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Notable Provisions of the 2023 CBN Guidelines on Agent Banking in Nigeria

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Recently, the Central Bank of Nigeria (CBN) passed on the 9th of March,2023, a new set of guidelines governing agent banking in Nigeria (this was already the subject of a previous article written by me). 

Agent Banking as previously explained is the use of 3rd parties via an agency contract to render banking and financial services. This article will thus be focused on the provisions of the new guidelines and their regulatory effects going forward.

What is the scope of the new CBN Guidelines on Agent Banking in Nigeria?

The guidelines govern the licensing & operations of agent banking businesses in Nigeria.

What are the objectives of the guidelines?

The objectives of the CBN Guidelines on Agent Banking are :-

  1. To provide minimum standards and requirements for the operations of agent banking in Nigeria.
  1. Providing the roles and responsibilities for stakeholders involved in agent banking in Nigeria.
  1. The enhancement of financial inclusion as a core target of the Central Bank of Nigeria.
  1. The provision of a delivery channel for offering banking services in a cost-effective manner.

What is the minimum share capital requirement for banking agents in Nigeria?

Under the new guidelines, the minimum share capital for banking agents, specifically super-agents, remains 50 Million Naira.

Who is eligible to be a banking agent in Nigeria under the guidelines?

The following entities are eligible to be banking agents in Nigeria under the Guidelines :-

  1. Limited liability companies
  1. Sole proprietorship
  1. Partnerships
  1. Cooperative societies
  1. Public entities
  1. Trusts
  1. Educational Institutions

What are the categories of agent banking allowed under the Guidelines?

The agent banking structures allowed under the Guidelines are :-

  1. Super Agents – These are licensed by the CBN to establish a collection of outlets or franchises within its wide network of outlets that shall be under its supervision.
  1. Sub-Agents – These are networks of agents that are to be under the direct control of a super agent by virtue of an agent banking contract.
  1. Sole Agents – These are individuals that by themselves initiate agent banking relationships with banks and FIs (Financial Institutions). 

What are the requirements for licensing as a banking agent under the new guidelines?

The requirements are :-

– An application forwarded to the CBN with the name of the applicant, its contact details, business address and company registration details.

– A board approval/resolution deciding to embark in Agent Banking services.

– A document that shall outline the strategy of the FI including current & potential engagement & geographical spread of the proposed agent.

– Documented qualifying criteria for engaging agents showing outreach, competence & integrity.

– Copies of SLA & Agent banking contracts(consult your lawyer on the mandatory requirements of a banking agency contract).

– Risk Management, KYC & AML/CFT/ CPF, internal control, operational procedures and any other policy & procedures relevant to the management of agent banking arrangements.

Also, a prospective banking agent must have been in legitimate commercial activity for at least 12 months before the date of application.

Can a banking agent have agent banking relationships with more than one FI or bank at a time?

No, this is no longer possible and presents a major shift from the position of the previous CBN Guidelines on Agent banking relationships. 

Hence, a banking agent can only serve one bank or financial institution at a time. 

What are the permissible and non-permissible activities for banking agents under the new CBN Guidelines?

Permissible Activities

– Cash deposit & withdrawal within permissible limits.

– Bills payments.

– Funds transfers.

– Balance enquiries.

– Mini-statement generation & issuance.

– Cash payments.

Non-Permissible Activities

– Giving guarantees.

– Banking services expressly not allowed in banking agency contracts.

– Engaging in foreign currency transactions.

– Cash advances.

– Being run or managed by an employee of a bank or FI.

ONWIN, Lucky Block, And Wild Casino: 3 Must-Visit Gambling Sites in 2023

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In 2018, betting companies were allowed to operate in Brazil. This piece of landmark legislation has led to the creation of one of the largest i-Gaming industries in the world.

According to Delasport, the Brazilian i-Gaming market was estimated to be $2.1 billion, with a high-growth trajectory that predicts the future market size to reach $2.6 billion by 2026.

Whether you’re living in Brazil or a friendly tourist passing through, you can get your thrills and headrushes – gifts from the gambling gods – in any one of the country’s numerous betting shops. While the industry is still forming itself out, you have plenty of options to choose from that are safe and, as always, fun!

And if you’re not keen on heading out to a bookie on the weekend, that’s fine. There are now many reputable betting sites where you can choose your game of choice.

On most of these platforms, sports betting is almost always offered alongside gambling since who understands odds better than the house?

ONWIN Soon To Be Brazilian’s Favorite Betting Site – And Yours Too

ONWIN’s wide selection of casino games, sports, and promotions translates betting into a fun and easy experience for everyone.

Offering soccer, basketball, cricket, tennis, ice hockey, and much more, ONWIN hosts a collection of top-rated sports embedded with competitive betting odds.

Looking to gamble some chips? ONWIN has partnered with multiple game providers to offer you access to roulette, blackjack, poker, and baccarat.

Players can redeem bonuses from many promotions available on the website. Here’s one crazy offer: If you deposit bluechip cryptocurrencies USDC and TRX, you can get 50% of your purchase back.

Lucky Block’s Website Offers A Simple Design For Easy Play

Lucky Block’s design is intuitive and easy to use, with each section of the website easy to understand and access.

This online betting site was created in late 2022, which means it had little time to establish a strong track record. But its competitive odds and selection of popular sports matches give you the opportunity to bet on your favorite teams.

New players who just signed up will be eligible for a 200% bonus (up to 10,000 euros) and 50 free spins to go with it.

Wild Casino’s Owners Dealt Cards Since The 90s

This casino is backed by veterans who have been operating gambling centers for a long time.

Although Wild Casino’s online betting site was formally established in 2017 or 2018, the team behind Wild Casino has been in the betting and online gambling business since the 90s.

The online betting site offers a classic lineup of games such as slots, table games, live dealer titles, video poker, and more.

New players can access huge welcome offers and other promotions, including daily deals, reload bonuses, rebate offers, and giveaways.

 

Want to go all in for the big pot? Visit one of the links below:

Website: Onwin.com

Telegram: https://t.me/on_win

Twitter: https://twitter.com/_OnWin

Unlock Endless Bonuses in Top Crypto Casinos ONWIN, Blizz Casino, and MyBookie

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In the past few years since the creation of cryptocurrency and the subsequent induction of crypto casinos, users are now favoring these platforms over land-based casinos because they bring excellent returns and easy accessibility, which is a crucial point in today’s environment. Crypto casinos, as opposed to traditional online casinos, have successfully attracted both the high-roller kind of players and the regular folk, who all have a chance to make money. Through their security, reliability, accessibility, and reward systems, Blizz Casino, ONWIN, and MyBookie are giving their clients thrilling experiences.

Bonuses vary on different sites, but the general idea is the same. It is structured as either a daily reward, a welcome reward, or an ultimate win reward. Most sites give away all three types of rewards, whereas others only do a few. These online casinos have blended all of these to deliver the best experience to their users.

Blizz Casino – A Blitz of Rewards

Blizz Casino is a blend of real money and crypto casino. This caters to both sides of the player persona, as traditional players still prefer fiat currency, whereas new-age players are more adventurous, favoring crypto. The site has more than 4000 real money games and over 1000 online slots and accepts currencies such as Litecoin, Bitcoin, Ethereum, and Tether.

The bonuses range from weekly cashback to welcome bonuses, as well as Drops & Wins. In the weekly cashback, users get a 10% return on their losses at the beginning of each week, given that their losses exceed $250. In the welcome bonus, Blizz Casino will match the user’s deposit by 100% up to 1BTC; the more BTC users deposit, the more they will receive. In addition, upon a second deposit, users receive a bonus of 50%, and should they choose to combine the first and second deposits, they can receive up to 2.2 BTC.

The Drops & Wins consist of 1 million EURO in cash prizes that are distributed to players. In addition, there is a 500,000 EURO prize pool available monthly for Slot machines and live games.

ONWIN – Win On Win

ONWIN is fairly new on the market but continues to make massive waves in the Brazilian and European markets. It is completely a crypto casino with an impressive reward system. It accepts up to 8 different cryptocurrencies, including Bitcoin, Dogecoin, and Tether. It also has a plethora of online games from that users can earn a comfortable payoff form.

Most of the bonuses are crypto-focused. As mentioned, the site accepts eight different currencies, and users can find bonuses for most of these. There is a 100% and 30% deposit bonus on BTC & USDT, as well as a 40% bonus on Dogecoin and LTC with every 3rd deposit. In addition, users who favor TRX and USDC can appreciate a 50% bonus.

Furthermore, the site also gives users various welcome bonuses in the casino area. These include a 100% bonus of up to $380 in the Live Casino, a 100% bonus of up to $47 in Bingo, and a 100% welcome bonus of up to $380 in Slots, along with 50 free spins.

MyBookie – Bonuses and Wins

MyBookie is primarily a sportsbook platform, but it has quite an impressive online casino that makes the site shine for its bonuses and promotions. The online casino consists of more than 250 games, including a demo version of poker is available for new users.

The site gives users 50 free spins every Wednesday when they deposit a minimum of $50. Each poker title comes with $500 of play money for users to learn games. There are Rebate bonuses that users receive every Monday valued at 10% up to $100. In addition, there is a Casino Bonus Weekend where users receive a 200% bonus of up to $500 for deposits exceeding $100.

There are also various VIP programs that users are invited to that have a range of bonuses, as well as a referral bonus of 200% up to $200.

Final Thought

Online casinos are speedily growing and are breaking through any previous limitations that were created by fiat-only casinos. Casinos like ONWIN, MyBookie, and Blizz Casino have changed the way that customers can benefit from casinos and have additionally amplified how users value casinos. These casinos are adding value to both themselves and their customers, and for this reason, they will continue to thrive.

 

For more information, please visit:

Website: Onwin.com

Telegram: https://t.me/on_win

Twitter: https://twitter.com/_OnWin_

3 Top Meme Coins To Buy in 2023: Tamadoge, Dogelon Mars and Dogetti

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It’s time to turn 2023 into the second coming of the meme coin craze! The power to do that is in your hands, but which meme coins will you turn into the next Big Three with the potential to pass Dogecoin (DOGE), Shiba Inu (SHIB) and Floki Inu (FLOKI)? If you’re looking for three meme coins that have a chance of pulling this off, look no further than Tamadoge (TAMA), Dogelon Mars (ELON) and Dogetti (DETI) – and here is why!

Tamadoge Brings Gaming to Meme Coins

P2E Gaming has become a big part of the crypto market lately and it was only a matter of time before the latest big trend would combine with a previous big trend like meme coins. Tamadoge doesn’t just take mechanics from the popular crypto gaming trend though, it also incorporates NFTs. The Tamadoge Arcade allows users to pick between 4 different mini-games that players have to beat to earn the native token, with the opportunity to earn higher and climb the leaderboards using the Tamadoge NFTs to get an edge above the competition. The Tamadoge NFTs come in three different categories: common, rare and ultra-rare, each with better utility than the last.

Dogelon Mars Takes Meme Coins To Space

As it stands at the moment, Dogelon Mars is the closest of the 3 when it comes to passing the top 3 meme coins with its current rank of 5. The coin isn’t shy about its aspirations at all just like its name implies! Taking influence from both Dogecoin and Elon Musk, the first meme coin and probably the most important figure that meme coins owe their success, Dogelon Mars uses the combined power of these names to send itself to space. The coin has attracted a loyal community as well as support from big names in the market such as one of the founders of Ethereum (ETH). It doesn’t pretend to be something it’s not, but it doesn’t have to! It’s wholeheartedly a meme coin in every sense of the word and that’s its superpower.

Dogetti Turns Meme Coins into A Family Business

Dogetti (DETI) is the only one not yet on the market officially, but that’s just how impressive it is. The presale promises to be a real game changer both for the market and the community, with real wealth at the core of all its ideals. It aims to give its holders full ownership and control over the token while shifting wealth in the DeFi ecosystem through a reflection protocol. This protocol will redistribute 6% of the overall token supply back into the project to ensure longevity with a strong foundation. This won’t just be a one-time thing though, it’ll happen every single time a token transaction is made! And 2% of that will be extra tokens given to holders for no reason other than them continuing to hold. Dogetti wants to turn its community into a family, where everyone is generous to one another and shares the same mission of turning it into the top meme coin above all others!

 

For More Information On Dogetti (DETI):

Presale: https://dogetti.io/how-to-buy

Website: https://dogetti.io/

Telegram: https://t.me/Dogetti

Twitter: https://twitter.com/_Dogetti_

Signuptoken.com Seeks 1M Members as El Salvador Proves Crypto Critics Wrong?

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How would you respond to an opportunity to become a millionaire that doesn’t come with a cost? No one would ever say no, right? What if we share such an opportunity with you that has the potential to change your life forever? Read on as we will share with you just the perfect opportunity to become a millionaire.

Signuptoken.com is an upcoming cryptocurrency that offers its users the best chance to become a millionaire, and that too without breaking a sweat.

Let’s find out some of the upsides of joining Signuptoken.com before its official launch.

  1. No Painstaking Presale
  2. Spend No Dime

iii.      Limited Signups Available

  1. Solely Restricted to Members
  2. Chance to Win Big

vii.     Speeding Toward 3,000 Subscribers-mark

viii.    Wait for That One Email

1. No Painstaking Presale

One of the biggest advantages of joining Signuptoken.com is the fact that you don’t have to experience a painstaking wait for the culmination of the presale. Unlike most cryptocurrencies, Signuptoken.com will be launched directly as soon as it achieves its user target.

2. Spend No Dime

Most cryptocurrencies go through a presale phase before their official launch. To be part of the presale, users are expected to make a purchase. This isn’t the case with Signuptoken.com, as all you have to do is register yourself with your email address and join the waitlist. You don’t have to make a purchase at any point in this process.

3. Limited Signups Available

Early birds will certainly catch the worm with Signuptoken.com, as it comes with a limited amount of total signups. It means you will have to sign up while the subscription lasts. No one can afford to miss out on this opportunity of a lifetime.

4. Solely Restricted to Members

It’s strictly members-area only. What it means is that no outsiders will ever be able to receive the benefits. Signuptoken.com will make big rewards available only to the people who will help it achieve the target of 1 million subscribers by signing up with their email addresses.

5. Chance to Win Big

Signuptoken.com offers its subscribers an amazing chance to win big rewards. The good thing is that it all starts with its promise to make you a millionaire.

6. Speeding Toward 3,000 Subscribers-mark

Signuptoken.com has got off to a rollicking start as the upcoming cryptocurrency has attracted more than 2,500 subscribers in no time. As more people put their trust in Signuptoken.com, it is racing towards breaking the barrier of 3000 subscribers.

7. Wait for That One Email

This will probably be the most important email of your life. Your wait starts for that one email that comes with a potential chance to change your life forever by making you a millionaire.

El Salvador Proves Crypto Critics Wrong

Amid all the frenzy related to Signuptoken.com and its unprecedented offers, El Salvador is achieving something unprecedented too.

The Central American country’s economy has changed the way the world looked at digital currencies for a long time. Everybody doubted El Salvador President Nayib Bukele when he announced making Bitcoin legal tender in the country.

President Bukele had announced on Twitter that El Salvador would buy one Bitcoin each day, starting November 18, 2022. The doubters are rapidly becoming fans because the bet has paid off.

El Salvador’s Treasury Minister Alejandro Zelaya has confirmed that the Central American country’s government has repaid one of its two outstanding $800 million bonds.

In simple words, El Salvador has avoided a potential default by putting its trust in Bitcoin.

In his tweet on January 23, 2023, President Bukele stated, “Well, we just paid in full 800 million dollars plus interest. But of course, almost no one is covering the story.”

The government is still hoping to make more to pay off another $367 million plus interest on an additional bond, which is set to mature in January 2025. They have all the reasons to believe now because Bitcoin has saved the day for El Salvador.

A Bright Future for Cryptocurrencies in Sight?

The successful Bitcoin-El Salvador partnership might open a floodgate of opportunities for various other struggling economies to rely on cryptocurrencies for a much-needed bailout.

It all started in 2021 when El Salvador made it mandatory for all businesses in the Central American country to accept payments in Bitcoin. The move granted Bitcoin a status similar to traditional fiat currencies. The government rolled out a wallet named “Chivo Wallet,” which became popular among Salvadorans almost instantly. Within a month, more than 2.2 million countrymen were onboarded, thereby making Bitcoin the country’s legal tender.

To make people embrace the move, every user who successfully downloaded the Chivo Wallet app received 30 US dollars in Bitcoin immediately. By early 2022, almost half the population of El Salvador had downloaded the app.

Opposition Continues Despite Success

Although the massive success of Chivo Wallet and Bitocin in El Salvador, global organizations and governments are still voicing their concerns. In its recent statement, the International Monetary Fund (IMF) issued a caution against potential risks associated with such adoption.

The IMF asked El Salvador’s government to be vigilant when providing exposure to digital assets. However, the IMF’s caution has fallen on deaf ears. The country approved a digital securities law in January, thereby allowing the government to raise funds through the issuance of the world’s first sovereign blockchain bond.

Key Takeaways

As governments have started embracing cryptocurrencies to bail out their economy, it is about time to say hello to a new financial system. After all, it offers the potential solution to many countries’ massive piles of loans.

Talking about the future potential of cryptocurrencies, Signuptoken.com has arrived on the scene just at the right time. Amid improved global acceptance level, Signuptoken.com makes just the perfect offer to make its subscribers millionaires.

If you want to join the bandwagon, sign up with your email address today and join the waitlist. Wait for their one exclusive email that might open the skies of rewards on you.

 

More on Signuptoken.com:

Website: https://www.signuptoken.com

Twitter: https://twitter.com/_SignUpToken_

Telegram: https://t.me/SignUpToken