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E-Financial

SEC to Introduce Weekly Cryptocurrency Transaction Monitoring

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Securities and Exchange Commission (SEC) has announced new measures to oversee the cryptocurrency sector to combat financial crime.

SEC to Introduce Weekly Cryptocurrency Transaction Monitoring

This move addresses a growing market while posing challenges for millions of Nigerians seeking to protect themselves from accelerating price increases.

Under the new regulations, Virtual Services Asset Services Providers (VASPs) must register with the SEC and share weekly and monthly trading statistics concerning Nigerian users.

They are also required to maintain a physical presence in Nigeria.

Authorities say the regulations are necessary to combat money laundering, terrorism financing, and currency rate manipulation.

The government is particularly concerned about the potential impact of crypto transactions on the stability of the naira, the national currency.

These concerns are amplified by recent tensions with Binance, accused of facilitating speculation that contributed to the naira’s depreciation.

These restrictions come as Nigeria’s cryptocurrency market continues to flourish. From July 2022 to June 2023, crypto transaction volumes reached $56.7 billion, up 9% year-over-year.

Nigeria is one of the global leaders in cryptocurrency adoption, with about 33.4% of the adult population engaged in trading or using digital assets, according to Chainalysis, a platform specializing in cryptocurrency monitoring.

Nigeria’s regulatory approach has evolved in recent years. After a total ban on crypto transactions by banks in 2021, the country has gradually softened its stance.

In December 2023, the Central Bank allowed banks to open accounts for VASPs, indicating a willingness to balance innovation and control. With the national currency’s value declining and inflation rising, cryptocurrencies have become a refuge for millions.

However, the government has recently intensified its crackdown on the crypto market. In March 2024, two Binance executives were arrested, and the platform was forced to cease operations in the country.

This was followed by the Nigerian Communications Commission blocking access to several crypto exchange websites.

These new regulations will likely impact market players. Data sharing requirements and the mandate for a physical presence in Nigeria might prompt some companies to reconsider their operations in the country. Users may turn to decentralized exchanges (DEX) to preserve anonymity, though this could limit their access to traditional financial services.

Looking ahead, Nigeria must strike a delicate balance between regulating the crypto sector and harnessing its economic potential.

Continued adoption of cryptocurrencies by Nigerians, driven by the search for alternatives to inflation and naira depreciation, might encourage authorities to adopt a more pragmatic approach.

The challenge will be to create a regulatory framework that protects the national economy while enabling the innovation and financial inclusion that cryptocurrencies can offer.

Ultimately, Nigerian regulators overlook that illicit crypto transactions accounted for only 0.32% of global volume in 2023.

 

 

 

 

 

 

 


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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

UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts

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United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.

UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts

 

In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.

It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.

According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.

The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.

UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.

The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.

 

 

 

 


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E-Financial

Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

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Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.

The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.

According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.

Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.

Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”

One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.

Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.

The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.


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E-Financial

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

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Securities and Exchange Commission  (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.

“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.

“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”

SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.

“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.

“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.

Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.

Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.

“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”

Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.

 

 

 


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