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Beyond Pay-On-Delivery, Nigeria’s B2C Ecommerce Problem Is Logistics

By
Ndubuisi Ekekwe
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0

It is beyond pay-on-delivery: “More than a decade after e-commerce began to take root in Nigeria, industry leaders now say one of the sector’s earliest features—Pay-on-Delivery (POD)—has become a major barrier to growth, profitability, and long-term sustainability. This concern was a central theme at the E-commerce and Payment Forum, hosted by the Lagos Business School, where operators and analysts stated that POD, initially introduced to win over skeptical consumers, is now hindering progress and deepening losses for platforms.”

The #1 problem in the Nigerian B2C ecommerce which I noted in my seminal article about a decade ago in Harvard Business Review is LOGISTICS.

Simply, it is about the marginal cost, the cost of serving an additional user. When a country does not have the postal service, that country does not have the platforms for B2C ecommerce development. Yes, without the United States Postal Service, Amazon would have struggled. The USPS has not recorded a single profit in the last 20 years, and that is so because the US government has been subsidizing logistics to grow digital commerce.

China has been doing likewise with massive subsidies in supply chain and logistics. But Nigeria does not have a good postal service to remove that logistical friction, and that means that NO B2C ecommerce company in Nigeria operates a nationwide playbook. The implication is clear: there is no B2C ecommerce company in Nigeria; what we have are area-based B2C ecommerce companies which operate in few cities.

But get this: players, your problem is not pay-on-delivery. Your challenge is that there is no record of B2C ecommerce company that has become profitable anywhere in the world without a functional national postal service and/or executing a double play strategy where they extract value from ecommerce via another vertical as Alibaba does with Alipay, and Amazon did with AWS on ecommerce. But a pure play B2C ecommerce in Nigeria is largely hopeless!

Implications of H.R. 3795 Gold Reserve Transparency Act of 2025

By
Paul Ugbede Godwin
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0

On June 6, 2025, Congressman Thomas Massie (R-KY), joined by Representatives Troy Nehls (R-TX), Addison McDowell (R-NC), and Warren Davidson (R-OH), introduced H.R. 3795, the Gold Reserve Transparency Act of 2025. The bill mandates a comprehensive audit of U.S. gold reserves, the first in decades, requiring a full assay, inventory, and audit of all gold holdings, including those in deep storage like Fort Knox. The Comptroller General, through the Government Accountability Office, must complete the audit within nine months of the bill’s enactment and repeat it every five years.

The legislation also demands transparency on all gold transactions—purchases, sales, loans, pledges, leases, swaps, and encumbrances—dating back 50 years, with public reports detailing findings, except for redactions related to physical security. Massie emphasized the need for transparency, stating, “Americans deserve transparency and accountability from the institutions that underpin our currency,” amid concerns over $37 trillion in U.S. federal debt and global central banks stockpiling gold. The bill addresses doubts about the accuracy and security of U.S. gold reserves, estimated at 261 million troy ounces, and responds to calls for clarity as nations like Germany seek to repatriate gold held in the U.S.

The audit, expected to take up to a year, aims to restore confidence in the U.S. dollar as some countries reduce USD exposure. Stefan Gleason, CEO of Money Metals Depository, criticized the lack of prior audits, noting that such lax oversight would be unacceptable in the private sector. The bill aligns with Massie’s history of advocating for financial transparency, including his prior efforts to audit the Federal Reserve.

A transparent audit could bolster or undermine confidence in the U.S. dollar, depending on the findings. If the audit confirms the reported 261 million troy ounces of gold reserves, it may reassure markets and the public of the U.S.’s financial stability. Conversely, discrepancies or evidence of undisclosed transactions (e.g., loans or encumbrances) could fuel skepticism about the dollar’s backing, especially amid a $37 trillion federal debt. Global central banks are increasing gold purchases to diversify away from the USD. A credible audit might slow this trend by affirming U.S. reserves, while negative findings could accelerate de-dollarization efforts by countries like China and Russia.

The bill responds to international concerns, such as Germany’s efforts to repatriate gold held in the U.S. A transparent audit could strengthen trust with allies or reveal vulnerabilities in U.S. gold management, impacting diplomatic relations. If the audit uncovers issues (e.g., missing gold or unreported transactions), it could embolden nations advocating for alternative reserve currencies, weakening U.S. financial influence.

The audit aligns with growing public and political demand for transparency in federal institutions, as seen in Massie’s prior push to audit the Federal Reserve. Positive results could enhance trust in government, while negative outcomes might fuel populist movements or calls for monetary reform, such as a return to the gold standard. The requirement for recurring audits every five years signals a long-term commitment to accountability, potentially reshaping how the U.S. manages and reports its reserves.

Gold markets could see volatility during the audit process, especially if interim reports suggest discrepancies. A confirmed reserve could stabilize or depress gold prices, while findings of mismanagement might drive prices higher as investors seek safe-haven assets. Financial institutions and investors may adjust strategies based on audit outcomes, affecting bond yields, equity markets, and currency valuations.

Passage of the bill could set a precedent for increased scrutiny of other federal financial operations, including the Federal Reserve, aligning with broader libertarian and fiscal conservative agendas. The introduction of H.R. 3795 highlights a polarized debate over U.S. monetary policy and government transparency, with clear divides along ideological, political, and economic lines. Supporters (primarily conservative Republicans like Massie, Nehls, McDowell, and Davidson): Argue that auditing gold reserves ensures accountability, protects national wealth, and addresses public skepticism about federal institutions.

They often align with libertarian or populist views, questioning the Federal Reserve’s opacity and advocating for sound money principles. Some may see this as a step toward challenging fiat currency systems. Opponents (likely Democrats and establishment figures): May argue that the audit is unnecessary, costly, or risks undermining confidence in U.S. financial systems without clear evidence of mismanagement. They might view it as a politically motivated move by fiscal hawks to push anti-Federal Reserve agendas or appeal to populist bases. Concerns about redacted security details could also be raised as a pretext for opposition.

Those skeptical of central banking (e.g., advocates of gold-backed currency or Austrian economics) support the bill, citing historical precedents of gold mismanagement (e.g., unverified reserves during the Bretton Woods era). They argue transparency could deter reckless monetary policy. Mainstream economists and Keynesian proponents may argue that gold reserves are less relevant in a fiat currency system and that an audit could create unnecessary market panic. They might prioritize maintaining trust in the Federal Reserve and the USD’s global dominance over revisiting gold’s role.

Pro-Audit Sentiment fueled by distrust in government, particularly among conservative and libertarian-leaning citizens, who view the audit as a check on federal overreach. Social media posts on X reflect enthusiasm among gold investors and skeptics of fiat currency, with some speculating about hidden gold sales or leases. Many Americans, less familiar with monetary policy, may see the audit as esoteric or irrelevant to immediate economic concerns like inflation or job growth. Opposition could stem from those who trust existing institutions or fear audit findings could destabilize markets.

Leaders like Stefan Gleason of Money Metals Depository support the bill, arguing it addresses long-standing concerns about unverified reserves. The industry stands to benefit from heightened gold demand if the audit reveals issues. Major banks and institutions tied to fiat currency systems may quietly oppose the bill, fearing it could spark broader scrutiny of monetary policy or destabilize confidence in the USD.

The Gold Reserve Transparency Act of 2025 could have far-reaching implications for U.S. economic credibility, global financial influence, and domestic trust in government. Its outcome—whether confirming robust reserves or exposing discrepancies—will shape monetary policy debates and market dynamics. The divide reflects deeper ideological tensions: distrust in centralized institutions versus faith in the status quo, with conservatives pushing for transparency and establishment figures likely resisting. The bill’s progress and audit results will be pivotal in determining whether it strengthens or disrupts the U.S.’s financial standing.

Société Générale Launches USDCV Stablecoin On Ethereum and Solana Blockchains

By
Paul Ugbede Godwin
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0

Société Générale, through its crypto subsidiary SG-Forge, has launched USD CoinVertible (USDCV), a U.S. dollar-pegged stablecoin, on Ethereum and Solana blockchains. Announced on June 10, 2025, this marks the first time a major global bank has issued a USD-backed stablecoin on public blockchains. Bank of New York Mellon (BNY Mellon) will act as the custodian for the assets backing USDCV, which are held in cash initially and may later be invested in other assets. The stablecoin complies with the EU’s Markets in Crypto-Assets (MiCA) regulation and is designed for institutional, corporate, and retail investors, though it’s not available to U.S. residents due to regulatory restrictions. Trading is expected to start in July 2025.

USDCV follows SG-Forge’s euro-pegged stablecoin, EUR CoinVertible (EURCV), launched in April 2023. The move targets the $250 billion stablecoin market, dominated by Tether (USDT) and Circle’s USD Coin (USDC), and aims to support use cases like crypto trading, cross-border payments, on-chain settlement, foreign exchange, and collateral management. SG-Forge emphasizes 24/7 fiat-to-stablecoin conversions and daily transparency of reserve collateral on its website, aligning with MiCA standards. This launch reflects growing institutional interest in stablecoins, with Société Générale positioning itself to bridge traditional finance and blockchain ecosystems.

The launch of Société Générale’s USDCV stablecoin has significant implications for the financial industry, particularly in bridging traditional finance (TradFi) and decentralized finance (DeFi). It also highlights a growing divide between institutions embracing blockchain technology and those lagging behind, as well as between regions with differing regulatory approaches. Société Générale, a major global bank, issuing a USD-pegged stablecoin on public blockchains (Ethereum and Solana) signals a shift toward institutional adoption of crypto assets. With BNY Mellon as custodian and compliance with EU’s MiCA regulation, USDCV lends credibility to stablecoins, potentially encouraging other banks to follow.

The stablecoin targets institutional, corporate, and retail investors for use cases like crypto trading, cross-border payments, and collateral management. This could drive broader acceptance of stablecoins in mainstream financial operations, reducing reliance on traditional payment systems like SWIFT. The $250 billion stablecoin market is dominated by Tether (USDT) and Circle’s USD Coin (USDC). USDCV’s entry, backed by a reputable bank and MiCA compliance, introduces a new competitor that could appeal to risk-averse institutions wary of non-bank issuers.

Features like 24/7 fiat-to-stablecoin conversions and daily reserve transparency may set a new standard for trust and operational efficiency, pressuring existing players to enhance their offerings. By deploying USDCV, Société Générale is positioning itself as a bridge between TradFi and DeFi. USDCV’s interoperability on Solana, a high-throughput blockchain popular in DeFi, could facilitate seamless interactions between institutional players and DeFi protocols, such as decentralized exchanges or lending platforms.

This could unlock new liquidity pools, enabling institutions to participate in DeFi while adhering to regulatory standards, potentially accelerating the growth of hybrid finance models. USDCV’s compliance with MiCA positions the EU as a leader in crypto regulation, offering a clear framework for stablecoin issuance. This contrasts with the U.S., where regulatory uncertainty has delayed similar initiatives and excluded U.S. residents from accessing USDCV.

The launch may attract other global banks to the EU market, reinforcing its role as a hub for crypto innovation. Stablecoins enable faster, cheaper cross-border transactions compared to traditional banking systems. USDCV’s focus on institutional use cases like on-chain settlement and foreign exchange could reduce costs for corporates and financial institutions. The 24/7 availability of stablecoin conversions addresses the limitations of traditional banking hours, enhancing operational flexibility.

Société Générale’s move highlights a divide between forward-thinking banks embracing blockchain and those hesitant to adopt crypto technologies. While Société Générale and a few others (e.g., JPMorgan with its JPM Coin) are experimenting with blockchain, many banks remain cautious due to regulatory, technical, or reputational concerns. Issuing a public blockchain stablecoin is a bold step, exposing Société Générale to market and regulatory risks. Conservative institutions may wait for clearer regulations or proven success before entering, potentially missing early-mover advantages.

The EU’s MiCA framework provides a clear path for stablecoin issuance, enabling USDCV’s launch. In contrast, the U.S. lacks comprehensive crypto legislation, creating uncertainty that has sidelined U.S. residents from USDCV and deterred similar initiatives by American banks. Other regions, like Asia or the Middle East, have varying levels of crypto regulation. This patchwork creates a divide between jurisdictions where stablecoins can thrive (e.g., EU, Singapore) and those where adoption is stifled (e.g., China, India).

USDCV’s exclusion of U.S. residents due to regulatory restrictions underscores a divide in access to innovative financial products. Investors in MiCA-compliant regions can leverage USDCV, while U.S. investors are limited to non-bank stablecoins like USDT or USDC. While USDCV targets a broad investor base, its institutional focus (e.g., corporate treasury, collateral management) may prioritize large players over retail users, potentially widening the gap in access to blockchain-based financial tools.

Société Générale’s choice of public blockchains (Ethereum, Solana) contrasts with banks favoring private or permissioned blockchains for control and privacy. This divide reflects differing philosophies on decentralization, with public blockchain adopters like Société Générale aligning more closely with DeFi principles. USDCV’s presence on Ethereum and Solana enhances its utility, but the broader crypto ecosystem remains fragmented across blockchains. Institutions adopting USDCV may face integration challenges with other networks, limiting seamless adoption.

USDCV’s backing by Société Générale and BNY Mellon may appeal to institutions skeptical of non-bank issuers like Tether, which has faced scrutiny over reserve transparency. This creates a trust divide, where bank-backed stablecoins could gain preference among risk-averse users. USDCV, while on public blockchains, is issued by a centralized entity, contrasting with fully decentralized stablecoins like DAI. This divide reflects ongoing tensions between centralized control and DeFi’s ethos of decentralization.

Société Générale’s USDCV launch is a pivotal step toward integrating stablecoins into traditional finance, with implications for competition, regulation, and operational efficiency. It positions the bank as a leader in the evolving crypto landscape and reinforces the EU’s regulatory edge. However, it also underscores divides in institutional adoption, regulatory environments, market access, technology, and trust. These divides will shape the pace and inclusivity of stablecoin adoption, determining whether blockchain-based finance becomes a unifying force or deepens existing disparities.

Implications of BlackRock IBIT Bitcoin ETF Reaching $70B in AUM

By
Paul Ugbede Godwin
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0

BlackRock’s iShares Bitcoin Trust (IBIT) has achieved a historic milestone, becoming the fastest exchange-traded fund (ETF) to surpass $70 billion in assets under management (AUM), reaching this mark in just 341 trading days. This is approximately five times faster than the previous record holder, SPDR Gold Shares (GLD), which took 1,691 days to hit the same threshold. Launched on January 11, 2024, IBIT has seen unprecedented growth, driven by strong institutional and retail investor interest, with $71.9 billion in AUM and holdings of 661,457 Bitcoin (BTC) as of June 6, 2025.

This makes BlackRock the largest institutional Bitcoin holder, surpassing Binance (629,190 BTC) and MicroStrategy (582,000 BTC). The ETF’s success is attributed to Bitcoin’s rising price, which hit $110,000, and its growing acceptance as an inflation hedge and alternative store of value. IBIT has posted $48.7 billion in net inflows since launch, outpacing other spot Bitcoin ETFs, though it saw a $430.8 million outflow on May 30, ending a 31-day inflow streak. Analysts, including Bloomberg’s Eric Balchunas, project BlackRock could overtake Satoshi Nakamoto’s estimated 1.1 million BTC holdings by mid-2026.

BlackRock’s iShares Bitcoin Trust (IBIT) hitting $70 billion in assets under management (AUM) in just 341 trading days signals strong institutional acceptance of Bitcoin. As the largest institutional Bitcoin holder (661,457 BTC), BlackRock’s involvement validates cryptocurrency as a legitimate asset class, encouraging other financial giants to enter the space. The ETF’s accessibility through traditional brokerage accounts lowers barriers for retail investors, driving broader participation.

This has contributed to Bitcoin’s price surge to $110,000, reinforcing its role as an inflation hedge and alternative store of value. With IBIT’s massive AUM, BlackRock wields significant influence over Bitcoin’s market dynamics. Its buying or selling activity could amplify price volatility, especially given its holdings surpass those of Binance and MicroStrategy. IBIT’s success may push regulators to clarify cryptocurrency frameworks, balancing innovation with investor protection.

The SEC’s approval of spot Bitcoin ETFs in January 2024 already marked a shift, and continued growth could lead to more crypto-based financial products. IBIT’s dominance ($48.7 billion in net inflows) intensifies competition with other spot Bitcoin ETFs, like Fidelity’s FBTC and Grayscale’s GBTC. This could drive innovation in fee structures (IBIT’s 0.25% fee) and product offerings. The U.S. spot Bitcoin ETF market, with $110 billion in AUM across 11 funds, sets a benchmark for other countries. Nations like Canada and Australia may accelerate their own crypto ETF approvals to capture similar capital flows.

With BlackRock holding over 3% of Bitcoin’s 21 million total supply, institutional accumulation could exacerbate scarcity, especially as the halving cycle (next in 2028) reduces new issuance. This may drive prices higher but risks centralizing ownership. IBIT’s reliance on Coinbase for custody raises questions about counterparty risk. A security breach or operational failure could impact investor confidence in Bitcoin ETFs.

Bitcoin’s appeal as “digital gold” grows amid global inflation concerns and fiat currency devaluation. IBIT’s growth reflects investors seeking alternatives to traditional assets like bonds or gold (GLD took five times longer to reach $70B). As U.S.-based ETFs dominate Bitcoin holdings, it could shift crypto’s power center from decentralized networks to Wall Street, potentially clashing with Bitcoin’s original ethos of financial sovereignty.

Institutional investors and high-net-worth individuals benefit from IBIT’s regulated structure, tax advantages (e.g., in retirement accounts), and ease of access. BlackRock’s scale allows it to negotiate lower fees and secure large Bitcoin allocations. Small retail investors holding Bitcoin directly on exchanges or wallets face higher risks (hacks, lost keys) and miss out on ETF-related benefits like liquidity and regulatory oversight. They may also struggle to compete with institutional buying power driving prices up.

Wall Street giants like BlackRock profit from management fees and market influence. IBIT’s success strengthens TradFi’s grip on crypto, aligning it with existing financial systems. Bitcoin purists, who value decentralization and censorship resistance, see ETFs as a betrayal of Satoshi Nakamoto’s vision. Institutional custody and regulatory oversight undermine the “be your own bank” ethos, centralizing control in entities like BlackRock and Coinbase.

U.S. investors and firms dominate the Bitcoin ETF market, with BlackRock leading the charge. Developed markets with robust financial infrastructure attract the bulk of capital flows. Emerging markets with restrictive crypto regulations or limited access to ETFs lag behind. Investors in these regions face higher costs and risks trading on unregulated exchanges, widening the wealth gap.

Early Bitcoin adopters and ETF investors reap massive gains from the price rally to $110,000. BlackRock’s projected overtake of Satoshi’s 1.1 million BTC by mid-2026 underscores the wealth concentration among large holders. Those without Bitcoin exposure, including skeptics or late entrants, miss out on the rally.

As institutional accumulation accelerates, entry costs rise, pricing out lower-income investors. IBIT’s meteoric rise is a double-edged sword: it cements Bitcoin’s financial relevance but risks alienating its decentralized roots, creating winners in Wall Street and losers among those left behind in the crypto revolution.

CreditChek Acquires CreditCliq to Unlock Global Credit Access For African Immigrants

By
Ojukwu Emmanuel
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0

CreditChek, a fast-rising African credit assessment platform, has acquired CreditCliq, a U.S.-based company that helps business underwrite credit to newcomers while reducing default risk by accessing customers’ global credit report.

The acquisition is a strategic move by CreditChek, aimed at breaking one of the biggest barriers for African immigrants, to accessing credit in new countries.

Speaking on the acquisition, Kingsley Ibe, CreditChek CEO, told Condia,

“Financial institutions should be able to provide credit to Africans globally. We are simply providing the data to support credit applications for African applicants who may have migrated to another country.”

Also commenting, Lionel Orishane, CTO of CreditChek said,

“We are incredibly excited about this acquisition as it marks a strategic step forward in strengthening our infrastructure, accelerating credit decisioning across borders, and expanding access to reliable credit data for global financial institutions. We believe this move will bring us closer to our mission of making financial inclusion a reality for millions of African consumers globally”.

Creditcliq focuses on providing individuals with tools to access and understand their credit information. The company offers a platform where users can discover their credit scores quickly and efficiently, aiming to empower global citizens by making their credit reports accessible. It also introduces consumers to their first financial products, such as credit cards, helping them to start building their credit.

With a commitment to enhancing financial literacy and accessibility, Credit Cliq serves as a bridge between individuals and their financial health, enabling them to make informed decisions about their credit and finances.

The acquisition of Creditcliq by CreditCheck directly tackles the challenge of non-transferable credit histories, a common hurdle for African migrants trying to secure loans, rent apartments, or obtain credit cards abroad. By integrating CreditCliq’s infrastructure which was originally designed to underwrite immigrants from the Philippines and Mexico, CreditChek now possesses the capability to translate African credit profiles into formats recognized in countries like the U.S., U.K., and Canada.

Launched in 2022, CreditChek has already facilitated over 300,000 verifications and supported more than $30 million in loan approvals. The platform partners with African credit bureaus to enhance financial data transparency. Its core offerings include Credit Insights, which connects with African credit bureaus, and Income Insights, a tool for financial institutions to assess creditworthiness from bank statements.

These tools reduce credit assessment times to under 90 seconds, significantly faster than the typical 20 minutes, with charges ranging from 50 cents to $2 per search or API call. By facilitating the transfer of credit information, CreditChek enables financial institutions worldwide to assess the creditworthiness of African consumers, thereby promoting financial inclusion and economic empowerment. 

In January 2025, the company partnered with CredPal, a buy now pay later (BNPL) company in Africa, to deliver creditworthiness and identity verification services for CredPal’s new credit card business. This collaboration represented a significant step for CreditChek to strengthens its mission to make credit across Africa more accessible, transparent, and reliable.

With the recent acquisition, Creditchek is positioning itself at the forefront of transforming credit access across the African continent. The company is charting a future where African consumers can access financial services seamlessly, no matter where they are in the world.

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