In a remarkable display of resilience and growth, Binance, the world’s largest cryptocurrency exchange, has announced it now boasts a user base of 250 million, inching closer to its ambitious target of 1 billion users.

This news reflects significant growth for the platform, especially considering the challenges it faced in recent years.

In a celebratory post on X, Richard Teng, Binance’s CEO, shared his enthusiasm: “What a year. We’ve hit an incredible milestone of a quarter billion users. A huge thank you to our amazing community for making this possible. Together, we’re one step closer to our vision of onboarding 1 billion users. Here’s to an even bigger 2025.”

The platform’s growth is further highlighted by the staggering $22.6 billion in user deposits in 2024, surpassing the combined deposit figures of the top 10 other crypto exchanges.

Additionally, Binance became the first centralized platform to hit $100 trillion in lifetime trading volumes, cementing its position as a market leader.

The journey to this milestone was not without its hurdles. Late in 2023, Binance faced significant legal challenges, culminating in a $4.3 billion fine from the U.S. government for money laundering and sanctions violations.

The fallout saw the resignation of its founder, Changpeng Zhao (CZ), who also served time in prison. He is now out of prison and working towards educating the world about crypto.

In Nigeria, Binance encountered regulatory friction, culminating in the arrest of two Binance employees in early 2024, accused of money laundering and tax evasion.

However, after months of legal proceedings, one of the detained executives, Tigran Gambaryan, was recently released following the Nigerian government dropping the money laundering charges against him, signalling a potential easing of tensions.

In India, Binance has navigated through regulatory scrutiny, particularly around compliance with local banking systems and law enforcement.

The Indian government has been cautious about cryptocurrencies, leading to a ban on Binance’s operations without proper verification and compliance.

However, Binance has now secured approval from India’s Financial Intelligence Unit (FIU), allowing it to legally operate in the country once again.

This approval marks a significant step towards re-establishing its presence in one of the world’s largest potential markets for cryptocurrency.

In a move to meet the Central Bank of Nigeria (CBN) new capital requirement, FCMB Group Plc, yesterday announced that it has successfully completed its public offer and raised about N147.5 billion from investing public.

The Group in a statement on the floor of the Nigerian Exchange Limited (NGX) stated N144.56 billion was absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share bringing total post-offer issued shares to 39,605,421,562 shares.

It added that the public offer was oversubscribed by 33 per cent amid high demand from investors.

The financial institution announced the completion of its public offer, following the approvals of the CBN and the Securities and Exchange Commission (SEC).

FCMB Group had issued 15,197,282,219 ordinary shares of 50 kobo each at N7.30 per ordinary share of N0.50kobo each to old and new investors.

The Company Secretary, FCMB Group, Mrs. Olufunmilayo Adedibu in a statement stated that the offer was oversubscribed by 33per cent, attracting 42,800 investors with 92per cent subscribing via more convenient digital channels such as the bank’s mobile app and ushering in over 39,000 new investors to the FCMB Group.

She said, “the total amount raised and verified by the regulatory authorities is N147,508,464,568.60 and N144,559,788,701.30 was absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share bringing total post-offer issued shares to 39,605,421,562 shares. Regulatory approvals have also been received to downstream the net proceeds of the public offer from the holding company to the banking subsidiary.

“This raises the paid-up share capital and share premium, being the eligible capital base as per CBN’s recapitalization criteria, of the banking subsidiary, First City Monument Bank Limited, to over N240 billion, which exceeds the minimum requirement for a national banking license.

“Subsequent phases (2 & 3) of FCMB Group’s capital program, which are currently underway, are aimed at ensuring First City Monument Bank Limited meets the minimum capital requirement to retain its international banking license in line with its vision to be a global financial services group of African origin, renowned for leadership in its chosen markets.

Commenting on the successful completion of the public offer, Mr. Ladi Balogun, the Group Chief Executive, FCMB Group, in a statement said, ““We are grateful to our existing shareholders and new investors for coming out strongly to support this offer.

“The success of the public offer reflects significant investor confidence in our strategy and growth potential, as well as trust in the board, leadership and our people to fulfill our commitments and realize this potential.

“We also extend our profound appreciation to the CBN, the SEC and the NGX for their continued foresight, innovation, guidance and support which has been instrumental in achieving this significant milestone.

“This marks an important step forward in our journey to unlock new opportunities, create value for our shareholders, and contribute to the economic growth of Nigeria and Africa. We remain committed to executing the subsequent phases of our capital-raising program in 2025.

Verve International, Africa’s pioneering and largest domestic payments scheme, has announced a significant new milestone, further solidifying its market dominance in Nigeria.

The company has now issued over 70 million payment cards in Nigeria, Africa’s largest consumer market.

This achievement comes just 15 months after Verve celebrated issuing 50 million cards, marking a remarkable 40% year-on-year growth in issuance volumes.

In recent years, Verve has become the preferred payment card across various banking services, especially within Nigeria’s burgeoning fintech and neobank sectors.

This success is attributed to Verve’s continuous innovation, deep understanding of local market needs, and strategic partnerships with commercial banks, microfinance institutions, fintech companies, other financial institutions (OFIs), and the public sector.

As Africa’s leading domestic payment card scheme, Verve is dedicated to addressing unique market challenges by offering secure and cost-effective payment solutions for individuals and businesses.

Verve provides both virtual and physical cards, enabling payments for a growing number of international services in local currency.

Over the past three years, Verve has achieved significant progress, securing merchant acceptance with global platforms such as Google, Spotify, Netflix, Showmax, Amazon Prime, Facebook, Microsoft, Uber, and Flywire.

These partnerships underscore Verve’s commitment to providing African users with convenient access to global services in local denominations.

Beyond Nigeria, Verve cardholders can use their cards in over 21 other African countries, ensuring seamless transactions across the continent.

Verve’s expanding partnerships in East Africa, including major financial institutions like KCB Group and Equity Bank, as well as a growing network of savings and credit societies (SACCOs) in Kenya and Uganda, highlight the company’s dedication to driving value and efficiency for African financial institutions.

Vincent Ogbunude, CEO of Verve International, expressed his excitement about this latest milestone, stating, “At Verve International, we continue to deliver global-standard payment solutions tailored to the economic and operational realities of African markets.

“We are delighted to celebrate this phenomenal achievement of adding 20 million new payment cards in Nigeria.

“We are grateful to our issuing partners and loyal cardholders for their support.”

Recently, Verve launched the fifth edition of its Goodlife National Consumer Promo, a reward program designed to engage and reward its millions of cardholders.

Running from August 15 to December 31, 2024, the promo offers instant discounts and rewards at selected merchants and retail outlets across Nigeria, including NNPC Retail Limited, Addide, The Place, Sweet Sensation, and Chowdeck.

As a subsidiary of the Interswitch Group, Africa’s leading integrated digital payments and commerce enabler, Verve International remains committed to pushing the boundaries of customer experience and payment possibilities.

Verve cards are trusted for their safety, convenience, and reliability, and can be used across a wide range of payment channels, including Point of Sale (POS) terminals, Automated Teller Machines (ATMs), agency banking channels, web/e-commerce, and mobile apps.