E-Financial
FXTM Launches School of Financial Investing and Trading in Nigeria
FXTM, part of the Exinity Group, has announced the launch of its FXTM School of Financial Investing and Trading (FIT).
FIT is a comprehensive knowledge and skills building program designed for traders seeking financial inclusion through the world of trading.
Participants in the FIT program will enjoy interactive learning sessions delivered by market experts through a mix of face-to-face and online sessions.
Through a four-course module, both novice and more experienced traders will be able to build the know-how needed to succeed in trading the financial markets:
First phase, The Beginner. This kick-off course covers the basics of the financial markets and how trading works.
Second phase, The High-School. Attendees will learn simple trading strategies and the importance of risk management.
Third phase, The Undergraduate. Practical workshops to apply knowledge gained to date as well as a deep-dive into technical trading covering Pivot Points, Indicators, and Oscillators.
Fourth phase, The Graduate. The final module offers students the chance to choose an elective course such as Trader Psychology, Harmonic Patterns, or Eliot Wave Theory and more.
Abiola Akinyele, country director of FXTM Nigeria, said: “By working closely with our clients we have observed that, despite the abundance of trading information available online, many of our clients are looking for more personalised and interactive learning experiences”.
“Over the last few years we have seen huge growth in FX trading, and a corresponding demand for support and coaching from traders who want to build their knowledge and skills.
“In 2019, Nigerian traders delivered $314 million of daily turnover in the global forex market, and with the global pandemic of 2020 driving even more interest in financial markets we expect this growth to continue”, adds Akinyele.
A pilot of the FIT program was launched in November, welcoming over 800 attendees to take one of the FIT course across three of Exinity’s training centres in Lagos, Port Harcourt and Abuja.
Commenting on the interactive FIT sessions, Felix Appah, a participant from Abuja said: “After attending the Financial Fitness Seminar, I got inspired to learn about forex trading to use it as a means to earn additional income and decided to join the Get Market FIT workshop.
“The sessions helped with learning more strategies to improve our trading capabilities”.
Similarly, Anyagu Johnson Chijioke, another FIT attendee said his motivation to join was to improve “knowledge on forex trading and control losses”. Upon completion, Chijioke commented:
“I can boldly say I have acquired a basic knowledge in trading strategies and risk management to test the market.
“I hope for more seminars where FXTM’s experienced and professional trainers can continue to disseminate and transfer knowledge to us”.
Phase two of the FIT programme will begin next year, followed by phase three and four.
Interested attendees can register through the MyFXTM client portal.
E-Financial
SEC Says 50 Crypto Exchanges have Applied for Licenses
Dr. Emonotimi Agama, director-general, Securities Exchange Commission (SEC), has disclosed that 50 cryptocurrency exchanges have applied for operational licences in the country.
Agama who spoke during a fireside chat at the BusinessDay Blockchain Conference in Lagos recently, said the commission received “50 applications and has accepted seven firms into its programmes”.
“Our work at the SEC is to protect investors and foster market development,” he said.
“The commission is open to innovation. Businesses must meet regulatory and compliance requirements to ensure the growth of a stable and sustainable digital economy.”
According to him, the government is receptive to crypto and blockchain because it has seen the country’s youths adopt the technology.
Agama added that the pace of acceptance of digital assets may vary across different sectors but will eventually happen.
“For innovators, we encourage you to seize the opportunity to develop blockchain solutions tailored to Africa’s unique needs,” he said.
“Focus on solving real-world problems, such as financial exclusion, inefficient supply chains, and lack of transparency in governance.”
Recall that SEC had on August 29, granted Busha Digital Limited and Quidax Technologies Limited “approval-in-principle” to commence operation under the accelerated regulatory incubation programme (ARIP).
The ARIP was introduced by the SEC to onboard firms that had already begun operations before the release of the rules on virtual asset service providers in May 2022
The commission equally introduced the regulatory incubation programme (RIP) designed to evaluate the business models of digital asset firms and allow them to test their products, services, and technology in a real-world market environment under the regulator’s close supervision.
The commission also said additional licence applications were being assessed and that approvals-in-principle would be granted on a case-by-case basis once the requirements were met.
However, on September 4, SEC clarified that it has not yet fully licenced any cryptocurrency exchange.
On his part, Buchi Okoro, chief executive officer (CEO) of Quidax, said regulation helps check operators’ activity in the space and protect investors.
E-Financial
Reps Panel Asks GTBank to Remit VAT on Remita Transactions to FG
The House of Representatives Public Accounts Committee, has asked Guaranty Trust Bank (GTB) to calculate and remit the Value Added Tax (VAT) on the commission from Remita between 2015 and 2022 to the federal government recovery accounts.
Remita is a financial solution gateway technology used by the federal government for collection of revenue for Ministries, Departments and Agencies to the Treasury Single Account (TSA).
The committee chaired by Hon. Bamidele Salam gave the directive on Thursday at the ongoing investigation into alleged revenue leakages through REMITA platform and non-compliance substantively with standard operating procedure and other allied service agreements.
The panel raised two issues on evidence of remittance of VAT components of Remita collections and collection of fees in the first regime of the Remita transaction.
But, Ahmed Liman, executive director of GTBank, said the bank did not remit the VAT for the period of eight years.
He said: “We believe that Remita is saddled with the responsibility of sharing the commission fees between the payment receiving parties.
“In our mind, we think Remita has done the needful before sharing the fees between the parties.”
Liman also said the collection of fees in the first regime of the Remita transaction, the bank charged 0.75 per cent on all the payers who used the platform.
The executive director added that the bank received N254.4 million from the Accountant General through Remita in 2018.
The committee resolved that the bank should calculate and remit the VAT on the commission fees received from the platform from 2015 to 2022 to the federal government recovery accounts domiciled with the Central Bank of Nigeria (CBN).
Other Banks that appeared before the committee on the same issues were Keystone, Sterling Bank, Polaris Bank, FCMB, Ecobank, Wema among others.
The committee referred the aforementioned banks to the reconciliation sub-committee in order to address the discrepancies that were noted and get a new date to re-appear before the panel.
E-Financial
CBN Orders PoS Operators to Route all Transactions through NIBSS or UPSL
Central Bank of Nigeria (CBN) has announced new regulations for processing Point of Sale (PoS) transactions across the country, directing that all POS transaction are to be routed wither through the Nigeria Interbank Settlement System (NIBSS) or Unified Payment Services Limited (UPSL) hence, breaking the monopoly of the former on transaction processing.
In a circular dated September 11, 2024 to all payment service providers on connectivity to Payment Terminal Service Aggregators (PTSA), the CBN directed that payment service providers are to commence regularisation with the PTSAs and notify the CBN in writing to confirm compliance, within 30 days from the date of the circular.
In order to achieve the objective of tracking electronic transactions in Nigeria, the CBN had in August 2011, granted a PTSA licence to Nigeria Interbank Settlement System Plc (NIBSS).
Following concerns over channelling all Point of Sale (PoS) transactions through a single aggregator, it had on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited (UPSL).
Nearly five months after it granted the licence to UPSL, the CBN has directed that acquirers are “to route all transactions from PoS terminals at merchant and agent locations, whether on physical or electronic PoS terminals, through any CBN-licensed Payment Terminal Service Aggregator (PTSA).”
The circular further read, “PTSAs are required to send PoS transactions to only Processors certified by the relevant Payment Scheme, nominated by the Acquirer and licensed by CBN. All licensed Processors must be integrated with both PTSAs, thereby allowing Acquirers the flexibility to choose which Processor(s) and PTSA to utilise.
“All Payment Terminal Service Providers (PTSPs) must ensure that their PoS devices and applications are configured to route transactions through any PTSA, as directed by the Acquirer.
All PTSPs shall submit monthly returns to the CBN, detailing the number of merchants and agents they manage, along with the PTSA services used to route the corresponding transactions.
“Each PTSA is required to submit monthly returns to the CBN, detailing all transactions processed through their platforms. The returns mentioned above are expected to be submitted to the Director, Payments System Management Department, no later than seven days after the end of each month.”
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