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Loan Apps Surges in Nigeria, as Number of Approved Lenders Reach 284 in May 2024

By
Ojukwu Emmanuel
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0

According to a report by the Federal Competition and Consumer Protection Commission (FCCPC), the number of approved loan apps in Nigeria surged to 284 in May 2024.

This represents an increase from the 266 companies approved in March of the same year.

According to the FCCPC’s updated list of authorized digital lenders, 232 companies have received full approval, while 41 have been granted conditional approval. Additionally, several companies are licensed by the CBN to operate as digital lenders in Nigeria.

The FCCPC listed 11 other companies licensed by the CBN to operate loan apps, making a total of 284 approved digital lenders operating in the Nigerian market.

The surge in the number of loan apps in Nigeria reflects the growing credit appetite of Nigerians, amidst a weak Naira and an unfriendly economy. According to Piggyvest, four in ten Nigerians are in debt, and 26 percent owe loan apps.

The rising cost of living, driven by record-high headline inflation, which hit 33.69 percent in April, has reportedly weakened the purchasing power of many Nigerians.

Also, inflation which serves as a measure of consumer prices, has more than doubled over the last eight years, worsening the living conditions of cash-strapped consumers in Africa’s biggest economy. The President Tinubu administration’s reforms including the removal of petrol subsidy and naira devaluation, implemented in the second quarter of the year, according to reports pushed the inflation rate to the highest level in 18 years.

“The rise in consumer credits could be attributed to increased demand for credit facilities by economic agents,” the CBN said in a report. A breakdown of last year’s data revealed that personal loans recorded the highest share of 75.4 percent, while the share of retail loans stood at 24.6 percent.

Several Analysts stated that when inflation is rising but growth in income or economic activities is abysmal, one should expect this kind of trend where consumers would resort to credits to cover the shortfalls in a bid to meet their essential consumption.

Notably, the increase in the number of loan apps in the country highlights the FCCPC’s role in approving more digital lenders even as it struggles to bring the existing players under control.

The growth in the population of digital lenders coincides with the growing demand for personal loans. The CBN attributes the surge in consumer credit to the increasing popularity of loan apps and other fintech channels.

It is however worth noting that with the increase in the number of approved digital lenders, there has been a corresponding increase in the number of loan apps offering instant loans to Nigeria. This is because many of the approved digital lenders operate multiple loan apps.

Diamond Hand Shiba Inu Holder Offloads $1.1 Million In SHIB To Buy This Groundbreaking Ethereum Presale

By
TI Partners
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0

In what happens to be an unexpected turn of events, a long-time holder of the popular meme coin Shiba Inu (SHIB) has sold off their investment, estimated to be about $1.1 million. The reason for this action remains unknown. However, the anonymous diamond hand investor is reportedly putting in a substantial amount from the sale proceeds into the popular Ethereum presale ravishing the crypto market, ETFSwap (ETFS).

Longtime Shiba Inu (SHIB) Investor Sells Holdings For A 419x Gain

In an X (formerly Twitter) post, popular on-chain update account Lookonchain shared the news of an unnamed Shiba Inu (SHIB) investor who recently sold his holdings for a profit after being inactive for 3.5 years.

On Feb 1, 2021, the investor made a strategic move. They invested 2 Ethereum (ETH), approximately $2,625, to acquire 48.09B worth of the Shiba Inu (SHIB) token. Just a few hours ago, they sold it for 278.7 Ethereum (ETH), equivalent to about $1.1 million. This reflects a staggering gain of 419x.

Interestingly, this development has garnered several reactions and speculations from the crypto community. A further inquiry into the whole event shows that the anonymous “diamond hand” Shiba Inu (SHIB) trader, like several other investors, is buying the hottest Ethereum presale, ETFSwap (ETFS).

Currently, Shiba Inu (SHIB) is trading at $0.00002553, reflecting a 3.0% and 0.2% increase in the last 1 hour and seven days, respectively.

What Is ETFSwap (ETFS)?

ETFSwap (ETFS) is an Ethereum-based decentralized finance (DeFi) platform designed to provide seamless, flexible, secure, and efficient trading services for institutional exchange-traded funds (ETFs) investors.

It achieves this by closing the gap between the traditional finance (TradFi) market and decentralized finance (DeFi) protocols, thereby creating an infrastructure where investors can effectively invest in a diverse collection of tokenized ETFs and cryptocurrencies in a one-stop shop.

Why ETFSwap (ETFS) Is A Better Option To Shiba Inu (SHIB)

One reason why Shiba Inu (SHIB) whales are choosing ETFSwap (ETFS) is because it makes trading activities simple and rewarding. This innovative infrastructure allows users and investors to swap their assets securely and cost-effectively across various markets. As a result, an investor can choose to swap ETFs for cryptocurrencies or cryptocurrencies for ETFs.

Users and investors can stake their holdings to earn rewards on this decentralized finance (DeFi) platform. By adding their assets to the ETF pool, ETFSwap (ETFS) provides liquidity for swap trading. They can also earn yield from trading fees as each ETF pool’s trading volume expands.

Further, ETFSwap (ETFS) offers perpetual futures and options services. Users and investors can trade in long and short options directly on the platform and take advantage of up to 50x leverage across every listed ETF. This way, they maximize the value of their investments.

ETFSwap (ETFS) boasts a secure platform allowing all kinds of investors to engage in trading without undergoing KYC registration. This approach promotes decentralization, thereby eliminating all forms of interference by banks or third parties. Moreover, CyberScope, a top cybersecurity firm, has run a comprehensive audit on the ETFSwap (ETFS), with results showing its resistance to cyberattacks.

The Hottest Ethereum Presale – Early Investors To Gain Over 10,000% On Investments

The ongoing ETFSwap (ETFS) presale, regarded as the hottest Ethereum presale at the moment, is poised to make several people rich. Currently selling for $0.00854 in its presale Stage 1, it has attracted the crypto community’s attention, selling over 100 million tokens. With Stage 1 looking to sell out soon, Stage 2 will begin and sell for $0.01831. This means that Stage 1 investors would have gained over 100% on their initial investments when this happens.

Beyond that, the imminent listing of the project on major crypto exchanges is set to push the price of ETFS as high as $1, reflecting a 10,000% price increase. Consequently, your Stage 1 $1,000 investment would have appreciated over $100,000 when listed. This is a smart-choice investment opportunity for new and seasoned investors.

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

BONK Price Explosion Imminent: What This Means for New Players in the Crypto Arena

By
TI Partners
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0

Recently, the spotlight has fallen on BONK, a meme token poised for an imminent price explosion.

Simultaneously, RCO Finance (RCOF) is garnering attention with its innovative approach to reshaping crypto investment paradigms.

In this article, we delve into the imminent Bonk price implications and how they relate to the prospects of new players like RCOF in the crypto arena.

Bonk Price Prediction: Anticipation For Imminent Explosion

According to various analyses and predictions from reputable sources within the crypto community, Bonk is poised for a substantial price explosion in the coming days or weeks.

Technical indicators, such as the Relative Strength Index (RSI), suggest strong buying interest and bullish momentum, indicating a potential surge in the price of Bonk.

Additionally, recent trading patterns and whale activity have contributed to investors’ growing sense of anticipation.

Jacob Bury, a prominent YouTuber known for his insightful technical analysis, has highlighted the potential for Bonk’s price to double over the next three to six months, reaching impressive heights of $0.00006.

https://youtu.be/yZVPBxWgXzA?si=SIms-gJZnLLghn4b

Furthermore, the recent surge in trading volume and positive market sentiment surrounding Bonk’s upcoming developments have fueled optimism among investors, further supporting the notion of an imminent price explosion.

However, investors should cautiously approach such predictions and conduct thorough research before making any investment decisions.

While technical analysis can provide valuable insights, factors such as market sentiment, project fundamentals, and potential regulatory developments must also be considered.

RCO Finance (RCOF): Capitalizing on Bonk’s Implosion

While the prospect of Bonk’s price explosion may seem enticing, savvy investors are also eyeing another opportunity that has emerged amidst the frenzy – the RCO Finance (RCOF) token.

Besides offering a great investment opportunity for early investors through the ongoing public presale, RCOF token’s RCO Finance decentralized trading platform stands as a pioneering platform reshaping the investment realm by enabling users to purchase stocks and an array of assets using cryptocurrency directly.

Most significantly, Bonk’s price implosion could benefit the RCOF token, which is currently in the public presale stage.

In addition, besides the RCOF token presale, RCO Finance offers a compelling solution with its innovative approach to democratizing investment opportunities.

With features such as direct ownership of assets, leverage up to 50x, and access to a diverse range of investment options, RCO Finance presents an attractive proposition for investors looking to diversify their portfolios.

In addition to its investment features, RCO Finance prioritizes security, transparency, and user autonomy.

The platform uses blockchain technology and artificial intelligence (AI) to ensure that transactions are secure and transparent while providing users with real-time market data and customizable trading strategies.

Furthermore, the platform’s decentralized nature eliminates the need for intermediaries, reducing transaction costs and increasing efficiency.

Seizing the Opportunity with RCOF Token

As Bonk garners attention and generates excitement within the crypto community, investors can strategically position themselves by exploring alternative investment avenues such as the RCOF token.

By participating in the public presale stage of RCO Finance, investors can gain early access to a promising project with the potential for significant growth and returns in the long run.

The RCOF token’s staged pricing during the presale stages allows investors to benefit from potential price increases as the project progresses.

With each stage offering a higher token price, early investors stand to gain substantial returns, with potential gains ranging from 169% in the second presale stage to an impressive 3,000% when the token gets listed on major cryptocurrency exchanges.

The expected listing price of the RCOF token, ranging from $0.4 to $0.6, suggests significant upside potential for investors who secure their positions during the presale stages.

Furthermore, as the project gains traction and attracts more investors, the RCOF token is poised to experience further price appreciation, making it a compelling investment opportunity for those looking to capitalize on the crypto market’s growth potential.

For more information about the RCO Finance Presale:

Visit RCO Finance Presale

Join The RCO Finance Community

Look beyond ‘memecoin’ to really see $DAVIDO

By
John Mc Keown
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0

Nigerian mega popular singer Davido released a memecoin yesterday named $DAVIDO

$DAVIDO was launced on the Solana network on May 29th and rapidly grew to a market capitalization of $10 million.

In a few hours, it dropped to around $2 million. Various ‘Apex Rags’ carry similar stories of Davido selling off his own $DAVIDO while at the same time encouraging his fans to buy.

At the time of writing, Gecko Terminal quoted its market cap as $843.4 K.

Why do I think this is different? I think there is a limitations on perspective…  because everyone is basing what they say on what they know about $hitcoins and memecoins. They are not considering the nature of David Adeleke, otherwise known as Davido, his relationship with his fans, Nigeria generally, and the wider Afrobeats movement globally.

In 2021, Davido conducted an appeal for orphanages in Nigeria with a target of NGN 100M. This was around $250k USD at the time. By the appeal closure deadline, the account had accumulated $600k USD with remittances still arriving. Details of the beneficiary institutions can easily be found online.

Beyond this generally, there is a track record of a huge assortment of people of notoriety just ‘giving’ Adeleke ‘stuff’. The guy could probably live opulently for free if he wanted, at least for now.

It’s like as if he has Midas in his back pocket.

Kurt Cobain of the band Nirvana, had a 1969 Fender Mustang, which sold for $4,500,000 in 2022.

This guitar was used by him during Nirvana’s MTV Unplugged performance in 1993, five months before he was found dead in his home in Seattle, Washington.

For people who have crossed over into a rare state of mega-notoriety, prized memorabilia they leave behind, carries epic importance massively surpassing its practical value. It has become a physical symbol of a past unique and unprecedented moment.

Nobody’s notoriety exists forever, and it is only symbols of these special moments, when individuals on top of their game made something truly exceptional happen, will retain these sorts of values.

There are other known celebrities who had such moments, in entertainment or sport, who are still alive. They could probably buy an instrument, a set of boots, or boxing gloves right now, and sign it; but it wouldn’t be worth much more than its market price for what it actually is.

It’s not from a moment locked forever in history when they were ‘in the zone’ and made something visually and/or audibly spectacularly happen. They are no longer in that place where a short intro to a performance can send audiences or spectators into mass hysteria.

This is what makes me look at $DAVIDO in a different way. It might be a memecoin, but to masses who don’t even understand the bare concepts of even cryptocurrencies or blockchains, it may mean something else.

$DAVIDO has ‘happened’ when David Adeleke is at the pinnacle of his ‘game’. The days of being ‘in the zone’. It isn’t just the speculative token off Solana, the cryptocurrency community understand it to be. To the big wide world outside this community, it might be something much bigger, carrying far more meaning, and having enduring significance.

When you look, you notice Solana Smart Contract $hitcoin with all its ills. When you SEE, you observe something else.

To the type of people who brought an open debit slip or wallet to the orphanage appeal, or just make random high value ‘appreciation’ gestures to him, it’s more than a memecoin.

It’s a cryptographic receipt celebrating something they have already decided to give freely without looking for return. Actual speculators might be just a sideshow.

It may be the first ‘cryptomemorabilia’ of its kind.

Early release spikes always come, followed by a decline. A return to that level, if at all, will not come back any time soon.  But it is quite possible that $DAVIDO may settle at some level from which it will modestly appreciate, because of the enduring mass sentiment that is placed in David Adeleke.

Caitlyn Jenner might be able to keep up with the Kardashians, but it’s highly possible pump.fun can’t keep up with $DAVIDO longer term.

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As the Maker of Huggies Exits Nigeria, We Must Note that Saving the factories is saving the Naira!

By
Ndubuisi Ekekwe
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0

Very unfortunate to read that the maker of Huggies is exiting Nigeria: “Kimberly-Clark, a leading manufacturer of diapers and sanitary pads, is set to announce the imminent shutdown of its production facility in Ikorodu, Lagos, Nigeria. This decision comes just two years after the company invested $100 million…[The company] attributed the shutdown to severe economic conditions that have impacted production and profitability. “

In 2022, Kimberly-Clark inaugurated a new $100 million production facility in Ikorodu, marking a significant investment aimed at reviving its presence in the Nigerian market. Despite initial success, the company has struggled with several challenges since late 2022.

According to the sources, the Ikorodu plant has been operating below capacity from late 2023 into 2024 due to the harsh economic environment in Nigeria. The company has faced escalating energy costs, high raw material expenses, and reduced customer demand, leading to a substantial financial burden.

In the Igbo Nation, you do not tell a deaf person that war has started because when a war does start, everyone will know, because it will be self-evident.

As always, I like to offer suggestions because that is what village boys do: Nigeria MUST subsidize energy for the industrial sector even if it mandates for residential and commercial customers to pay the full rates. There is no way companies in Nigeria could compete against global products if  they are exposed to the high cost of energy (via expensive diesel) and electricity (reflective tariff).

Yes, besides the expensive US dollars, energy is another issue. Our government should visit these factories and chat with them. This is getting into a dangerous phase because when people lose their jobs, many who depend on them drop in the economic ladder. And the big one: Saving the factories is saving the Naira!

Kimberly-Clark to Shut Down Lagos Production Facility, Citing High Cost of Operation

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