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Is Shiba Inu Expected To Reach $5 Or More In The Next 5 Years?

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Will Shiba Inu price explode again? Is it expected to reach $5 or more in the next five to ten years? These are some of the questions that every medium to long-term cryptocurrency investor is asking right now.

And there is never an accurate answer to the price action and direction that Shiba Inu, or any other cryptocurrency for that matter, will take in the future. Today, however, different crypto experts and investors are confident that Shiba Inu prices will rise again and continue gaining for the next few years. More are nonetheless not convinced that Shiba Inu has what it takes to reach $10 in the next 5 years.

Some do not even believe that Shiba Inu has what it takes to reach $1 by 2026.

But since they all remain confident that the SHIB token prices will continue rising in the foreseeable future, how far up do they then expect the token to reach by 2026?

We answer this question, explore the reasons why experts believe SHIB token prices will rise in the next few months, reasons it won’t reach $10 and their Shiba Inu price prediction for 2026 hereinbelow.

But first, let us look at its current price

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Shiba Inu (SHIB) Current Price

For the last 7 days, Shiba Inu prices have been fluctuating and trading within the $0.000010 and $0.000020 range. At the time of writing, the meme coin token is trading around $0.0000130.

Shiba Inu has a circulating supply of 549.063 Trillion SHIB tokens. And according to the CoinMarketCap list of the largest cryptocurrencies, Shiba Inu – the Dogecoin Killer – is ranked in the top 15 cryptocurrencies with a market capitalization of $6 Billion.

Like most other top cryptocurrencies, Shiba Inu was greatly affected by the crypto market shock in December last year, which saw Shiba Inu fall off a month-long price rally prematurely and plunge to the current level of relatively low prices.

Crypto experts are optimistic that the price of Shiba will spike by the end of 2022. And if the uptrend that the token has posted in last year is anything to go by, Shiba Inu can be expected to resume its price rally soon.

So, Will Shiba Inu (SHIB) Reach $5?

There is a lot of optimism within the crypto community that Shiba Inu price will resume the climb and continue rising into the near future. But not a single price prediction we have come across shows the possibility of SHIB tokens selling for $5 per coin any time soon.

Before the last 2021 crypto market rally went up in smoke in December, particularly at the height of the Shiba Inu rally, some highly optimistic crypto price forecasters had indicated that it might reach $1 by the turn of the decade.

Today, most do not expect Shiba Inu prices to even come close to $1 by 2030.

Why the sudden change of heart, though? And why do they not believe it can hit $5 in the next 5 years?

First, the recent crypto shock took the market by surprise and threw it into disarray. And while the pressure on Bitcoin – which was the epicenter of the shock – has cooled down. Investors are still on a wait-and-see mode, and there is no telling when the crypto prices will start climbing again. This effectively invalidates the pre-market crisis predictions that expected the price rally to thrust it towards $1.

Secondly, analysts are conscious of the impracticality of the price leap that Shiba Inu needs to make if it is to reach $10 by 2026. Currently trading at $0.000020, the Dogecoin Killer will need to grow its value by 18 Million percent if it is to reach this target price. This means raising its price levels at a rate of 3.6 million percent per annum or 300,000% per month, without fail, for the next five years.

This is impractical. And even Shiba Inu token developers know it. That is the reason why, unlike Dogecoin that has a clear mission of reaching $1, these developer’s only aim is to beat Dogecoin’s market cap. They have alluded as much on the official Shiba Inu website stating that “Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin…”

There you have it, Shiba Inu’s goal is not to reach $10 or even $1. It is to outpace Dogecoin and beat its market capitalisation even if the SHIB token prices remain under a penny.

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Will Shiba Inu (SHIB) Eventually Reach $1 In 2023?

At the moment, no one believes that Shiba Inu will reach $1 in the near future, and certainly, no one believes it will reach $10 in our lifetime.

With the scary percentage growth rate it has to achieve to get here and the lack of faith from its development team aside, you also have to look at two other factors that make it virtually impossible for Shiba Inu to reach $10.

For starters, it has no real value. It is not anchored on unique blockchain technology – just hosted on Ethereum, it has not achieved a medium of exchange status, and it has no real value. The most you can do with SHIB tokens is transfer them from one wallet to another. This makes it a hard sell to serious crypto investors, which in turn makes it hard for it to outlast the current hype and grow its worth above a penny.

You also have to look at its massive maximum token supply. With one Quadrillion SHIB tokens around, getting to $100 per token would mean creating an unutterable market capitalization of $100 Quadrillion for the Shiba Inu network. Even the thought of getting here is simply unfathomable.

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What Will Shiba Inu (SHIB) Be Worth In 2023?

Price prediction websites, crypto experts, and even Shiba Inu investors are all confident that Shiba Inu will recover and continue rising moving forward. Though the rate at which Shiba Inu price surges varies from one expert to another, the general feeling is that one SHIB token may be selling for between $0.000034 and $0.000180 by the end of 2023.

Technical analysis by the DigitalCoinPrice website paints a rather grim future for the altcoin. Though it expects Shiba Inu prices to carry on with an uptrend, their analysis indicates that SHIB token prices can reach $0.000028 by December 2023.

A similar analysis by Wallet Investor and CoinPriceForecast websites is a tad more optimistic. Wallet Investor expects Shiba Inu token prices to rise to $0.00007 by the end of 2023 and rise to a further $0.0002 by 2025. CoinPriceForecast, on the other hand, expects SHIB tokens to end 2023 trading at $0.00017 before rising to $0.0017 by December 2025.

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Conclusion

Shiba Inu is one of the top 10 best crypto to invest in. Experts predict that Shiba Inu token price will rise again and possibly reach new heights within the next 5 years. They are, however, not convinced that the token can reach $5 in the next few years.

So many factors stand in the face of the ERC-20 only token, blocking and preventing it from reaching a $5 valuation in the foreseeable future. Key among them is its incredibly high maximum token supply, it’s clear lack of intrinsic value, and an apparent lack of clear goal – it currently focuses on beating Dogecoin and not creating value or growing Shiba into a technologically advanced ecosystem.

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XRP Price Prediction: Will XRP Reach $5 in 2023?

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Experts agree that XRP reaching $5 looks pretty likely. In the short term, crypto experts estimate the XRP currency to keep increasing, with a potential high of $5 in 2023. PrimeXBT predicts XRP to hit that level and reach a possible high of $7 by the very end of 2023.

The crypto market is growing each day. Many people are now focused solely on this market indefinitely.

There are many ways in which one can grow when it comes to crypto trading, and the opportunities are almost endless.

In the 21st century, we have witnessed a wide variety of physical assets being transformed into digital assets.

More recently, the cryptocurrency market has expanded tremendously with many coins surpassing previous expectations. Bitcoin, for instance, has continuously pushed itself to new levels in terms of value and fame.

Other popular coins include Ripple and Ethereum. Crypto traders have familiarized themselves with this emerging market, and now everyone wants to invest.

Ripple, in particular, is predicted to grow in value. It is estimated that Ripple could reach the value of $5 in a period of two to five years, according to some experts and market analysts.

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Will XRP Price Eventually Reach $10?

Ripple XRP price prediction has the potential to reach new heights in terms of price. However, $10 is a price we are not likely to see in the near future when you take into account that most predictions estimate an increase of at least one or two dollars per year.

With the US Security and Exchange Commission’s (SEC) lawsuit against Ripple, they experienced a major decrease in value at the end of 2020.

Experts have noted that Ripple has a huge market share. They suggest that in order for the price of XRP to rise, Ripple’s share of the market would also have to rise.

This suggests that if Ripple is to reach $100 per coin, it would mean that the cryptocurrency market would likely have multiplied enormously as well.

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What Will XRP Be Worth In 5 Years?

Several Ripple price predictions estimate that XRP may achieve a higher value within a period of five years.

Michael Arrington from TechCrunch suggests that “[Ripple] is a really, really good way to move money”, reminding us that Ripple is still very innovative and could still stand a chance of increasing in price in the next few years.

If Ripple is to enter a bull market, then it might have a strong possibility of reaching somewhere around $12, according to PrimeXBT.

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What Will Ripple Be Worth In 10 Years?

In the short-term, experts on Ripple say that it might be able to increase from less than a dollar to values of around $10.

However, if we look at a longer time period, such as 10 years, then Ripple may range from $5 to $50. This would ultimately vary on many factors, but it is a prediction that can change along with the market.

Despite this, it should be noted that when considering how liquid the crypto market can be, anything can happen in the next 10 years.

The crypto market’s liquidity ensures that all coins get their share of dramatic price falls and peaks. XRP is estimated to reach new heights in the near future, and traders will have many opportunities to see how Ripple will change throughout the years to come.

Is XRP A Good Long-Term Investment?

XRP is one of the best crypto with the most upside potential today as Ripple has big goals for the future, so it may eventually turn out to be a great long-term investment. One of these goals includes replacing SWIFT, which is often seen as the standard of sending money internationally and one of the main ways transactions are sent.

The cryptocurrency market is constantly changing and to keep up with it can mean changing your daily habits to monitor how prices are fluctuating.

Ripple could turn out to be an amazing investment in the long run, but also keep in mind the nature of the crypto world – it can surprise you.

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Should I Buy It XRP?

Buying XRP could prove to be beneficial in the long run since its price may rise in value and surprise the market.

It may even prove to be a safe haven for investors, but simultaneously it can be a risky game to play.

No one can know for sure what will happen, however, when buying cryptocurrencies, being cautious can be a sufficient stance to take.

The cryptocurrency market, Ripple included, is said to have a bright future ahead, and so it might just be a good idea to buy XRP.

Any investment in cryptocurrencies can be tricky since the market is capable of surprising everyone involved.

While it is all fun and games when reading and researching different cryptos, actually taking part in the crypto market is a big step that you should not take without exploring different trading strategies.

Traders must have a clear idea of which coin they want to trade and if this particular coin happens to be Ripple, then they should keep an eye on price predictions and fluctuations closely.

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Virtual currencies are highly volatile. Your capital is at risk

Best Places to Buy Shiba Inu Coin Today

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Shiba Inu sprung to prominence during late 2021, fuelled by the remarkable attention garnered by Dogecoin. Although the coin’s price has dropped since the highs of October 2021, Shiba Inu still has tremendous potential for the months and years ahead.

This guide will discuss where and how to buy Shiba Inu coin in detail, exploring the meme coin’s features and value potential, before highlighting how you can invest in Shiba Inu today – with low trading fees.

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How to Buy Shiba Inu coin- Quick Steps

The four easy steps below will show you how to buy Shiba Inu crypto in a matter of minutes using our top recommended broker. eToro:

  1. Open an account with eToro: Visit the eToro.com platform, create a free account and choose a username. Verify your account by uploading a copy of your photo ID and proof of address.
  2. Deposit: Make a minimum deposit into your trading account via credit/debit card, bank transfer, Paypal or e-wallet.
  3. Search for Shiba Inu coin: Type ‘SHIB’ into the search bar and click ‘Trade’ when Shiba Inu appears.
  4. Buy Shiba Inu coins: Enter your position size in the order box (minimum $10), check everything is correct, and click ‘Open Trade’ to confirm your buy order.

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Where to Buy Shiba Inu Today

Given Shiba Inu’s success over the last six months as one of the best meme coins, many of the world’s best crypto exchanges now offer the meme coin as a tradable asset. With that in mind, reviewed below the best places to buy Shiba Inu crypto today:

1. eToro – Overall Best Place to Buy Shiba Inu

Our number one best place and platform to buy Shiba Inu coins online is eToro. The platform has developed a stellar reputation within the trading scene over the past few years, with strict regulation from entities including the FCA, ASIC, CySEC, FINRA, and FinCEN. The platform itself is best known for its low trading fees and beginner-friendly features, making the trading process extremely easy.

Firstly, eToro’s fee structure is incredibly appealing, as the platform only charges a 1% transaction fee (plus the spread) when opening or closing a position. This means that when you buy Shiba Inu cryptocurrency, there are no other hidden fees to worry about other than what is expressed when you place a trade. Notably, eToro charges no deposit or monthly account fees, making the entire process very cost-effective.

The deposit process itself is streamlined, as eToro allows users to fund their accounts from as little as $10. Deposits are accepted from all major credit/debit cards, along with bank transfers and e-wallets – including PayPal. This ensures it’s easy to create a diversified portfolio, as eToro now offers over 45 different coins to trade.

eToro also boasts numerous exciting features, including the platform’s popular ‘CopyTrader’ feature. This feature allows users to automatically copy the trades placed by other eToro users, streamlining the process of investing in the best altcoins. Finally, eToro even offers a free demo account feature, ideal for newcomers to the financial markets.

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2. Crypto.com – Popular Place with Low Trading Fees

Another top platform that offers Shiba Inu is Crypto.com. Crypto.com is known for having one of the best crypto apps, offering over 250 coins to trade. The platform’s services are split between the web-based exchange and the trading app, ensuring there’s an option for all investors.

The exchange will appeal to experienced traders and utilizes a ‘maker/taker’ model, meaning that you’ll pay a 0.4% fee on either side of the trade. Notably, you can reduce this fee by 10% if you pay these fees in CRO – Crypto.com’s native token. On the other hand, the app allows instant crypto purchases using a credit or debit card, with transaction fees waived during the first 30 days of use.

After this, Crypto.com will charge a 2.99% fee on any crypto purchases made using a card – although users can still deposit FIAT currency for free using various methods. Aside from this, Crypto.com offers a selection of valuable features, with its crypto interest account allowing investors to earn up to 14.5% interest on specific coins.

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3. Coinbase – Top Platform to Buy Shiba Inu Coins

Coinbase is another option if you’re wondering where to buy Shiba Inu, as the platform offers a wide array of crypto assets to trade through the browser-based platform or the Coinbase App. Beginner Users can make money from crypto investments in a selection of the best meme coins (including SHIB) using a credit or debit card, removing the need to own crypto beforehand.

Coinbase’s fee structure can be pretty complex at first glance, as each trade will accrue a ‘Coinbase Fee’ plus the spread. The spread usually hovers around 0.5%, although the Coinbase Fee can vary wildly depending on trade volume and payment method. However, users who opt to use Coinbase Pro, Coinbase’s exchange platform, will pay a taker fee of 0.6% and a maker fee of 0.4%.

In terms of security, Coinbase stores the vast majority of customers’ holdings in cold storage, protecting them from cyberattacks. Furthermore, all USD cash balances on Coinbase are covered up to $250,000 through FDIC insurance. Finally, Coinbase also has numerous compelling features, including a beginner-friendly crypto staking service for supported coins.

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Virtual currencies are highly volatile. Your capital is at risk.

4. Binance – Huge Cryptocurrency Exchange with Vast Asset Selection

The final place we’d recommend if you’re researching where to buy Shiba Inu crypto is Binance. Most people will have heard of Binance, as it is currently the world’s largest cryptocurrency exchange, according to CoinMarketCap. Binance is best known for its colossal asset selection, allowing investors to trade altcoins (including SHIB), crypto-to-crypto pairs, and a selection of the top DeFi coins.

Binance operates at the lower end of the spectrum in terms of fees as investors only need to pay a 0.1% fee when they open or close a trade. Interestingly, investors can reduce these trading fees by 25% if they are paid in Binance Coin (BNB) – Binance’s native token. The platform also allows investors to instantly purchase cryptos using a credit or debit card, although this can attract a fee of up to 5% per trade.

Binance also supports free FIAT deposits via ACH, although the funding can take a few days to arrive. Aside from its low fees, Binance is also popular with experienced traders due to the extensive tools and features on the Binance exchange platform. These include advanced price charts, technical indicators, and order book data.

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Virtual currencies are highly volatile. Your capital is at risk.

What is Shiba Inu coin?

Before we dive into how to buy Shiba Inu coins in more detail, let’s take a detailed look at what the coin is and its various use cases. Investors who opted to buy Dogecoin last year will likely have heard of Shiba Inu, as the coin was launched in August 2020 in an attempt to capitalize on the mass appeal that Dogecoin generated. The coin’s founder, Ryoshi, remains anonymous to this day and has opted never to own any SHIB tokens.

According to Shiba Inu’s whitepaper (titled the “Woofpaper), the coin is entirely decentralized and aims to be the ‘Dogecoin killer’. However, what sets Shiba Inu apart from Dogecoin is that the former is hosted on the Ethereum blockchain. Ultimately, this allows Shiba Inu to leverage the power of smart contracts – giving Shiba Inu many more use cases than DOGE.

However, up until now, SHIB has mainly been used as a payment method, similar to many other cryptocurrencies. According to cryptwerk.com, Shiba Inu coin is now accepted by over 640 merchants worldwide in industries such as tourism, gambling, gaming, and more. Although this isn’t anywhere near Bitcoin’s dominance, it does highlight the niche that SHIB has carved out.

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Is Shiba Inu coin a Good Investment?

As Shiba Inu is one of the 15 largest crypto platforms, many crypto experts believe that the SHIB crypto is a good investment compared to other mainstream cryptocurrencies, and other new tokens. Despite all the ups and downs in the price history of Shiba Inu, analysts believe that Shiba Inu price prediction could grow further in the long term.

Shiba Inu crypto asset is one of the best cryptocurrencies to invest in. Given the incredible price rise that Shiba Inu saw last year, you may be wondering whether SHIB crypto remains a good investment opportunity. Considering that, detailed below are five reasons why you may still wish to invest in Shiba Inu today:

Best Ways of Buying Shiba Inu coin

The next step in the process of buying a Shiba Inu coin is deciding how to facilitate your investment. Discussed below are two of the most popular methods you can use to purchase SHIB in the market today:

Buy Shiba Inu coin with PayPal

Investors who prefer to buy Bitcoin with PayPal may also wish to use this payment provider to facilitate their Shiba Inu investment. At present, PayPal doesn’t allow users to purchase SHIB directly through their platform, as their asset selection is quite limited.

However, eToro users can make instant deposits into their trading balance using PayPal and then use these funds to buy Shiba Inu coins. Crypto.com also allows users to make FIAT deposits using PayPal; however, unlike eToro (which is free), Crypto.com will charge a 2.1% transaction fee when taking this approach.   

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Buy Shiba Inu coin with Credit Card or Debit Card

One of the easiest ways to purchase Shiba Inu instantly is by using a credit or debit card. All of the platforms that we reviewed earlier in this guide on how to buy Shiba Inu coins will allow clients to make payments using major card providers. Usually, this will take one of two forms – either making a FIAT deposit or directly purchasing the crypto using a card.

The former option is offered by eToro and removes all of the fees associated with making instant card purchases. Furthermore, since eToro allows deposits from only $10, this process is ideal for beginner investors. On the other hand, the other three platforms we discussed earlier enable users to purchase SHIB directly using a credit or debit card – although this tends to be accompanied by a high transaction fee.

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Virtual currencies are highly volatile. Your capital is at risk.

How to Buy Shiba Inu Coins – Full Details

Before rounding off this guide on how to buy Shiba Inu coins, it’s essential to discuss the trading process. Much like when you invest in Ethereum, buying SHIB involves creating an account with a respected platform and making your purchase via your laptop or smartphone.

With that in mind, the five quick steps below will walk you through the investment process with eToro – all whilst paying minimal trading fees.

Step 1 – Create a Trading Account

First thing’s first – head over to eToro’s homepage and click ‘Start Investing’, Enter a valid email address and choose a username and a password for your account. You can even complete this process using your smartphone via the eToro app if you’d like.

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Step 2 – Verify your ID

Click ‘Complete Profile’ on your account dashboard and enter the personal details required for eToro’s KYC checks. You’ll then be asked to upload proof of ID (e.g. passport) and proof of address (e.g. bank statement), which eToro will verify.

Step 3 – Deposit Funds

Once verification is complete, click ‘Deposit’ on your dashboard and choose which payment method you’d like to use. eToro accepts the following methods for US-based clients:

  • Credit card
  • Debit card
  • Bank transfer
  • PayPal
  • Skrill
  • Neteller

Step 4 – Search for Shiba Inu

Next, click the search bar and type ‘Shiba Inu’ or ‘SHIB’. When the coin appears, noted as ‘Shiba (in millions), click ‘Trade’.

Step 5 – Buy Shiba Inu coin

An order box will now appear, similar to the one below. In this box, enter your desired position size (minimum $10), check everything is correct, and click ‘Open Trade’.

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Virtual currencies are highly volatile. Your capital is at risk.

How to Buy Shiba Inu Today – Conclusion

In summary, this guide has taken an in-depth look at how to buy Shiba Inu coin today, exploring the coin’s features and use cases before providing a detailed walkthrough of the investment process.

Shiba Inu is one of the most popular cryptocurrencies. If you’re wondering where to buy its coins today, we recommend eToro. The broker has recently streamlined its fee structure, which has ensured a low-fee environment for crypto traders. What’s more, since eToro’s minimum investment amount is only $10, the platform is ideal for beginner investors.

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Virtual currencies are highly volatile. Your capital is at risk.

The Legal Framework on Technology Transfer in Nigeria

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Emerging technologies like AI would have transformation impacts on Law (source: law.com)

In keeping with the world being a global village, it is now commonplace to engage in cross-border agreements for the importation or transfer of technology for research, development, or Commercial purposes.

Agreements for the transfer of new or advanced technologies are now even more frequent with the rise of the Nigerian Tech sector, necessitating the need for a deeper level of public awareness on what the law says concerning agreements for the transfer of such new technologies.

This article will thus be focused on the subtopics of :

– The Regulatory Framework governing Technology transfer in Nigeria.

– The requirements for registration of a transfer of technology into Nigeria.

– The types of agreements permissible for the purpose of being registered as Technology transfer agreements.

– The procedure for the Registration or Technology Transfer agreements.

– The Legal effects of non-registration of a Technology Transfer agreement.

What are the components of the Regulatory Framework governing Technology Transfer in Nigeria?

The chief Regulatory agency governing the transfer if technology into Nigeria is the National Office For Technology Acquisition & Promotion (NOTAP) which was created by the National Office For Technology Acquisition & Promotion Act(NOTAPA), which makes it mandatory to register with NOTAP all agreements for the transfer if Foreign Technology into Nigeria.

Transferred technology may also be registered as a patent or trademark in Nigeria.

What are the types of agreements that are eligible for registration with NOTAP?

The following agreements are eligible for registration with NOTAP as Technology Transfer agreements:-

– Agreements for the use of Trademarks (this can apply to SaaS use agreements).

– Agreements for the right to use patented inventions.

– Agreements for the supply of technical expertise in the form of technical plans, diagrams, operating manuals or any other form of technical assistance.

– Agreements for the supply of plant & machinery.

– Agreements for the provision of technical/managerial personnel assistance.

Is there a Regulatory time period within which Technology Transfer agreements must be registered with NOTAP?

Yes there is. Agreements for the transfer of technology into Nigeria are to be registered within 60days of the execution/signing of the contract.

What is the procedure for the registration of a Technology Transfer agreement with NOTAP?

The registration of an agreement with NOTAP is to be commenced by the transferee’s legal representative submitting to NOTAP a duly completed Regulatory NOTAP application form to which the following is to be attached :

– A bank draft for an application fee payable to the Director of NOTAP.

– The MEMART (Memorandum/Articles of Association) of the transferee.

– 2 Certified True Copies (CTCs) of the agreement to be registered.

– 2 copies of duly completed questionnaires (Form NOTAP2-84).

– A copy of the transferee’s feasibility study.

– a CTC of the transferee’s Certificate of Incorporation or annual audit account report

– Upon due scrutinization and approval by NOTAP, the transferee is to then pay a registration fee to NOTAP.

On what grounds can a registration application be refused?

A contract sought to be registered with NOTAP can be rejected on the following grounds:-

– If the Technology to be transferred is already available in Nigeria.

– If the Technology cost price is not in line with general market values in Nigeria.

– If there is a term in the contract stating that the transferee is to only acquire equipment, tools or raw materials exclusively from the transferor or any other designated person.

– If there is a clause in the agreement that requires full payment for a Technology yet to be exploited by the transferee.

– If there is a contract terms that entitles the transferor to intervene unnecessarily in the execution of the contract.

– Where there is a clause in the contract that requires the transferee to assign or transfer in return to the transferor, intellectual property and technology procured by the transferee without any input from the transferor. 

– Where there is a limitation clause in the agreement restricting the transferee’s right to sell its products to anyone else apart from the transferor.

What is the legal effect of non-registration of a Technology Transfer agreement with NOTAP?

The major effect of non-registration of a Technology Transfer agreement with NOTAP or is that no payment will be made to anyone outside Nigeria on the authority of the Central Bank of Nigeria (CBN) , any licensed bank in Nigeria, or the Federal Ministry of Finance regarding due payments under a non-registered contract that would still not be void under Nigerian Law.

Conclusion :- A better understanding of the law on the issue of Technology Transfer agreements as well as Trademark Registration and Contract Registration eligibility with NOTAP should be gotten through diligent Legal advice and representation, particularly for businesses in the Tech sector.

E-Payment Transactions in Nigeria Decline to N32.84 Trillion in September 2022

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According to data released by the Nigeria Inter-Bank Settlement Systems (NIBSS), it revealed that E-payment transactions worth N32.84 trillion were performed in September through the NIBSS Instant payment platform.

This brings the total value of e-payment deals in the last 9 months to N271.5 trillion. The latest data released by the NIBSS revealed that the total value of transactions worth N271.56 trillion was performed electronically in nine months of 2022, an increase of 26 percent when compared to N215.76 trillion reported in nine months of 2021.

Year on year, the e-payment value increased by 39.5% compared with the N23.5 trillion recorded in September last year. There was a 1.2% decline in the figure recorded in September 2022, compared with the value of electronic payment transactions recorded in the country in August, which stood at N33.2 trillion.   

According to financial expert Mr. Rotimi Fakayejo, he attributed the decline in Instant Payment Platform (NIP) transactions in September to glitches witnessed by some banks in September, stating that the surge in the exit of IT staff, caused a lot of glitches in the banking sector that affected the activities of customers.

He also noted that the recent increase in electronic transactions reveal that Nigerians, most especially the Youths are embracing the cashless policy of the Central Bank of Nigeria (CBN) adopted in 2001 in September, to reduce the amount of physical cash in circulation.

Also the Vice President of Highcap Securities Limited, Mr. David Adnori stated that the marginal decline witnessed in electronic payment for September 2022, is because of worsening macroeconomic conditions which eroded the quantum of financial transactions by businesses and households.

He added that the rising inflation has severely affected the financial health of all economic elements, resulting in dwindling financial activities. As electronic transactions drop in September, there was also a visible decline in the value of cheque transactions as it also fell by 8.52 percent to N265.94billion from N290.69billion in August.

However, the Year-on-Year (YoY) performance of cheque transactions in nine months rose by 0.43 percent to N2.39trillion from N2.38trillion in nine months of 2021.

On the contrary, an analysis of the nine months’ data just released by NIBSS showed that the volume of cheque transactions dropped by 6.3 percent to 358.193million in September from  335.786million in August, while Year-on-year performance showed a decline of 7.6 percent to 3.07million in nine months of 2022 from 3.33million in nine months of 2021.

Cheque transactions over the years have continued to witness a decline, as most bank customers adopt the e-payment means of transactions. According to NIBSS, the value of the e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 438 million in September, showing a 48% increase over 296 million recorded in the same period last year. 

An analysis of the 8 months of data just released by NIBSS showed that the NIP platform recorded N26.6 trillion transactions in January. Year on year, this was a 43.7% increase over N18.5 trillion recorded in the same month of last year. 

According to NIBSS, over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATMs, etc. to their customers.