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Displacement and Disintermediation in Nigerian Banking – Why Many Microfinance Banks Will Continue to Fade [video]

By
Ndubuisi Ekekwe
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0

In this video, I respond to some of the questions on the piece where I noted that more microfinance banks in Nigeria will continue to fade. And the banking institutions which will win will be technology companies which offer banking services, and NOT banks which use technology. This is the video for this article.

(In Tekedia Mini-MBA, I explained the Smiling Curve deeper with positioning implications across sectors like manufacturing, etc)

 

Cessation of Non-Permissible Activities of Microfinance Banks in Nigeria

The Central Bank of Nigeria (CBN) on the 19th of August, 2021 released a circular in response to observed activities of microfinance banks that went beyond the limits of their operating licenses.

This article will be looking at the provisions of this circular which focuses on the non-permissible activities most commonly engaged in by microfinance banks(especially digital microfinance banks), mainly wholesale banking and foreign exchange transactions. These transactions are as follows :-

– The CBN Circular is based on the consideration of comparatively low capitalization of microfinance banks dealing in FX and wholesale banking transactions which carry a huge risk for financial system stability.

– The circular is thus as a result of the need to remind Microfinance Banks (MFBs) to comply with the 2012 CBN MFB Guidelines.

– Consequently, MFBs are prohibited from FX transactions.

– MFBs are to focus on rendering services to retail clients and micro-clients.

– Microcredit and retail transaction services rendered or carried out by MFBs are limited to 500 Thousand Naira per Tier 2 unit MFB transaction and 1 Million Naira for other MFB categories.

– Microcredit facilities shall constitute a minimum of 80% of total loan portfolios for MFBs.

– A disregard or violation of the directions contained in this circular can lead to sanctions that include the revocation of an MFB license.

The CBN Guidelines on the Non-Oil Export Proceeds Repatriation Scheme in Nigeria

By
Emmanuel Ifeanyi Ogbuka
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0

First released on the 22nd of February,2022, the Central Bank of Nigeria (CBN) Guidelines on Non-Oil Export Proceeds Repatriation aims to raise $200 Billion Naira in foreign exchange from Non-Oil proceeds over the next 3-5 years.

These guidelines which will form the focus of this article are anchored on a 5-point agenda and are designed to incentivize exporters in the Non-Oil export sector to encourage repatriation and the sale of export proceeds into the FX market.

The guidelines are also aimed at earning more stable and sustainable inflows of FX in order to insulate the Nigerian economy from shocks and FX shortages.

This article will be looking at :-

– The objectives of the CBN Guidelines.

– Eligibility criteria for this scheme regarding beneficiaries and transactions.

– Application procedures relevant for this scheme.

What are the objectives of the CBN Guidelines on Non-Oil Export Proceeds Repatriation?

The objectives of the guidelines are :-

  1. The enhancement of FX (Foreign Exchange) inflow.
  1. The diversification of the sources of FX inflow.
  1. Ensuring stability and sustainability of FX inflow.
  1. To encourage the increase in the level of contributions of Non-Oil exports economically.

Which government agency is in charge of administration of the scheme by virtue of the CBN Guidelines?

The CBN’s (Trade & Exchange Department) shall be responsible for the day-to-day administration of the scheme. 

What is the eligibility criteria for the scheme regarding beneficiaries?

Eligible beneficiaries for this scheme are :-

– Exporters of finished and semi-finished goods.

– Exporters shall qualify for rebate where repatriated export proceeds are sold at the Investors & Exporters (I & E) window. 

What is the eligibility criteria for this scheme regarding transactions?

Eligible criteria for transactions under this scheme by virtue of the CBN Guidelines are:-

– The transactions must involve the export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria, except otherwise stated by the CBN.

– The transactions must involve the export of goods and services (I.T & creative businesses) that are permissible and excluded under the existing export prohibition list.

– The sale of repatriated export proceeds at the I & E window.

– The completion of e-form NXP.

– Registration with the Corporate Affairs Commission (CAC) & the Nigerian Export Promotion Council (NERC). 

What are the features of the scheme?

The scheme revolves mainly around incentives in the form of :-

(i). 65 Naira for every $1 repatriated and sold at the I & E window to Authorized Dealer Banks for 3rd party use.

(ii). 35 Naira for every $1 repatriated and sold into the I & E for own use on eligible transactions only. The spread should not be more than 10 Kobo.

What is the application procedure for taking part in the scheme?

The application procedure involves the following :-

  1. The submission of written requests from the exporter through the Authorized Dealer Bank (ADB)where the e-Form NXP was established. It shall be the responsibility of the ADB to authenticate all documents submitted for rebates.

This request will be accompanied by :-

a). A completed application form to be designed by the CBN & forwarded to the exporter through his ADB.

b). Documentation requirements for exports as stipulated in the FX manual.

c). Evidence of repatriation and sale of export proceeds at the I & E window.

The ADB shall forward the application within 5 days, after consummation of the export proceeds sale transaction at the I & E window.

The Deal of the Day – Beat The Early Bird for Tekedia Mini-MBA Registration

By
Ndubuisi Ekekwe
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0

The early bird is leaving with all the goodies and massive discounts for Tekedia Mini-MBA which begins on June 5, 2023. Make sure to beat this nice bird and SAVE BIG on deal of the day. Register today for the #best school (June 5 – Sept 2, 2023) here.

 It is N90,000 or $170 for 14 modules with more than 100 courses from business executives you admire. I live in School Road; join me because this road leads to Knowledge Acquisition and Application, Career Advancement and Better Personal Economy.

Tekedia Institute offers Tekedia Mini-MBA, an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Besides, programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.

The sector- and firm-agnostic management program comprises videos, flash cases, challenge assignments, labs, written materials, webinars, etc, and is delivered by a global faculty coordinated by Prof Ndubuisi Ekekwe. It will run from June 5, 2023 to end Sept 2, 2023. Tekedia Institute, Boston USA, awards certificates of achievement at the end of the program.

Polygon (MATIC) Price Leaves Holders Disappointed, Many Switch To Pepe (PEPE) And Collateral Network (COLT) For Gains

By
TI Partners
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0

A couple of new players, including Pepe (PEPE) and Collateral Network (COLT), emerged quietly in the market amid the sudden decline in the prices of both Polygon (MATIC) and other cryptocurrencies. In Stage 1 of its public presale, the newcomer Collateral Network is recognized as the world’s first web3 challenger lender, expected to deliver a whopping 3,500% return for its investors during presale!

>>BUY COLT TOKENS NOW<<

Polygon (MATIC) Struggles with Value Retention

Despite being hailed as a promising layer 2 scaling solution for Ethereum, Polygon struggles to maintain its value and attract investors. Over the last month, the price of Polygon has seen significant fluctuations.

The Polygon price dropped from $1.10 to $0.87 during the last 30 days, marking a 20.91% decrease. At the same time, its market cap dropped from $10.17B to $8.11B or 20.27% decline.

The current price of Polygon (MATIC) is 70.96% lower than its all-time high of $2.92. Moreover, the CFGI indicator of Polygon shows 38, indicating fear among investors and further confirming the bearish sentiment around Polygon.

The decline in the value of Polygon prompted investors to explore alternative investment opportunities, such as Pepe and Collateral Network.

If bulls remain stagnant, investors might pursue more dumps of the Polygon holdings.

>>BUY COLT TOKENS NOW<<

Pepe (PEPE) Cryptocurrency Plummets Over 55% After Listing on Binance

The meme coin, which jumped to the 45th largest cryptocurrency by market capitalization within three weeks after its launch, began a downward spiral on Friday, the 5th of May, after it was listed for trading on Binance, the world’s largest crypto exchange.

Pepe reached its all-time high of $0.000004354 on the 5th of May, right upon the news. However, its fame was short-lived. Just a few days later, Pepe suffered a nearly 55% decline in value. Currently, Pepe trades at $0.000002.

The Pepe market cap was also impacted by the drop in its price, which went from under a million dollars during its launch in mid-April to over $1.49B on Friday, the 5th of May. However, the Pepe market cap currently stands at just over $754 million, indicating that the token has lost almost half its market capitalization in a week.

This significant price drop is a cause of concern for investors who were betting on Pepe to increase their wealth.

Collateral Network (COLT) – The Future of Peer-to-Peer Lending on Web3

Collateral Network is a groundbreaking Web 3 peer-to-peer lending platform that accepts off-chain assets as loan collateral. Collateral Network’s innovative approach eliminates the need for extensive credit checks, making it easier for borrowers to obtain loans.

One of the unique features of the Collateral Network is the creation of NFTs for valuable assets such as classic cars, real estate, and precious metals. Collateral Network fractionalizes these NFTs, allowing investors worldwide to lend smaller amounts of funds at an agreed interest rate, known as fractional lending.

For instance, if you own a classic car worth $50,000, you can use it as collateral and borrow against it. Collateral Network will mint a 100% asset-backed NFT of the car and fractionalize it to enable multiple investors to participate with smaller amounts. Once you pay off the principal amount and interest, COLT will redeem your classic car from its vault and burn the NFT.

Collateral Network is a win-win for everyone. Borrowers benefit from crowd-sourced liquidity pools, while lenders earn passive income. Experts predict that Collateral Network (COLT) will surge by 3,500% during its presale, with the token already seeing a rise from $0.01 to $0.014.

For more information on Collateral Network visit the website, join the presale or join the community for regular updates.

Find out more about the Collateral Network presale here:

Website: https://www.collateralnetwork.io/

Presale: https://presale.collateralnetwork.io/register

Telegram: https://t.me/collateralnwk

Twitter: https://twitter.com/Collateralnwk

Sparklo (SPRK) Gets New Crypto Whales as Arbitrum (ARB) Transaction Volume Dips 92%

By
TI Partners
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0

Amidst the declining total crypto market capitalization, cryptocurrencies like Arbitrum (ARB) have struggled to generate significant price momentum. As a result, investors are gravitating toward promising projects like Sparklo, which is currently in its presale phase. Moreover, experts and crypto observers have forecasted Sparklo to yield returns of up to 5,000x upon its launch. Presently, the SPRK token is accessible for only $0.026, with a strong potential of increasing to $0.050 soon.

>>>> BUY TOKENS <<<<

Sparklo (SPRK) introduces fractional NFTs investment in precious metals

Sparklo is poised to transform the trading of precious metals with its upcoming platform. Through the SPRK token, investors will be able to engage, buy and sell gold, platinum, and silver. Each fractional investment will be represented by a minted non-fungible token (NFT), closely tied to the corresponding precious metal it represents.

Meanwhile, Sparklo has obtained a KYC (Know Your Customer) report from Block Audit Report, ensuring compliance with regulatory standards. Furthermore, InterFi Network has audited Sparklo’s smart contract. To promote stability and foster user confidence, Sparklo will lock the team’s tokens for 1000 days and liquidity lock for 100 years.

Currently, Sparklo is conducting its second presale phase, offering its tokens at an enticing price of only $0.026. Early adopters can take advantage of the ongoing 50% bonus on their token purchases and accumulate large amounts of the token before its price rises.

>>>> BUY TOKENS <<<<

Arbitrum (ARB) transaction volume plummets despite the increase in new addresses

Arbitrum (ARB) experienced significant gains last week as bulls attempted to reclaim the $1.20 zone. However, recent on-chain data reveals that bears have now taken control. While Arbitrum (ARB) has garnered attention for its adoption and increased network activity, transaction volume for Arbitrum (ARB) has been declining. Between May 8th and May 22nd, active addresses surged by 41%. In contrast, daily Arbitrum (ARB) transaction volumes dropped by 92% from its peak of 1.27 billion to 102.38 million ARB.

This decline in transaction volume suggests that new participants may not be engaging in transactions as frequently or at the same volume as existing users. Notably, a significant Arbitrum (ARB) whale group with balances ranging from 10 million to 100 million ARB tokens has initiated another sell-off, having unloaded over 130 million ARB tokens between May 17th and May 22nd. Unless daily ARB transaction volume sees an increase, ARB holders could experience a substantial price drop in the days ahead. By press time, Arbitrum (ARB) stands at $1.13, a 3.65% decrease over the past 24 hours.

 

Find out about the Sparklo (SPRK) presale using the links below:

Website: https://sparklo.finance

Presale: https://invest.sparklo.finance

Twitter: https://twitter.com/sparklo_finance

Telegram: https://t.me/sparklofinance

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