E-Financial
SEC Grants NASD Approval to Launch Digital Securities Platform
The Nigerian Securities and Exchange Commission (SEC) has granted approval to NASD Plc to launch its Digital Securities Platform (N-DSP).
The N-DSP is powered by Blockstation, under the Regulatory Incubation (RI) Programme of the commission.
The milestone, according to NASD, signifies a noteworthy stride toward fostering new age innovation, enhanced transparency and deepens trust and inclusion in Nigerian capital markets.
Recall that the NASD Plc in collaboration with Blockstation Inc., engaged with the SEC to shape a regulatory framework for crypto/digital assets. Subsequently, Central Bank of Nigeria, CBN lifted the ban on digital asset trading.
Commenting, Eguarekhide Longe, Managing Director, NASD Plc, said: “Our objective is to empower millions of young investors with access to promising digital assets, ensuring they can make purchases with confidence in a compliant and secure investment environment.
“Nigeria currently ranks second globally for blockchain wallets, and our Exchange is poised to support high-quality assets thriving on the blockchain.”
“NASD is providing issuers with a gateway to raise capital from the public using digital assets, marking a groundbreaking initiative. This endeavor is set to directly influence traditional debt and equity markets, along with traditionally illiquid assets.
The opportunity for digital sovereign bonds can provide the necessary capital for infrastructure while helping resolve Foreign Exchange, FX challenges in the country.
“The diaspora, with $20 billion in annual remittances, can have a promising way to invest their money back home. The tokenization of entertainment assets, such as publishing rights, can further empower and monetise the world’s largest film content creators, Nollywood, currently undercapitalised.
“New markets like tokenized real estate and mortgage-backed securities (MBS), can leverage tokenization to address challenges, such as the 28 million housing deficit, thereby creating a substantial market opportunity,” he added.
“In a nation marked by dynamic economic forces, the confluence of digital assets and traditional financial institutions signals a transformative era for Nigeria’s economic landscape.
“The integration of cutting-edge technology to address the needs of, and captivate the substantially large youthful population, is set to unlock previously untapped markets. We are confident that this platform will play a pivotal role in propelling Nigeria into a new era of economic growth.” Jai Waterman, CEO, Blockstation, said.
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
NDPC, Mastercard Partner to Strengthen Data Protection
CSCS Launches *7270#, USSD Code Service
CBN Spending on Naira Printing, Distribution up by 306 Percent
ABoICT Lecture 2025 to Focus on Governance, Standardization in Artificial Intelligence Era
PalmPay Reaffirms Commitment to Advancing Contactless Payments
E-Business1 day agoExpert Urges FG to Leverage Digital Assets to Drive Diversification Goal
General News1 day agoSeamlessHR, AOPN Push Payroll Innovation for Nigeria’s Outsourcing Growth
General News1 day agoFG Faults AfDB’s Adesina on Nigeria’s GDP Per Capita Figures
Telecom1 day agoTelcos Plan Zero Tariff in Some Regions with Low Opex
News1 day agoCabals Still Fighting our Refinery – Dangote
Telecom1 day agoFCCPC Warns Meta: Quitting Nigeria Won’t Erase Legal Liabilities
E-Financial1 day agoFirst Asset Management Surpasses ₦1 Trillion in Assets Under Management
News1 day agoNPAN Hails Tribunal’s Ruling on FCCPC’s $220M Fine Against Meta