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Central Bank of Nigeria Sets Transaction Limits For Contactless Payments in The Country

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The Central Bank of Nigeria (CBN) has set transaction limits for contactless payments in Nigeria, for commercial banks and other financial institutions to adopt, in cognizance of the risks associated with contactless payments.

In a circular issued to Banks, other financial institutions, and payment service providers in Nigeria, the CBN stated that contactless payments are now limited to N15,000 per transaction and a daily cumulative limit of N50,000.  Limits above the stipulated daily cumulative limit shall be conducted using contact-based technology.

The circular signed by the Director of, Payment System Management Department, CBN, Mr. Musa Jimoh reads,

“Following the issuance of the Guidelines on Contactless Payments in Nigeria and cognizance of the risks associated with contactless payments, the Bank hereby defines transaction limits above which verification and authorization are required.

“Transaction limits for contactless payments through accounts/wallets in Nigeria shall be as follows: Transaction limit N15,000, Daily Cumulative Limit 50,000. Higher-value contactless payments are transactions that exceed the above-stated limits and shall require appropriate verification and authorization. For these transactions, existing KYC requirements and limits on the electronic payment channels shall apply”.

Contactless payment, which involves the consummation of financial transactions without physical contact between the payer and the acquiring devices, has been identified as an innovative payment option for the safe and efficient conduct of low-value and large-volume payments.

The technology enables an alternative payment method whereby payment instruments are used without physical contact with devices. This payment system offers a secure and convenient method of conducting transactions without the need for physical contact between the payment device and the payment terminal.

Examples of contactless payment instruments include prepaid, debit, and credit cards, wearable devices, tokens, and mobile electronic devices. Contactless-enabled payment terminals interact with contactless payment devices to facilitate payments.

The new transaction limits for contactless payments through accounts and wallets in Nigeria according to the CBN, are to safeguard Nigeria’s financial payment system.

In a bid to ensure that participants in contactless payments implement appropriate risk management processes and measures while keeping to the best relevant standards, the CBN has issued a 14-page Guideline for contactless payments in Nigeria.

These Guidelines provide minimum standards and requirements for the operations of contactless payments in Nigeria, as well as specify the roles and responsibilities of stakeholders involved in contactless payments in Nigeria.

All banks, financial institutions, and payment service providers are required to ensure strict compliance with the guidelines.

Check out some of the guidelines;

Acquirers

  • Only CBN-licensed institutions shall serve as acquirers for contactless payments.
  •  Acquirers who engage in contactless payments shall ensure that their applications, instruments, tokens, and devices meet current standards and specifications for contactless payments.
  • Acquirers who engage in contactless payments shall ensure that all contactless-enabled applications, instruments, and devices deployed have been duly certified to process contactless payment transactions by CBN or any authorized body.
  • Acquirers shall execute contactless payments agreements/contracts with parties for utilizing contactless platforms for payments. All agreements/contracts shall spell out the terms and conditions, including the roles, responsibilities, and rights of all parties.
  • Acquirers and processing entities shall switch all domestic contactless payments through a Nigerian switch for the purpose of seeking authorization from the relevant issuer and shall not under any circumstance route transactions outside Nigeria,

Issuers

  • Issuers whose payment instruments are used for contactless payments shall ensure that their applications, instruments, tokens, and devices meet current standards and specifications for contactless payments.
  • Issuers whose payment instruments are used for contactless payments shall ensure that these contactless-enabled applications, instruments, and devices deployed have been duly certified to be used for contactless payments by the Bank or any authorized body.
  • Issuers shall execute contactless payments agreements/contracts with parties for utilizing contactless platforms for payments. All agreements/contracts shall clearly spell out the terms and conditions, including the roles, responsibilities, and rights of all parties.
  • Issuers shall activate only accounts and wallets with Bank Verification Number (BVN) for contactless payments in Nigeria.

Payment Schemes

  • Payment schemes operating in Nigeria shall comply with these Guidelines and other relevant CB Guidelines/Circulars.
  • Payment schemes shall ensure that all contactless transactions are processed online or/and submitted via current processing specifications.
  • All payment schemes that engage in contactless payments shall ensure that the systems and schemes shall be interoperable.
  • Payment schemes shall implement a documented risk management process to identify and treat risks associated with contactless payments.

Switching Companies

  • All local switching companies in Nigeria shall ensure that contactless transactions consummated by all payment instruments issued in Nigeria are successfully switched between acquirers and issuers.
  • Switching Companies shall carry out periodic risk assessments of their processes and have the necessary measures to mitigate ML/TF/PF risks associated with contactless payments.
  • Switching Companies that process contactless payments shall ensure that there are service-level agreements executed with stakeholders meeting minimum requirements set by the Bank.

Victim Impact Statement

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In most criminal jurisdictions of the world (if not all), it is the state (i.e. the government) that prosecutes crimes. If a crime is committed against an individual, the government steps in to prosecute that crime on behalf of the victim against the assailant, the duty of the victim during the prosecution is to testify or appear as a witness during the proceedings.

After these criminal proceedings, the victims are given the right to speak or to be heard in court and the statement rendered by the victim is called a Victim impact statement. A victim impact statement is totally different from an oral testimony rendered by the victim in court during the proceedings. The victim’s testimony is taken during the proceedings as a form of examination in chief or cross-examination but the victim’s impact statement is taken after the proceedings, during sentencing.

A victim impact statement is therefore a written or oral statement made as part of the judicial legal process which allows victims of a crime ample opportunity to speak during the sentencing of the convicted person or at subsequent parole hearing.

This is an avenue where a victim is given the chance to say whatever he had to say to the assailant; cuss out at the assailant if the victim wants to go that route and as well say whatever he needs to say to the court. The victim is at liberty to say anything even if they are relevant or not to the case; the victim can narrate how much suffering the action of the assailant has brought upon them and their family and the victim can as well tell the court what punishment they would want on the victim before they will be satisfied.

The primary purpose of the statement is to allow the person or persons most directly affected by the crime to address the court during the decision-making process i.e. during the sentencing. It gives the victim the chance to inform the court of the harm suffered by the victim so as to help in the decision-making process of the court in punishing the assailant so that a commensurate punishment will be awarded against the assailant to the satisfaction of the victim. The person making the statement is allowed to discuss specifically the direct harm or trauma they have suffered and problems that have resulted from the crime such as loss of income, loss of means of livelihood etc.

A victim impact statement is as well therapeutically and psychologically recommended to help in the healing, rehabilitation process and emotional recovery of the victim since it gives the victim ample opportunity to look the assailant in the eye and lash out or cuss out at the assailant without the fear of getting harmed again by the assailant.

When the victim is dead or the victim died as a result of the crime for instance in a crime like murder, the victim’s closest family member like the wife, or the husband, father, mother, son etc is called upon to give the victim impact statement in place of the victim.

A victim impact statement is an important part of criminal proceedings in most jurisdictions of the world like the USA, the UK, Canada etc but unfortunately, it appears it is not in practice or adopted in Nigeria. The Nigerian courts should look for a way to adopt it as well as its importance and benefits cannot be over-emphasized especially in the victim’s rehabilitation and healing process.

Why Bullish Momentum Is Growing Around XRP (XRP), Bitcoin (BTC), And Sparklo (SPRK)

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After a turbulent 2022 characterized by mega crypto exchange failures, regulatory issues have added to the uncertainty around cryptocurrencies in 2023. However, the market has weathered well, and Bitcoin (BTC) is on a rebound. XRP (XRP) is another major crypto that investors are keeping an eye on as speculation is rife that the case by the SEC against Ripple could be coming to a close.

Interestingly, even with all these developments, most of the money is flowing more toward Sparklo, an upcoming crypto that analysts believe has 1,500% potential.

Sparklo (SPRK) is the new kid on the block with attractive prospects

For many, the world of precious metals has always seemed like an exclusive club that only the most affluent investors could join. However, Sparklo is changing that by making it possible for anyone to invest in gold, silver, and other precious metals. With NFTs, investors can purchase just a tiny fraction of their chosen metal, making these investments more accessible and affordable. But those who can buy entire NFTs’ll be entitled to take physical delivery of their investment, giving them even more ownership and control over their precious metals portfolio. With Sparklo, the world of precious metals investing is finally open to everyone.

Investors in Sparklo can rest easy knowing that their smart contract has undergone a thorough audit by InterFi and has come out as a shining example of reliability. Not a bug to be found; it’s clear that the team behind Sparklo has taken security seriously. To further demonstrate their commitment to transparency and trust, the team has implemented a 100-year liquidity lockup, ensuring they cannot suddenly make off with investors’ funds.

Investors have also been keen on Sparklo’s price action, steadily rising during its presale. From its beginnings of $0.015 in stage one to its current price of $0.055 in stage three, the upward trend has investors excited about the potential for even bigger returns once Sparklo enters exchanges. Most analysts are predicting 1,500% or more.

>>>> BUY SPARKLO TOKENS <<<

Bitcoin (BTC) investors excited as AI predicts $60k soon

Artificial Intelligence is becoming increasingly important in trading and price predictions. This is why Bitcoin (BTC) investors are excited by reports of two of the major AI systems predicting a retake of $60k. According to ChatGPT and Bard AI, Bitcoin (BTC) can potentially retest $60k this summer. This is a big deal as it would mean Bitcoin (BTC) rallying by more than 2X its current price.

While this is a big deal for Bitcoin (BTC) and other major cryptos, it pales compared to what analysts expect of Sparklo within 2023. Analysts believe that Sparklo has the potential to rally by 1,500% this year, effectively doing multiple rounds on Bitcoin (BTC) even if it were to retest its all-time highs of $69k. Unsurprisingly, investors are ditching Bitcoin (BTC) for presale cryptos like Sparklo.

XRP (XRP) case could end soon, and the market is excited

XRP (XRP) had underperformed the broader market since 2020, when the SEC went after Ripple. However, XRP (XRP) investors never gave up; years later, there could be light at the end of the tunnel. According to a former SEC director, a ruling on the Ripple case could be coming within days. If this happens, and it goes Ripple’s way, XRP (XRP) could quickly rocket back to its all-time highs or even test $5 or more.

However, this is highly speculative, and the case could go either way. For that reason, savvy XRP (XRP) investors are hedging their bets with low-risk, high-return cryptos like Sparklo. Sparklo is still in presale and, with a potential to do 1,500%, could significantly outperform XRP (XRP), especially if the case does not go Ripple’s way.

Find out more about the presale with the links below;

Click here to buy presale

Check out the website

Check out the telegram channe

Tekedia Capital Makes Africa’s Top Investors List

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Tekedia Capital made the list of top African investors list. We could have done better on the ranking but somehow the curator did not pick all our H1 2023 investments. We invested in at least 9 deals so far this year: Woka, RoPay, BoundlessPay, Zeeh, Vetsark, MeekFi, Byte, Kladot, Bitmama. We typically do between 16-20 deals yearly.

Source:

Cardano (ADA) Price Prediction 2030, VC Spectra (SPCT) Likely to Dominate the Market

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Charles Hoskinson hunting for UFOs and aliens is just one of the newsworthy developments with Cardano (ADA). Investors have much to smile about despite the latest SEC ruling against Binance and Coinbase.

Cardano (ADA) may return to its former glory in the coming years if all goes well. By 2030, analysts forecast the coin to be worth a few dollars, surpassing its all-time high of $3.10.

Another project, albeit newer, destined to last for this long and beyond is VC Spectra (SPCT). Its value proposition will likely result in the platform dominating the market of asset management and venture capital funds.

>>BUY SPCT TOKENS NOW<<

Cardano (ADA) Taking More Leaps to Voltaire Era

The SEC ruling in early June 2023 against the two largest crypto exchanges, Binance and Coinbase, has caused a stir in crypto. This event added further pressure to an already declining market, shining a doubtful spotlight on projects like Cardano (ADA).

As a result, Cardano’s (ADA) continued on its downward slope from mid-April 2023, falling from $0.46 to a six-month low of $0.23.

Yet, the price briefly recovered to $0.29, spurred by a few developments on Cardano (ADA). The first is the team’s ongoing efforts to achieve the highest decentralization with ‘light peer sharing.’ This feature will allow unregistered computing devices to join Cardano’s (ADA) network.

Data also shows an increase in addresses holding ADA, with Cardano reaching 69.1 cumulative transactions in one week. Finally, Cardano (ADA) investors look forward to the completion of the so-called Voltaire era.

So, what does this mean for 2030? According to many predictions, Cardano (ADA) could be worth at least $3-$5.

>>BUY SPCT TOKENS NOW<<

VC Spectra (SPCT) Is the Next Big Thing in Decentralized Hedge Funds

VC Spectra (SPCT) is a new decentralized hedge fund seeking to invest in the best blockchain and tech-based ventures for maximum investor returns. It offers members much power for a more trustless community-based investment pool.

Gone are the days of intermediaries. Instead, users have control over when they deposit and withdraw their funds with VC Spectra (SPCT). VC Spectra (SPCT) is highly transparent, allowing investors to track their portfolios and make real-time decisions.

Unlike traditional asset management companies, VC Spectra (SPCT) is flexible for your pocket. Investors don’t have to be wealthy; the platform will use different trading strategies to create tailored investment plans.

It can be tricky for investors to perform proper due diligence in assessing the true potential of crypto investment. VC Spectra (SPCT) solves this problem with their team of experienced technologists and venture capitalists who will only target the cream of the crop.

Profitable returns are just one of VC Spectra’s (SPCT) visions. The platform also plans to positively impact society and the environment by only backing ventures that tick all sustainability boxes.

Finally, we have the Spectra token (SPCT). SPCT is a utility currency that users need for management fees and exchange with other coins. But SPCT offers other benefits like voting rights, access to discounted pre-ICOs, and quarterly dividends.

This entire value proposition is how VC Spectra is exceeding expectations, raising $2.3 million in the first stage of its presale. With each SPCT costing a low $0.008, now is the best time to buy these tokens before their targeted launch price of $0.08.

Learn more about the VC Spectra presale here:

Presale: https://invest.vcspectra.io/login

Website: https://vcspectra.io/

Twitter: https://twitter.com/spectravcfund

Telegram: https://t.me/VCSpectra