In a recent report, Nigerian Tier-1 banks amassed N392 billion from electronic business in 2023, amidst increased cashless transactions.
The amount generated was from five top Nigerian banks which include, Access Holdings, Zenith Bank plc, GTCO Holdings, FBN Holdings, and United Bank for Africa (UBA).
In the 2023 full-year financial report, the United Bank for Africa (UBA) led other banks in revenue from the electronic business segment, earning N125.5 billion. This marked a 59% increase in UBA’s e-business income compared to the N78.9 billion recorded in 2022.
Access Holdings ranked second in e-business revenue for the year, generating N99.1 billion. The bank’s electronic transactions grew, by 66% in 2023, up from N59.6 billion in the previous year.
Although FBN Holdings has not yet published its audited financial results for the year, interim results indicate that its e-business income rose from N55 billion in 2022 to N66 billion in 2023. This represents a 20% increase in electronic transactions in revenue, with the potential for a higher figure once the audited results are released later this month.
Zenith Bank raked in N51.8 billion from electronic transactions in the year under review, representing a 13% growth over the N45.7 billion recorded in 2022.
GTCO Holdings generated 40.8 billion in its e-business revenue for 2023, representing an 8% growth over the N37.7 billion the company earned in the preceding year.
Notably, other financial banks in Nigeria also recorded significant results in their e-business revenue. FCMB, for instance, grew its electronic transactions income by 26% to N17.7 billion in 2023.
Stanbic IBTC almost doubled its -business earnings in 2023 as it generated N4.4 billion, an increase of 76% from the N2.5 billion it earned in 2022. Wema Bank also recorded an increase in e-business for the period, growing from N6.1 billion in 2022 to N7.3 billion in 2023.
Fidelity Bank’s -business income also jumped from N2.8 billion in 2022 to N3.6 billion in 2023, representing a 29% growth year on year.
The significant revenue recorded by these banks is not surprising as it was reported in April this year that six of them increased their spending on their IT by 44.66 percent to N205.34 billion as more customers carried out electronic transactions. Access Holdings Plc, the parent company of Access Bank is reported to have spent the most last year on IT (N78.05 billion).
Guaranty Trust Holding Company (GTCO), the parent companyof GTBank, increased its IT expenses to N50.24 billion, while Zenith Bank spent N33.59 billion. The United Bank for Africa PIc (UBA) spent N23.19 billion; Stanbic IBTC Holdings Ple, N19.34 billion; and Wema Bank N1.42 billion.
UBA reported the most electronic banking income of N125.58 billion. Access earned N101.62 billion from electronic transactions; Zenith, N51.82 billion; GTCO, N40.83 billion; Wema, N7.35 billion; and Stambic, N4.42 billion.
It is worth noting that in recent years, electronic payment has surged in Nigeria which has been partly boosted by the Central Bank of Nigeria’s (CBN) naira redesign policy and withdrawal limits rolled out in December 2022.
Data from the Nigeria Inter-Bank Settlement System, NIBSS disclosed that e-payments grew by 54.55 percent year-on-year to N611.06 trillion in 2023 from N395.38 trillion in 2022.
By 2025, the apex bank expects the country to have a cashless and efficient electronic payment system infrastructure, with the CBN,‘Payments Vision 2025 document, predicting that the use of cash payments should have lessened by 2025.
One of the major problems limiting the widespread use of blockchain is its complicated user interface and daunting transition from Web2 to Web3. The complexity involves technical login procedures, numerous seed phrases, unfamiliar terminologies, etc., which prevent potential users from tapping into the decentralized ecosystem.
The need for an improved user experience (UX) to drive adoption has led developers and marketers to improve the accessibility and usability of blockchain technologies. MetaMask Snaps are innovative tools that offer smooth interaction with decentralized applications (dApps).
As one of the world’s leading EOA (Externally Owned Account) wallets, MetaMask has recognized the importance of account abstraction and UX improvement in drawing the next wave of users to Web3. In response, MetaMask introduced Snaps, a platform that empowers developers to build custom features on the existing MetaMask infrastructure.
What exactly are MetaMask Snaps, and how do they work?
MetaMask Snaps serve as plug-ins or applications developed by third-party developers that extend the functionalities of the MetaMask wallet. These Snaps provide additional tools, operations, and diverse functionalities, amplifying the wallet’s capabilities beyond Ethereum and EVM (Ethereum Virtual Machine) compatible networks.
Metamask Snaps operate within a secure, isolated environment, using JavaScript/TypeScript applications that run through a Secure EcmaScript (SES) engine. They interact with MetaMask through predefined APIs, ensuring they don’t compromise the core functionalities while offering various features like cross-chain interoperability, transaction insights, notifications, and customized wallets.
Popular Blockchains That Support Metamask Snaps
Metamask Snaps provide users with the flexibility to interact with multiple networks. Its support for several blockchain protocols makes it accessible to easily connect your wallet with non-EVM networks. Some of the popular blockchains that support Metamask Snaps include:
Bitcoin, Litecoin, Dogecoin and others on Shapeshift Snap
Mina protocol on MinaPortalSnap
Cosmos: leapwallet/metamask-cosmos-snap
NEAR Protocol: near-snap/plugin
Algorand: algorandfoundation/algorand-metamask-snap
EthSign Keychain: keychain-snap
Masca: @blockchain-lab-um/masca
Rarime: @rarimo/rarimeEthSign Keychain
For a full list, check out the MetaMask Snaps App Store to access a wide range of Metamask Snaps and plugins.
What Are the Common Snaps on Metamask?
Metamask Snaps often serve a security, communication, or interoperability purpose. Currently, there are over 30 Snaps available for users; however, here are some of the common Snaps on Metamask:
Tenderly TX Preview
The Tenderly TX Preview helps with blockchain transactions before finalizing them for on-chain execution. It provides invaluable insights into crypto transactions, including ERC-20 and NFT tokens, thereby preventing potential transaction failures and conserving funds.
Blockfence
Blockfence provides insights for evaluating transaction security and prioritizing safety measures before you approve any transaction. This proactive approach significantly reduces the risk of falling victim to scams or fraudulent activities.
Additionally, the Blockfence Snap serves as a centralized hub that gathers insights from key security authorities in the industry. It provides comprehensive clarity regarding the decentralized applications (dApps) you interact with, as well as the contracts involved in your blockchain transactions.
WalletGuard
Wallet Guard ensures secure cryptocurrency transactions by allowing you to preview the intended transaction and providing insights into its outcomes and potential implications. It also helps revoke unauthorized or unintended transactions during mints, token claims, or swaps.
Saferoot
Saferoot is a real-time guardian against risky transactions, swiftly protecting your assets from potential threats. It provides instant security by relocating your most valuable NFTs to a secure space within your wallet. Additionally, you can set spending limits on your wallet to prevent significant losses.
WalletChat
WalletChat is a web3 cross-messaging feature that allows you to send and receive messages with other blockchain enthusiasts. It permits swift DMs directly from buyers or sellers on Metamask through pop-up displays or message notifications.
Dedaub
Dedaub is a financial simulator Snap that helps you evaluate transaction authenticity while also providing insights into potential financial outcomes. Using real-time data from the Dedaub Watchdog Smart Contract database, the tool updates users with financial information for research purposes.
How to Install Metamask Snaps?
You can install Metamask Snaps like any other plugin or extension using the Metamask Directory. Here’s a step-by-step guide on how to install Metamask Snaps:
Install the Metamask browser extension version 11.0 and create a new wallet or import an existing one.
Go to Metamask Snaps Directory and explore Snaps.
Select your preferred Snap and click on “add to Metamask.”
Read the third-party software notice and click on “accept.”
A connection request will display on your screen. Click on “connect” to connect your Snap with Metamask.
You will be directed to the installation page. Read the permission access and click “grant permission” after reading.
Once connected, Snaps will display several functionalities, be it interoperability with non-EVM blockchains like Bitcoin and Solana, transaction analysis for advanced security, or notifications for real-time updates.
The versatility of MetaMask Snaps has given rise to various applications:
Interoperability Snaps
Metamask Snaps interoperability enables users to connect MetaMask to non-EVM networks. This broadens the wallet’s accessibility to a range of blockchains.
Security Snaps/Transaction Insights
Snaps provides detailed insights into transactions, empowering users to make informed financial decisions before executing transactions.
Communication Snaps/Notifications and Chats
Metamask Snaps offer real-time communication features within the wallet, updating users on vital information and facilitating wallet-to-wallet chats.
How to Disable Metamask Snaps
Disabling Metamask Snaps doesn’t automatically delete the application, but stops it from interacting with your wallet. So, you can always re-enable the app at will. Here’s how to disable Metamask Snaps:
Navigate to the three-dotted lines on the top-right corner of your Metamask.
Scroll down the page and select Snaps.
Check your installed Snaps, and select the Snap you wish to disable.
Toggle off the Snap.
How to Uninstall Metamask Snaps
Unlike the disable option, uninstalling your Metamask Snaps automatically disables the Snaps and removes them from your device. Here’s how to uninstall Metamask Snaps:
Navigate to the three-dotted lines on the top-right corner of your Metamask.
Scroll down to the Settings page, and select “Snaps”.
See your installed Snaps and select the snap you wish to uninstall.
Scroll down and click on Remove Snap
Since Snaps are third-party creations, ensuring their credibility and security is paramount. While the MetaMask team conducts audits to verify the reliability of listed Snaps, ensure to carefully review permissions before connecting a Snap to your wallet.
MetaMask Snaps signify a major step towards democratizing blockchain access and improving user experiences. As snaps expand, innovation and security remain vital to harnessing the technology’s full potential.
Frequently Asked Questions
What Is a Metamask Snap?
Metamask Snap is a third-party developer application that adds extra functionality to Metamask. A Snap connects blockchain wallets beyond Ethereum through its interoperability, provides transaction insights, and serves as additional security for wallets.
How Many Metamask Snaps Are Available?
There are currently over thirty Metamask Snaps available in the Metamask Directory. However, as developers continue to build more products, more Snaps will be deployed over time.
Are Metamask Snaps Free or Paid?
Every Snap available in the Metamask Directory is free for installation. However, price charges might incur for some, depending on the subscription package.
Conclusion
MetaMask Snaps serve as a testament to the industry’s commitment to bridging the gap between complex blockchain technologies and everyday users. They offer a glimpse into a smooth, secure, and accessible blockchain future.
Although the MetaMask directory is the most secure way to install Snaps, always review the permission access and consider the benefits and risks before connecting your wallet to any Snap.
The management of Landmark Beach has revealed its intention to seek compensation from the Federal Government following the demolition of its properties, estimated at a staggering N42 billion.
The demolition, which occurred in April 2024, has not only impacted the physical infrastructure but also resulted in a significant loss of revenue for the company.
In a detailed statement, Landmark Group highlighted the extent of the damage and the financial repercussions. The demolished properties included vital buildings and infrastructure that supported the Landmark businesses. The group emphasized the severe economic impact, noting a loss of nearly half of its revenue due to the demolition.
“We are currently picking up the pieces following the demolition of almost N42 billion worth of supporting infrastructure and buildings, and the loss of nearly half our Company revenue.
“We are focused on working with the Government to receive adequate compensation required to jumpstart the rest of the once thriving Landmark part of the Landmark Ecosystem and a new family-centric beach in a different waterfront location,” the statement read.
The statement also underscored the broader socio-economic impact, noting the threat to the livelihoods of thousands of families and the disruption to small and micro businesses that were part of the Landmark Beach and its adjoining resorts.
“This will help to preserve the sustenance of the thousands of families whose livelihoods have been threatened by the demolition as well as recreate a platform for many of the small and micro businesses that were incubated on the Landmark Beach and adjoining beach resorts that were recently demolished,” the statement read in part.
Background of the Demolition
The demolition of Landmark Beach Resort, located in Oniru, Victoria Island, began on April 29, 2024. This action was part of the Federal Government’s efforts to clear the Right-of-Way for the Lagos-Calabar Coastal Highway. The demolition followed sand-filling operations on parts of the resort, which further complicated the situation.
Landmark Beach management disclosed that they had never been officially consulted about the highway’s alignment or engaged in discussions regarding the Environmental Impact Assessment (EIA) related to the project’s impact on their properties. This lack of communication and consultation has been a significant point of contention.
However, against the backdrop of the destruction of properties and businesses, the Federal Government, through the Minister of Works, Dave Umahi, announced the commencement of compensation payments to property owners affected by the Lagos-Calabar Coastal Highway project. At the second stakeholders’ meeting, Umahi disclosed that N2.75 billion had been disbursed as the first batch of compensation.
However, Landmark Beach was notably absent from this initial list of compensated entities.
Umahi addressed the property owners and stakeholders, stating, “The payment is only a flag-off, and more compensation is expected to be paid in the coming days.” Despite this assurance, Landmark Beach’s exclusion from the initial compensation round has raised concerns.
The EIA’s controversy
The EIA is a decision-making tool used to ensure that the potential negative consequences of a project are assessed, considered and taken into account before the project is approved.
Both stakeholders and Nigerians at large have pointed out that the government’s inability to present an EIA report contributed largely to the avoidable controversy rocking the coastal highway project.
“Dear @DaveUmahi,” Atedo Peterside wrote on X. “This is precisely why a proper Environmental Impact Assessment (EIA) should have been carried out + some sort of public hearing that would have given affected persons a voice.”
During the third stakeholders’ meeting, Umahi, who had earlier promised to provide the EIA report, invoked Section 15 (b) of the Freedom of Information Act, which allows withholding information involving third parties, to justify the non-disclosure of the EIA report.
The CEO of Nvidia, an AI computing company, Jensen Huang has seen his net worth skyrocket from $3 billion to an outstanding $90 billion in five years.
This extraordinary growth in his net worth is attributed to the meteoric rise of Nvidia and its pivotal role in shaping the future of computing.
Huang is reported to own about 86.76 million shares of Nvidia or more than 3.5% of the company’s outstanding shares. With the stock rising over 9% to close at a price of nearly $1,038 per share on Thursday, the value of his stake rose by about $7.7 billion.
Also, his pay has risen to $34.2 million up from $21.4 million last year. Among the increase, his stock award value is about $7 million more than the prior year, with a $4 million cash bonus and $2.5 million for other costs including residential security and consulting fees.
Following Nvidia’s performance in the latest quarter, Huang’s net worth surged to $91.3 billion, propelling him to the 17th spot on the Bloomberg Billionaires Index.
According to Forbes, Huang, who is by far the largest individual shareholder in the company, leapfrogged Indian mogul Gautam Adani to become the 17th-richest person in the world Thursday, having surpassed Walmart heirs Alice, Jim and Rob Walton earlier this week to vault into the top 20.
Huang now outshines the three wealthiest members of America’s richest family, the Walton family, whose fortunes are deeply rooted in the retail giant Walmart Inc.
Jensen’s net worth swelling from $3 billion to $90 billion over five years highlights the transformative impact of Nvidia’s innovations and strategic expansions. His leadership has not only elevated Nvidia’s status but also significantly influenced the future trajectory of the tech industry.
Renowned for his visionary outlook and leadership, he has heralded the dawn of a new industrial revolution. His foresight in recognizing Nvidia’s potential in the AI domain has been pivotal in steering the company to unprecedented heights.
Under his leadership, Nvidia has expanded its presence in the data center market, providing GPUs that power high-performance computing(HPC) and cloud-based services.
Jensen’s visionary leadership and focus on innovation have not only propelled Nvidia to new heights but have also influenced the broader tech industry. His emphasis on cutting-edge research and development has set benchmarks for others to follow.
With ongoing advancements in Al, data centers, and autonomous vehicles, Nvidia is poised for continued growth. Huang’s strategic investments and forward-thinking approach suggest that both his net worth and the company’s influence will continue to increase.
The London Stock Exchange (LSE) is a hub of financial activity, offering a wide array of investment opportunities, including Exchange-Traded Funds (ETFs) and Exchange-Traded Products (ETPs). Evaluating these investment vehicles is crucial for investors looking to diversify their portfolios, manage risk, and seek returns in line with their investment goals.
ETFs and ETPs on the LSE have seen significant growth, with a diverse range of products available to investors. As of the end of 2023, the LSE boasted over 2,150 ETP listings, including more than 450 ESG (Environmental, Social, and Governance) ETFs. This expansion reflects the increasing demand for such products, which offer exposure to various asset classes, including equities, bonds, commodities, and more.
The LSE has been recognized for its excellence in providing a platform for ETFs and ETPs, winning the “Exchange of the Year” at the ETF Stream Awards 2023. This accolade underscores the LSE’s commitment to innovation and partnership in the ETF space.
In a significant development for the cryptocurrency market, WisdomTree, a leading investment management firm, has secured approval from the UK’s Financial Conduct Authority (FCA) to list Bitcoin and Ethereum exchange-traded products (ETPs) on the London Stock Exchange (LSE). This move marks a pivotal moment for the integration of cryptocurrencies into the mainstream financial landscape.
The approval allows WisdomTree to offer its Physical Bitcoin and Physical Ethereum ETPs to professional investors, with trading expected to commence on May 28. These ETPs provide a regulated investment vehicle for exposure to the two leading cryptocurrencies, Bitcoin and Ethereum, without the need for investors to hold the digital assets directly.
This development is particularly noteworthy given the FCA’s previous stance on cryptocurrency-related products. In January 2020, the FCA had banned the sale of crypto derivatives, including ETPs, to retail consumers, citing potential harm to investors due to the inherent nature of the underlying assets, which they deemed ill-suited for small investors due to their extreme volatility and potential for consumer harm.
However, the landscape has evolved since then, with the FCA adjusting its position to allow listings of crypto ETPs for professional investors. This change reflects a growing recognition of the maturation of the cryptocurrency market and the demand for regulated investment vehicles that can provide exposure to digital assets.
WisdomTree’s ETPs will carry a fee of 35 basis points and are among the first crypto ETPs to be approved by the FCA for listing on the LSE. The firm has a strong track record, with more than $111 billion of assets under management worldwide, and has been offering crypto products on European exchanges since 2019.
The approval by the FCA and the upcoming listing on the LSE could potentially pave the way for increased institutional adoption of cryptocurrencies. By providing a regulated, exchange-traded product, WisdomTree is offering a bridge between traditional financial markets and the evolving digital asset space, potentially attracting investors who have been hesitant to engage with cryptocurrencies due to concerns over regulatory uncertainty.
As the cryptocurrency market continues to mature, the approval of such products by regulatory authorities like the FCA is a significant step towards broader acceptance and integration of digital assets within the global financial system. It remains to be seen how this will impact the market dynamics and the adoption rate among professional investors in the UK and beyond.
For those new to ETFs and ETPs, the LSE provides resources to guide investors through the listing and investment process. Their comprehensive how-to guide is a valuable tool for understanding the steps involved in tapping into this open-access market.
The LSE’s ETF and ETP offerings present a compelling option for investors aiming to diversify their portfolios. With careful evaluation and due diligence, investors can navigate the vast landscape of products to find those that align with their investment strategy and objectives. For more detailed information and the latest updates, visiting the official London Stock Exchange website is recommended.
