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How To Register A Licensed Credit Bureau In Nigeria

By
Emmanuel Ifeanyi Ogbuka
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0

Credit Bureaux are basically corporate entities that specialize in providing lenders & creditors with due diligence-based information on potential borrowers needed to make lending decisions. 

In Nigeria, credit bureaus are licensed businesses operating under a defined regulatory framework.

The focus of this article is the process of getting a a credit bureau registered, with a focus on :-

– The components of the regulatory framework governing credit bureaux in Nigeria.

– Who is eligible to promote and own a credit bureau registered in Nigeria.

– The licensing requirements for a credit bureau in Nigeria.

– The permissible purposes of a credit bureau in Nigeria.

What is the main Regulatory instrument governing credit bureaux in Nigeria?

The main regulation governing credit bureaux in Nigeria is the CBN Credit Bureaux (Licensing, Operations & Regulations) Guidelines 2008.

What is the applicability scope of the CBN Guidelines?

The CBN Guidelines are applicable to all credit bureaux licensed by the CBN in Nigeria.

What is the objective of the CBN Guidelines?

The CBN Guidelines were drafted and passed to define the licensing, operational & regulatory requirements for a privately owned credit bureau under the CBN Act.

Who can legally own and invest in a credit bureau?

– Individuals and corporate entities can invest in a credit bureau subject to CBN approval.

– A bank is not allowed to invest in more than 1(One) credit bureau.

– Investments by a bank and its subsidiaries in a credit bureau shall not exceed 10% of the total paid-up capital of the credit bureau.

What are the licensing requirements for credit bureaux in Nigeria?

Licensing credit bureaux in Nigeria is in 3 stages namely :-

– The Application receipt and appraisal stage.

– The Approval-in-Principle stage.

– The Final Licensing stage.

Application Receipt and Appraisal

This stage involves sending an application to the CBN along with:-

  1. A non-refundable application fee of 250,000.00 Naira made payable to the CBN.
  1. Evidence of Payment of the minimum capital requirement of 500 Million Naira (refundable) to the CBN.
  1. A Certified True Copy CTC of the applicant company’s MEMART Memorandum/Articles of Association.
  1. A detailed feasibility report on the proposed credit bureau.

The Approval-in-Principle (AIP) stage

Upon being satisfied with an application, the CBN will grant an AIP lasting 180 days within which the credit bureau must comply with all the conditions specified in the guidelines, otherwise the AIP might be withdrawn by the CBN.

The Final Operating Licensing stage

After the AIP grant has expired and all necessary pre-conditions have been satisfied by the applicant, a final operating license will be granted subject to the following:- 

– The CBN has conducted an on-site verification to ascertain it’s readiness to commence operations.

– A license will automatically expire if a credit bureau has not commenced business within the first 6 months of the issuance of the license.

– All licensed credit bureaus shall be required to add “credit bureau” to their corporate names e.g. ABC LTD(credit bureau).

– Such names as mentioned in the preceding paragraph shall be registered with the Corporate Affairs Commission (CAC).

– No credit bureau shall be registered with a name which includes words like ‘central’, ‘federal’, ‘federation’, ‘national’, ‘Nigeria’, ‘state’, ‘Christian’, ‘Islamic’ or ‘Biblical’.

What are the permissible purposes for accessing credit information from a credit bureau under the CBN Guidelines?

Some of the permissible purposes for accessing any credit information from a credit bureau are:-

  1. Applications for credit by borrowers.
  1. The review of existing credit facilities.
  1. Funds transfers of 1 Million Naira and above.
  1. Prospective/Current employee checks. 
  1. The acceptance of guarantees.

Where is a credit bureau allowed to collect customer/borrower data from?

Credit Bureaux shall under the Guidelines be allowed to collect data from:-

  1. Nigerian banks.
  1. The CBN Credit Risk Management System 
  1. Insurance companies.
  1. Asset management companies.
  1. Other licensed credit bureaux.

Are there sanctions for illegal data disclosures by credit bureaux?

Yes, there are. Illegal disclosures by credit bureaux can attract punitive fines of 500 Thousand Naira and subsequent daily fines of 10,000.00 Naira from the CBN.

Inactive Twitter Users to Lose Account as Musk Unveils Plans to Free up Name Space

By
Ojukwu Emmanuel
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0

Twitter CEO Elon Musk has disclosed plans to delete 1.5 billion dormant accounts on the platform, to free up the name space.

He disclosed that the deletion of these accounts is obvious because they haven’t tweeted or logged in since the account was created.

He tweeted, “Twitter will soon start freeing the name space of 1.5 billion accounts. These are obvious account deletions, with no tweets and log-in for years”.

This move is coming after a Twitter user earlier this month had urged Musk to purge accounts that haven’t been active in the last 15 years which he accepted to implement.

Another user @erichjrusch disclosed that there are so many inactives sitting on excellent Twitter handles, he suggested that If they have been inactive for more than a year, they should be given 30 days to log in or risk their account being deleted.

Musk replied definitely, which implies that he might be considering implementing the idea.

While some users have embraced Musk’s plan to delete inactive accounts, some other users do not buy the idea as they feel that some inactive accounts belong to those who have died, and should be preserved for their loved ones.

A user @Northmantrader wrote, “Hate to say it, but all our accounts will become inactive after we die. Should all our history be expunged? So much of our history is now happening on social media. Should it not be preserved for future historians & even loved ones?”

Another user @ShepDanellos wrote, “Please don’t auto-delete inactive accounts. Rather, put them in some kind of status that frees up the handle but preserves their tweets. This is important for archival reasons, especially for those who are no longer with us.”

Meanwhile, on the platform’s inactive account policy, it stated that for users to keep their account active, they must ensure to log in at least every 6 months, noting that accounts may be permanently removed due to prolonged inactivity.

In 2022, Twitter reported around 450 million monthly active users, with 237.8 million monetizable daily active users as of the second quarter (Q2) of 2022.

Twitter usage reportedly rose the week Musk took over as the CEO of the company, which in the first weekend of November, Twitter saw its most daily active users ever.

Ever since Musk’s takeover of Twitter on October 2022, he has been carrying out a serious revamp on the platform. From massive layoffs, permission of free speech, Twitter blue subscription fee, the abolition of remote work, Content moderation and account, etc.

His position as the CEO of the social media company has kept most users on the edge of their seats, waiting for the next changes he has in store.

Flasko (FLSK) Sees A Price Spike As Render Token (RNDR) And Loopring (LRC) Sink Lower

By
TI Partners
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0

As volatility increases, established cryptocurrency coins are vulnerable to unexpected price movements. Render Token (RNDR) and Loopring (LRC), two popular cryptocurrencies, might have adverse price movements in 2023. Nevertheless, new cryptocurrency projects like Flasko are currently capturing the attention of many crypto enthusiasts.

Keep on reading to learn why Flasko may top the charts in 2023.

Render Token (RNDR) Down 88% In The Last Year

The Render Network links creators who need more processing power to render their scenes to suppliers who are paid in the Render Token (RNDR) for their GPU resources. Anyone with a modern GPU may contribute rendering power under the framework in return for a Render Token (RNDR).

The Render Token (RNDR) value saw a slight 4.83% rise in the last seven days, but the past year for this coin has been pretty bad overall. The Render Token (RNDR) suffered a price drop of nearly 88% in the past 12 months, as the token is currently trading at $0.5207. Although the Render Token (RNDR) may experience an upward swing in the coming weeks, we believe investing in projects with room for growth is more beneficial.

Flasko (FLSK) Presale Gains More And More Popularity

The Flasko platform offers a high liquidity asset class for crypto owners aiming to meet the market demand for exotic, unique, and fine wines, whiskeys, and champagnes.

The minds behind Flasko seek to accomplish this by creating the first alternative-investment platform where investors may buy whole or partial NFTs backed by the bottle of wine, whiskey, or champagne it represents.

A user can also have the actual bottle brought to their preferred location if they buy the whole NFT. That’s correct; if you acquire a complete NFT, a bottle of Dom Perignon Brut may arrive at your home.

The Flasko team will lock the liquidity for 33 years, and a Solid Proof audit has been passed, two positive signs for a new crypto project.

The Flasko presale is in Stage Two with hopes of launching on Uniswap soon. As the presale advances, so does its price. Flasko is valued at only $0.111, an excellent entry point for investors who want to capitalize on the projected 4,000% rise in 2023.

Loopring (LRC) May Never Reach $4

The Loopring (LRC) token pays for network and activity costs on the Loopring protocol. Loopring (LRC) is essential to the functioning of the trading platform since it supports the safety and reliability of the network. Loopring (LRC) was once a worthwhile cryptocurrency asset for traders. Unfortunately, that time has passed as the coin lost nearly 90% of its value in the last year.

At this time, the price of Loopring (LRC) is $0.2457, a drop of 11% over the past week, and analysts say that this negative trend will continue. Investing in Loopring (LRC) is not so desirable as the coin continues to stumble.

Follow the links below and buy into this future blue-chip coin:

Website: https://flasko.io

Presale: https://presale.flasko.io

Telegram: https://t.me/flaskoio

Twitter: https://twitter.com/flasko_io

Shiba Inu (SHIB) And Celer Network (CELR) Lack Use Cases In Comparison To Flasko (FLSK)

By
TI Partners
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0

Cryptocurrencies with actual use cases are closely watched by investors all around the globe, particularly if they notice rapid development amid challenging circumstances. Unfortunately, market uncertainty has slowed the growth of several popular cryptocurrencies. Investors should purchase presale tokens since investing in a growing currency at the right moment will ensure profitability.

With the recent market downturn, investors in Shiba Inu (SHIB) and the Celer Network (CELR) are migrating to Flasko.

Celer Network (CELR) On A Downtrend

On the Celer Network, through the mobile app CelerX and as a stake in liquidity backing auctions, individuals can use the Celer Network (CELR) tokens as a payment option. Lenders who stake more Celer Network (CELR) tokens earn income and are more likely to be selected as liquidity providers.

Nevertheless, the Celer Network (CELR) token’s recent performances have been dismal; it is now down 20% over the past 30 days. With this sudden price change, the Celer Network (CELR) token holders seek new projects with more potential.

The Price Of Shiba Inu (SHIB) Sinks Even Lower

Because the well-known meme token skyrocketed last year, Shiba Inu (SHIB) has likely been one of the most closely observed global coins. However, Shiba Inu (SHIB) has since encountered difficulties and is currently worth 75% less than last year. Investors are unsure if Shiba Inu (SHIB) can regain its initial enthusiasm.

The Shiba Inu (SHIB) coin is worth $0.000009394, and investors see dark days ahead. And we do not blame them; ultimately, Shiba Inu (SHIB) is a meme coin with no real-world use cases.

Flasko (FLSK) To Bring Innovation In The NFT Sector

Compared to coins like Shiba Inu (SHIB) and the Celer Network (CELR) token, Flasko has a unique distinction – real-world use case. How?

Users can purchase NFTs supported by premium champagnes, wines, and whiskeys on the first platform for alternative investments that Flasko will create. The fractionalization of NFTs, which stand in for Flasko investments, enables anybody to buy NFTs.

An enormous profit is ensured by early investment in new initiatives. Investors in Flasko may purchase the token at a bargain and make significant returns by 2023 with the current presale price of only $0.111. As various crypto experts believe Flasko may reach $3.80 in May 2023, buying now is a must!

For those wondering about security, Solid Proof has conducted an audit of Flasko, which it passed with high marks. Furthermore, team tokens will be locked for three years, while Flasko will freeze liquidity for 33.

If you invest now, you will also gain discounts and first dibs on brand-new items from high-end beverage startups that Flasko will collaborate with. If you find these perks intriguing, feel free to follow the links below:

 

Website: https://flasko.io

Presale: https://presale.flasko.io

Telegram: https://t.me/flaskoio

Twitter: https://twitter.com/flasko_io

Audit Necessary, Defends SBF on FTX Bankruptcy – Kevin O’Leary

By
Paul Ugbede Godwin
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1

The Shark Tank investor Kevin O’Leary had a talk with Yahoo Finance Live on the recent FTX crisis. They talked about his opinion of SBF, his stake in the crisis, and his future intentions toward crypto.

Kevin O’Leary Says FTX Should be Audited and Defends SBF

Kevin O’Leary owned corporate accounts on FTX. In fact, he was a paid spokesperson and investor for the platform. When FTX collapse and rocked the crypto world last month, information about poor management is slowly emerging. They are allegedly mixing clients’ funds with Alameda Research, SBF’s crypto-trading arm. So, what is O’Learys’ take on the situation?

Kevin O’Leary was paid $15 million to be a spokesperson for FTX. No wonder he has nothing but nice words to say about SBF even after the collapse. Money really does corrupt. If you accept money in exchange for providing a service then shouldn’t you honor that agreement & provide the service as agreed upon?

During the interview, O’Leary said that he will get his money back from FTX. He also said that it is necessary to conduct an audit of the now-defunct crypto exchange. In one interview he believes SBF is innocent until proven guilty, but also said he has attorneys on standby ready to go to try and retrieve his lost funds on FTX.

This procedure is crucial to determine if Sam Bankman-Fried is responsible for any wrongdoing. He stated:

Keep your phasers on stun until we obtain the facts, then we are going to get that money back. Who’s going to jail? I am clueless. Who was dishonest? I am clueless. But I’ll investigate.

He further added:

I belong to the camp of individuals who believe that you are innocent until proven guilty. That is what I think. And I need the details. Therefore, if you tell me that you did or did not do anything, I will trust you until I discover that it is untrue. Right now, SBF is being attacked by people all over the world, accusing him of being a fraudster. People are stating that the money was stolen and buried elsewhere. If we have no mechanism to audit it, how can anyone know that?

O’Leary believes that even though FTX is in a horrible state now, it is still 100% auditable. Blockchain technology is built for financial transactions and this is exactly how we will use it.

Once they perform the audit, the truth will surface. By then, they can prosecute whoever broke the law. In the meantime, Kevin O’Leary suggests that we should not make baseless claims about SBF until we have the facts.

O’Leary says innocent until proven guilty. It is great in theory. However, there are many individuals who lost all their savings and life to FTX. Can these individuals bounce back is still a mystery.

Recovering the fund would be a miracle. How is it possible for them to wait until the audit result is out, and wait for a court ruling? The best way to move on from this chapter is to conclude it immediately and seek a better exchange.

Hilarious watching two very different conclusions these people have to the SBF/FTX scam:

Joe Rogan, no crypto experience eating shrooms live on air understands it was a ponzi.

Kevin O’Leary, professional fund manager paid $15M by FTX needs more info & would invest in SBF again.

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