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The 2022 FCCPC Digital Lending Registration Guidelines in Nigeria

By
Emmanuel Ifeanyi Ogbuka
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0

The business of digital lending has been one of the most positively disruptive intrusions into the Nigerian finance sector, checking the process of loan applications that in the past used to take a lot of time and a lot of bottleneck as well as cumbersome disbursement procedures.

Leveraging on just mobile telecommunications, digitally sourced credit ratings, and online-base KYC (Know Your Customer) checks, online lending has bloomed into one of the most active areas of fintech in Nigeria, but not without its own problems.

Many digital lenders have proven to be very unethical and unscrupulous, becoming nothing more than glorified loan sharks using totally unsavory recovery measures like public shaming and damaging cyber-defamation in the form hacking into the contact lists of their defaulting borrowers and harassing close contacts to repay those loans while spreading false and scandalous allegations about these hapless customers.

This has led to the introduction of further regulatory checks and a new licensing framework governed by the Federal Competition and Consumer Protection Commission (FCCPC) which decided to do something about the avalanche of complaints and petitions from aggrieved victims of digital loan sharks.

This article will be looking at the most important provisions of the 2022 FCCPC Digital Lending Regulations/Registration Guidelines & what they mean for techpreneurs and finance experts going forward.

Which regulatory agency now has jurisdiction over the registration of digital lenders in Nigeria?

Digital lending is now regulated by :-

– The Ministry of Home Affairs of various states.

– The FCCPC

– The Corporate Affairs Commission (CAC)

– The Central Bank of Nigeria (CBN)

What are the requirements for the registration of digital lenders with the FCCPC?

After initial registration with the CAC and CBN or state ministry of home affairs, a prospective digital lender is to provide the following requirements :-

– A completed form DLG 001 which should contain :

  1. The name of the lender
  1. Its physical address
  1. Website
  1. Telephone numbers
  1. The identities & nationalities of promoters, directors & initial key role players of the lending company
  1. Affiliations with any other companies, institutions or similar businesses, whether domestic or global
  1. Consultants, agents or any person assisting with the registration process, operations or management of the lending company
  1. Bankers of the company
  1. Proposed interest rate regime and loan balance calculation methodologies
  1. A list of all loan apps in operation or intended for operation.

Are there any further documents required for a digital lending company registration?

Yes there are. Some of these documents include the following :-

  1. A certified copy of the certificate of incorporation of the applicant
  1. A brief description of the business of the applicant
  1. Organogram showing role players and location of key role players & any operational person of authority in the company.
  1. An FCCPC Interim digital lending guidelines form 002 (Declaration For Digital Lending Businesses in Nigeria)

What is the minimum share capital for lending companies in Nigeria?

The minimum share capital for lending companies in Nigeria remains 20 Million Naira.

Crypto Bank and Government Restrictions

By
Paul Ugbede Godwin
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0

In this post, I will discuss the challenges and opportunities of running a crypto bank in a world where governments are increasingly imposing restrictions on cryptocurrencies. Crypto banks are financial institutions that offer services such as lending, borrowing, investing, and trading using cryptocurrencies as the main medium of exchange. They aim to provide more freedom, transparency, and efficiency to their customers than traditional banks.

However, crypto banks face many regulatory hurdles and risks from governments that are wary of the potential impact of cryptocurrencies on their monetary sovereignty, financial stability, and tax revenue. Some governments have banned or severely limited the use of cryptocurrencies within their borders, while others have imposed strict rules and requirements on crypto-related businesses. For example, in China, crypto exchanges and mining operations have been shut down by the authorities, and individuals are prohibited from buying or selling cryptocurrencies. In India, a proposed bill would criminalize the possession, issuance, mining, trading, and transferring of cryptocurrencies. In the US, crypto banks have to comply with various federal and state laws and regulations regarding anti-money laundering, consumer protection, taxation, and licensing.

These government restrictions pose significant challenges for crypto banks that want to operate globally and serve a diverse customer base. They have to navigate different legal frameworks and jurisdictions, deal with high compliance costs and operational risks, and cope with uncertainty and volatility in the crypto market. Moreover, they have to compete with traditional banks that have more resources, experience, and trust from regulators and customers.

However, crypto banks also have some advantages and opportunities in this environment. They can leverage the innovative features and benefits of cryptocurrencies, such as decentralization, immutability, transparency, security, and low transaction fees. They can offer more attractive and customized services to their customers than traditional banks, such as higher interest rates, lower fees, faster transactions, and more privacy. They can also tap into new markets and segments that are underserved or excluded by traditional banks, such as unbanked or underbanked populations, cross-border remittances, peer-to-peer lending, and decentralized finance (DeFi).

Therefore, crypto banks have to balance the risks and rewards of operating in a world where governments are imposing restrictions on cryptocurrencies. They have to adapt to the changing regulatory landscape and comply with the relevant laws and regulations in each jurisdiction. They also have to innovate and differentiate themselves from their competitors by offering superior products and services that meet the needs and preferences of their customers. By doing so, they can survive and thrive in the crypto space and contribute to the development and adoption of cryptocurrencies.

Uwerx (WERX) Presale Getting Positive Reaction From Whales Whilst XRP (XRP) and Cardano (ADA) In For A Bumpy Ride

By
TI Partners
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0

XRP (XRP) is an extremely volatile crypto that has shown big price variations in the past few years. The SEC lawsuit is the main reason for the high volatility besides the general disturbance in the crypto market. Cardano (ADA) is another crypto that declined considerably in 2022 but is showing signs of improvement in 2023.

Amidst the turmoil in the crypto space, Uwerx, a freelance-based crypto platform is grabbing attention. Will Uwerx experience massive growth as analysts predict while XRP (XRP) and Cardano (ADA) struggle to maintain an upward trend? Here is a detailed analysis.

Is XRP (XRP) on the Upward Curve?

XRP (XRP) is a RippleNet-powered crypto that is popular for its quick transaction time and low fees. Created in 2021, XRP (XRP) is a decentralized, permissionless, as well as an open-source project. Users prefer it for less friction and better standardization that enables scalability.

The value of XRP (XRP) at present is $0.454. Plus, it has a 24-hour trading volume of $1.18 billion. As per experts, the future outlook for XRP (XRP) is a positive increase in the value ranging from $1.30 to $1.50.

Cardano (ADA) to Hit $1 in 2023

Although Cardano (ADA) lost nearly 80% of its value in 2022, it has shown signs of massive recovery in 2023. As one of the leading cryptos in terms of market capitalization, Cardano (ADA) is projected to touch $1 in 2023 from its current value of $0.39. The 24-hour trading volume of Cardano (ADA) is $601.12 million.

Founded in 2017, Cardano is an open-source project that focuses on power redistribution and creating a secure, fair, and transparent society. Retailers, educational institutions, and agricultural companies use the technology effectively.

Uwerx (WERX) to Increase by 8,500%

Uwerx, which is priced at $0.0065, will have its liquidity locked when its presale closes and subsequently for 25 years. The blockchain-based freelance platform has the potential to become a future blue-chip crypto.

As per analysts, investing in Uwerx, which is in its fledgling state, can provide huge returns for investors. Experts predict the value could increase to $2.60 by January 2024. The high price prediction is not surprising as the platform provides many benefits including low fees and better transparency.

Making Massive Gains With Uwerx (WERX)

It is a widely known fact that projects that are in their early stage and have good growth potential can deliver consistent and high returns. Uwerx, which is in the presale phase, has promising potential that surpasses XRP (XRP) and Cardano (ADA). Experts predict that Uwerx could turn into a powerful force in the freelancing sector. The platform has undergone a full audit by InterFi Network and Solidproof, which ensures investors of its security. After taxes had been brought down to zero, the team upheld its promise and abandoned the ownership of smart contracts.

Considering the various benefits of Uwerx, such as low fees, better transparency, and intellectual property rights protection, it has a high likelihood of providing incredible returns.

While Cardano (ADA) and XRP (XRP) have a positive future outlook, they are not as excellent as Uwerx. Investors view Uwerx as a future blue-chip crypto that can be purchased at a low price. The inherent design and probability of high returns make Uwerx a formidable power in the freelancing sector.

With the Uwerx presale underway, participating in it can bring more returns than expected.

Visit the Uwerx presale now to enjoy a 25% purchase bonus and stand a chance to win $5,000 in a competition! Get in now to avoid the price increase scheduled for later on today.

Presale: invest.uwerx.network

Telegram: https://t.me/uwerx_network

Twitter: https://twitter.com/uwerx_network

Website: https://www.uwerx.network/

Will More Altcoins Like Big Eyes Coin Follow Shiba Inu In Adopting A Layer 2 Blockchain Upgrade?

By
TI Partners
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0

An interesting development in 2023 for cryptocurrency has been the increasing adoption of Layer 2s, an innovation in blockchain technology for platforms that are built on blockchains. Shiba Inu (SHIB) will come to mind with its much-awaited Shibarium upgrade which many believe will enhance its functionality. But it then prompts the question as to just what Layer 2 is meant to be, what are its advantages, and whether we could see more altcoins like Big Eyes Coin (BIG) eventually adopting it.

What Is The Layer 2?

Layer 2 solutions are a vital aspect of blockchain technology that enhances scalability and efficiency. These solutions work on top of base blockchains to increase the speed of transactions and reduce the burden on the main network.

As a Layer 2 scaling solution, the protocol involves transferring some of the transactional load from the blockchain protocol and reconfiguring the system’s architecture. The network then processes the load and reports back to the main blockchain to finalize the results.

In the world of Ethereum, Layer 2 solutions are designed to enhance the scalability and efficiency of the network by building on top of the base blockchain. These scaling solutions require the transfer of some transactional load from the blockchain protocol to adjust the system’s architecture, allowing the network to process the load and report back to the main blockchain with the finalized results.

It’s important to note that Ethereum Layer 2 solutions are separate blockchains that extend the Ethereum network while inheriting the security guarantees provided by Ethereum. These solutions typically do not require modifications to the base level protocol for interaction with the main network. In addition to improving scalability, sustainability, and security, Ethereum Layer 2 scaling solutions can also facilitate off-chain computation and scalability of payments.

Shibarium Is Shiba Inu’s Layer 2 Solution

From a viral meme coin to a potential game-changing blockchain project, Shiba Inu has made great strides in establishing itself as a value-driven venture. However, this progress has come with its own set of challenges, one of which is the need to reduce its reliance on legacy protocols like Ethereum. This is where Shibarium, the highly-anticipated Layer 2 blockchain solution, comes into play.

Unlike a traditional blockchain, Shibarium is a blockchain layer that operates on top of Ethereum. The ultimate goal is for Shibarium to handle a significant portion of SHIB transactions, thus reducing Shiba’s dependence on Ethereum.

This development is crucial as Ethereum’s limited scalability and high gas fees have been major roadblocks for the growth of the Shiba Inu ecosystem. Even with Ethereum’s recent upgrade to a proof-of-stake consensus algorithm, transaction speeds and gas fees are unlikely to see significant improvements, as indicated on the official Shiba Inu website.

By addressing these scalability issues, Shibarium seeks to take the Shiba Inu project to the next level while maintaining the security and stability of Ethereum’s Layer 1 solution. Shibarium promises to be an exciting development to watch in the evolving world of blockchain and fintech.

Could We See Big Eyes Coin Transition To A Layer 2 Solution?

One of the cryptos that uses the Ethereum blockchain technology is the new meme token, Big Eyes Coin. Currently yet to go live, it will be interesting to see whether Big Eyes Coin adopts the layer-2 blockchain technology or waits to see how running on the Ethereum network serves it.

Based on a cute feline meme, Big Eyes Coin has enjoyed a historic presale in which it has generated over $30m in sales, establishing it with enough funding to unleash itself into the crypto market. Its ability to attract investors has been contingent on a strong sense of community that could set it up well for the future. It’s closing out its presale with a final promotion using the code END300 that crypto enthusiasts should definitely have a look at if they want to get involved.

 

For more information on Big Eyes Coin, please see below:

 Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Twitter: https://twitter.com/BigEyesCoin

Big Eyes Coin, Floki Inu And Baby Doge Coin Could Be Potential Binance Listings: Could The Coins Flourish This Way?

By
TI Partners
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0

The cryptocurrency world has been buzzing with excitement lately, especially with the rise of meme coins. Three such coins that have been garnering attention are Floki Inu (FLOKI), Baby Doge Coin (BABYDOGE), and Big Eyes Coin (BIG). These are all unique projects that offer something different to investors. Why would it be beneficial for Binance to list these particular coins?

Floki Inu: More Than Just Another Meme Coin

Floki Inu, named after Elon Musk’s dog, Floki Inu, is a relatively new meme coin that has been making waves in the cryptocurrency market. The coin was created in response to the meme coin craze sweeping the crypto community. The project was named after Elon Musk’s dog, Floki, and has gained popularity thanks to its unique branding and marketing.

One of the key selling points of Floki Inu is its community-driven nature. The project aims to create a strong community of investors and enthusiasts passionate about supporting charitable causes. The project has already made significant contributions to various animal shelters and charities, which has helped to build a loyal following.

Baby Doge Coin: Dogecoin’s Son

Baby Doge Coin is another meme coin that has been making headlines. Created as a spinoff of the popular Dogecoin, it boasts faster transaction speeds and lower fees. Its creators aim to support various animal shelters and charities. The project strongly focuses on charitable causes, with a portion of its transactions supporting animal shelters and other charities.

One of the key selling points of Baby Doge Coin is its transaction speed. The project claims to be able to process transactions much faster than other cryptocurrencies, which could help make it more attractive to investors and users.

Big Eyes Are The Windows To The Soul

On the other hand, Big Eyes Coin is not just another meme coin. It is a unique project that is focused on social and environmental issues. The coin aims to support charities that save the oceans from pollution and overfishing and prevent global warming. Big Eyes Coin also offers its investors various rewards and bonuses, such as discounts on eco-friendly products and experiences.

Big Eyes Coin’s presale is set to end on the 3rd of June, and investors can still take advantage of the presale bonus code END300, which offers a discount on the coin purchase. The coin’s focus on charitable causes and eco-friendly initiatives makes it a unique project that stands out from other meme coins. If Binance were to list Big Eyes Coin, it could significantly boost the project’s goals and initiatives.

The Benefits Of Binance

Binance, one of the world’s largest cryptocurrency exchanges, has been instrumental in helping various cryptocurrencies grow. Binance provides a secure and user-friendly platform for investors to buy, sell, and trade cryptocurrencies. The exchange is known for its strict listing requirements, making it a highly sought-after platform for cryptocurrency projects. If Binance were to list Floki Inu, Baby Doge Coin, or Big Eyes Coin, it could significantly boost their popularity and adoption rates.

Binance listing could be especially beneficial for Big Eyes Coin, as it is not just another meme coin. By being listed on Binance, Big Eyes Coin could reach a wider audience, including the mainstream crypto community. This would help the coin gain more traction and increase its adoption rate. Binance also has its cryptocurrency, BNB, which could be used to buy and trade Big Eyes Coin.

In conclusion, Floki Inu, Baby Doge Coin, and Big Eyes Coin are all unique projects that offer something different to investors. Binance listing could benefit all three coins, especially Big Eyes Coin, which strongly focuses on social and environmental issues. With the cryptocurrency market in the midst of an alt season, it will be interesting to see which coin will be the next to be listed on Binance.

To learn more about Big Eyes Coin (BIG), click on the following links:

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

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