The Securities and Exchange Commission (SEC), is planning to amend digital asset regulations to tax crypto transactions, a move it believes will bring in substantial revenue, according to a Feb. 18 report by Bloomberg.

The move, which would bring all eligible crypto transactions on regulated exchanges into the formal tax net, could generate “substantial revenue” for the country.

A bill to provide a framework for taxing crypto transactions and introducing other taxes is currently before lawmakers, with expectations that it will be adopted this quarter.

The Securities and Exchange Commission (SEC) said that it is also looking to increase crypto licensing, issuing licenses to crypto exchanges so that transactions can be monitored and taxed. In the agency’s view, this will also increase investor confidence and comfort.

In August 2024, the SEC of Nigeria issued its first license to a crypto exchange, which signaled the beginning of regulatory clarity and oversight for cryptocurrency in the African nation. Later, in September 2024, the SEC planned to start enforcement actions against unregulated exchanges — the catch being that there were only two regulated exchanges in the country at that time.

The SEC’s interest in crypto extends to marketing as well. In December 2024, the SEC updated its crypto marketing rules to “curb the menace” of social media influencers promoting unregulated crypto products. Now, virtual asset service providers must have prior approval before engaging with third-party service providers to promote their crypto products.

Nigeria has been a leader in crypto adoption. According to Consensys’ 2024 Perception Survey, 84% of respondents in Nigeria said they owned a crypto wallet.

In its Geography of Cryptocurrency Report published in October 2024, Chainalysis ranked the country No. 2 overall in global crypto adoption, highlighting the country’s appetite for decentralized finance.

In addition, residents of Nigeria have adopted stablecoins such as Tether’s USDt to combat the high inflation and steep depreciation of the naira. According to Chanalysis, Nigeria received $21.8 billion in stablecoins between July 2023 and June 2024, leading all Sub-Saharan African nations.

Africa’s Global Bank, United Bank for Africa (UBA) Plc demonstrated its commitment to fostering peace and stability across Africa with a landmark donation of $500,000 to the African Union (AU) Peace Fund.

Tony Elumelu

This donation by the UBA Group supports the AU’s efforts towards promoting security, conflict resolution, sustainable development, and a unified Africa, as envisioned in the AU’s Africa Agenda 2063.

The AU Peace Fund plays a crucial role in financing mediation and preventive diplomacy efforts across Africa, strengthening institutional capacity and ensuring rapid responses to emerging conflicts. UBA’s support underscores its dedication to the collective progress of African nations, reinforcing the UBA Group’s long-standing belief that economic growth and regional stability go hand in hand.

The Chairman of the Executive Management Committee AU Peace Fund; H.E Moussa Faki Mahamat stated that “peace is synonymous with resources, if we want development and stability, we must achieve peace, the United Bank for Africa has demonstrated their commitment to the development of our continent by this commitment, through sustainable resources. Together, we will continue to build a continent for the future.

UBA’s Group Chairman, Mr. Tony Elumelu, who announced the donation in Addis Ababa, Ethiopia, highlighted the reasons behind the UBA Group’s support to the AU.

Elumelu explained the requirement that corporate institutions shape Africa’s future cannot be over-emphasised, and by investing in peace and security, UBA is contributing to an environment where businesses, communities, and nations can thrive, driving sustainable development and economic prosperity for all.

“UBA is committed to advancing sustainable development, uplifting the quality of life across Africa and the vital connection between economic growth for Africans and African businesses and the stability provided by peace and security,” Elumelu said.

With presence in over 20 countries in Africa, UBA strongly believes in the continent’s potential, as he added that “Development will come with peace, and every individual, organisation and business should be committed towards achieving this.”

The UBA Chairman took time to commend the African Union for its steadfast dedication to promoting peace and security across Africa, saying that UBA Group is honoured to partner with the AU in this noble endeavour, while seeking deeper collaboration between the two institutions.

Over the years, UBA Group’s commitment to the growth and stability of the continent has been unwavering, including the UBA Foundation’s contribution of $14m to catalyse a comprehensive Pan-African response to the fight against the coronavirus (COVID-19) global pandemic.

The donation provided significant and much needed support to Nigeria and 19 other African countries by supplying relief materials, critical care facilities, and financial support to governments.

The African Union Peace Fund (AUPF) is a financial mechanism established by the African Union to support peace and security initiatives across the continent, primarily focused on conflict prevention, mediation, and peace-building operations through funding allocated to various peace support activities across Africa, including institutional capacity building and peace support operations; it is considered a key pillar of the African Peace and Security Architecture (APSA).

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

United Bank for Africa (UBA) has successfully completed its much-anticipated system upgrade, restoring all banking services to normalcy.

In a message to customers, UBA reassured customers that they could now log in to the mobile app and enjoy a smoother, more efficient banking experience.

The bank acknowledged any inconvenience caused by the process and reaffirmed its commitment to providing top-tier financial services.

“We are pleased to inform you that our mobile app upgrade has been completed, and all services have been fully restored. You can now log in and enjoy a smoother banking experience and improved services,” UBA announced.

While the upgrade promises enhanced functionality and reliability, UBA urged customers experiencing any lingering issues to reach out to its 24-hour Customer Fulfilment Centre via 02012808822 or email [email protected] for prompt assistance.

With the completion of the process, UBA reassured its customers of its dedication to innovation and excellence in banking.