum can still be way too expensive to use in many cases, and it is therefore, not necessarily the answer for the financial needs of all communities. More African Bitcoin and Ethereum users are increasingly using other cryptocurrencies which offer better value for money”

Onuoha added: “In response to consumer demand, we are solely focused on the ease of sending and receiving value through cryptocurrency using the most affordable means. Our vision is to bring Decentralized Finance (DeFi) to low and middle income countries where remittances account for 5% or more of GDP and make these DeFi services more accessible.”

The threshold for sending and receiving money using crypto on EasyShare.Africa is capped at a maximum of US$2,500 per transaction and a minimum of US$1.

Users can seamlessly send money to a mobile wallet or bank account using crypto in five easy steps. EasyShare.Africa supports a wide range of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Tether (USDT ERC20) and other low transaction cost cryptocurrencies such as Binance Coin (BNB), Litecoin (LTC), Tether (USDT TRC20) and Tron (TRX). More cryptocurrency options will be added in due course.

The Easyshare.Africa platform is crowdsourcing to meet its expansion plans

In addition to serving ordinary consumers, Easyshare.Africa is committed to extending its impact, by pioneering the world’s first decentralized network of verified peer to peer crypto-powered remittance agents. Current crypto remittance systems and peer to peer platforms use centralized escrows to guarantee settlement.

This centralized escrow model is oftentimes plagued with bad actors, as well as centralized judges and juries settling disputes.

EasyShare.Africa improves on this crypto peer-to-peer remittance model by adding a decentralized layer where verified remittance agents can stake SHARE Token – the native crypto of the Easyshare ecosystem – as collateral/insurance to guarantee the agents complete transactions.

The Easyshare model is poised to contribute to eight out of the seventeen United Nations Sustainable Development Goals (SDGs) by making a case for the unbanked and underbanked through offering various services such as micro remittances, microfinance loans, savings, insurance, payments, e-commerce and more for low-income populations in Africa and other emerging markets.

To learn more, please visit https://token.easyshare.africa

 

 

 

 

 


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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.

E-Financial

Central Bank Defends Naira with $360m in 5-Day

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Olayemi Cardoso, Governor, Central Bank of Nigeria
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The exchange rate stabilised in the FX market as the Central Bank of Nigeria (CBN), defended the local currency with $360 million, stemming a negative tide from increased demand for the US dollar.

Central Bank Defends Naira with $360m in 5-Day

Olayemi Cardoso, Governor, Central Bank of Nigeria

According to Market Forces Africa, for most part of the week, the naira experienced heightened volatility due to an FX liquidity shortage in the official window, brought forward from the previous week.

This caused the exchange rate to wobble against the US dollar, but late picked up as inflows into the market improved.

On Friday, the naira rebounded against the dominant foreign currency, the US dollar, in last-minute transactions supported by a relatively higher liquidity supply by the monetary authority.

The exchange rate appreciated by about 2% to settle at N1,517.93 in the official market on Friday after persistent negative volatile.

Spot FX data from the regulator showed that the naira gained N29.89 on the day following FX sales to banks.

The market liquidity was also supported by additional inflows from foreign sources and reduced demand for foreign payments.

FX interventions and inflows from offshore clients and local corporations boosted volume of US dollar in the official window, AIICO Capital Limited dropped the hint in an investors note.

In the market, demand pressure persisted, leading to fluctuations in the US dollar to naira exchange rate for most of the week.

The CBN sold $188.10 million to banks, the last auction offered at the range of N1,532.00 to N1,540.00, bringing the total FX sales for the week to $360.00 million, according to investment banking firm TrustBanc Financial Group Limited.

Despite these interventions, demand outpaced supply, causing the naira to depreciate. By the end of the week, the market recorded improved liquidity, with trades ranging between N1,480 and N1,548.

Data from the CBN revealed that Nigeria’s external reserves increased by USD12.06 million to USD38.36 billion after 9 consecutive weeks of decline. In the forwards market, the naira rates decreased by 0.6% for a one-month contract to N1, 577.80.

 

 


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E-Financial

SEC Voids Mainland Trust’s Registration, Suspends Centurion Registrars

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The Securities and Exchange Commission (SEC) has cancelled the registration of Mainland Trust Limited, and suspended Centurion Registrars, following their failure to comply with regulatory directives.

The commission made the disclosure through circulars which were released at the weekend. The circular on Mainland Trust Limited read: “The Securities and Exchange Commission hereby notifies the general public that the registration of Mainland Trust Limited as a capital market operator has been cancelled with immediate effect.

“This cancellation order is made pursuant to the powers of the Commission under Section 38(4) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.

“The Commission’s decision is informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.

“All clients of Mainland Trust Limited are by this notice advised to contact the Central Securities Clearing Systems Plc (CSCS) for appropriate guidance on the transfer of their stocks to another stockbroker of their choice.”

SEC directed that the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all capital market trade associations  to discontinue capital market-related dealings with the company.

In the same vein, the SEC announced the suspension of Centurion Registrars Limited, its directors and sponsored individuals from capital market activities with immediate effect.

The SEC said the suspension order was made pursuant to the powers of the Commission under Section 38(4) & (5) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.

It explained that its decision was informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.

“All clients of Centurion Registrars Limited are advised to contact Africa Prudential Plc for appropriate guidance on the transfer of their portfolios to another Registrar of their choice.

“In addition, the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all Capital Market Trade Association are directed to discontinue capital market related dealings with the company and its principal officers,” the circular stated.

The commission also disclosed that in furtherance of the commission’s unwavering commitment to the maintenance of zero tolerance for infractions in the Nigerian capital market and in line with its revised enforcement strategies, stakeholders and the general public are hereby informed that henceforth, the names of capital market operators (CMOs) found to have violated market laws/regulations would be published in the commission’s “name and shame” journal.

“The publication would be in addition to the sanctions/penalties for the respective infractions prescribed in the ISA 2007 and the SEC Rules and Regulations.

“This enforcement strategy underscores the Commission’s dedication to safeguarding the integrity and stability of the Nigerian capital market, protecting investors, and ensuring strict adherence to established rules and regulations.

“Stakeholders and CMOs are advised to be guided accordingly” the commission added.


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E-Financial

Allegations of Fraud against us Unfounded, False — First Bank

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FirstBank has formally denied allegations of fraud in an ongoing court case filed by customer Dr. Agbai Eke, describing the claims as “entirely unfounded and false.”

Allegations of Fraud against us Unfounded, False — First Bank

According to a statement from the bank, their internal investigation points to “unprofessional and unethical dealings” between Dr. Eke and a former bank employee.

FirstBank claims these individuals used a personal relationship to conduct unauthorised transactions without the bank’s knowledge or involvement.

The bank said it has reported the matter to law enforcement authorities for further investigation.

Officials noted that suspects have already provided statements to investigators.

FirstBank also declined to provide additional details, citing the ongoing court proceedings.

“We will refrain from further comments to allow the Court to dispassionately determine the issues before it,” the bank stated.

The case gained public attention following reports by Thisday Newspaper and Arise Television, as well as through a circulating video regarding the legal dispute.


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