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Home Blog Page 5422

Egoras’ Interest Free Loan Business Model Backed By Physical or Crypto Assets Is Working

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Egoras Team

It is that season of business reviews. This one is one of the fastest growing startups in Nigeria today. Ugoji Harry and the whole team are doing an amazing job, for pioneering a new business model, and the customers have responded well. And in less than 6 months, it has grown from 4 staff to over 100. Egoras offers “Interest-Free Loans” backed by  physical or crypto assets within minutes; you only pay inventory fee.  Phones and accessories go for $0.37 per day; Refrigerators for $0.49 – $0.98, etc on fees.

To get the loans, it takes just 3 steps! Get the value of your collateral, fix an appointment with the Egoras team to inspect the asset (for physical assets), and receive your loan before the collateral leaves your hands.

Go and learn how Egoras has used a new business model to make it possible for people to participate in the financial system.

Card Designs for our US Digital Bank Startup

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The Digital Bank for Immigrants and Global Citizens is coming in January. We have many designs for the debit cards and users have options to choose. These cards are both virtual and physical. I have blocked the name of our digital bank in the cards. And the most fascinating: if you pass our KYC/AML regime, we will make it possible that your bank account in a Lagos bank can be visualized with a real US bank account, if your bank is participating in our network.

Yes, you will have a US bank account. We’re launching with support for dozens of countries and we will make it possible for an eventual “global single bank account” through abstraction of many things at the technology layer.

People, we have an opportunity to solve this challenge I put many years ago – “The Digital Product No Fintech Or Bank Is Building in Africa‘ . Expect something amazing: it’s banking, invented anew.

Tekedia Capital continues to invest in the future of innovation.

We’re Tekedia Capital, we’re funding innovators of the future including a Texas-based Digital Bank

It’s illegal for Nigerian Electricity Regulatory Commission (NERC) to Disconnect Your Light Without Issuing A 10 Day Notice

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It’s illegal for the Nigerian Electricity Regulatory Commission (NERC) to disconnect your electricity supply without issuing you with 10 days notice. 

Unlike what many electrify users may think, the Nigerian Electricity Regulatory commission (NERC) have no legal right to disconnect any user’s electricity connection at will or whenever they choose for any offense whatsoever without given prior notice of at least 10 days to the electricity user, Neither does any electricity distribution company (disco) like Abuja Electricity Distribution Company (AEDC), Eko Electricity Distribution and their cohorts have the power to disconnect any users light without following the due process provided by law.

The extant law regulating the procedures for connection and disconnection of electricity supply currently in Nigeria is the Nigerian Electricity Regulatory Commission’s Connection and Disconnection Procedures for Electricity Services, 2007. This is the law that laid down the guidelines that electricity providers and distribution companies (Disco)  must follow while connecting or disconnecting any user’s electricity supply in-order for them not to be breaking any law or deemed to be carrying out an illegal act. 

According to this law, before a staff of electricity company or electricity distribution company can disconnect any customer’s electricity supply, 10 days notice must first be issued to the customer and when the electricity official disconnects a customers light, they shall leave a written notice on the customer’s premises advising the customer what to do to get the electricity supply reconnected. 

This written notice must contain; the date of the disconnection, the reason for the disconnection, what the customer should do to get his electricity supply reconnected and the contact details of the electricity officials that disconnected the electricity supply in case the customer wants to contact them.

By law, when an electricity distribution company disconnects a customer’s light without following the due process stipulated by law like issuing a 10 days notice to the customer, the customer can sue the electricity company and damages will be awarded against the distribution company for illegal disconnection and illegal tampering of a customer’s electricity supply.

As Multitude Get Away With Murder In Nigeria

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The last time I checked, Nigeria was ostensibly synonymous with murder. The ubiquitous bad omen, usually occasioned by the activity of the so-called herdsmen and/or bandits or what have you, has made virtually every rational Nigerian resort to sleeping with one eye open.

The ugly scenario has lingered unabated that many have begun to insinuate that the Nigerian State is now a ‘Banana Republic’. In some quarters, most dwellers are endlessly of the notion that Nigerians as a people are facing a nemesis owing to the perceived mistake made in 2015.

It wouldn’t be an overstatement if one opines that we have lost statistics of cases pertaining to massacre or homicide that transpired in recent times. The worst of all remains that no locality across the federation is exempted while discussing those that have suffered from such dastardly acts.

Little wonder, even a kid could with ease take to the social media just to write all sorts of trash against the President Muhammadu Buhari – led government.

The purported farmers, rather than acting as guests while breeding their livestock, end up constituting evitable nuisance in their various host communities. This domineering and nonchalant idiosyncrasy of the armed herders who parade themselves with unspeakable ammunition and weapons has overtime been arguably overlooked by the government and other concerned authorities.

Five years ago, precisely on Monday, 25th April 2016, a certain group of herdsmen unleashed an astonishing and untold terror on the people of Nimbo Community in Uzo-Uwani Local Government Area (LGA) of Enugu State. The attack resulted in a massacre that could only be imagined. In the crisis, reportedly scores feared dead, countless persons maimed, about a hundred residents injured, several houses cum worship places razed, thereby rendering over two thousand dwellers homeless.

Though the above incident may have come and gone, it’s pertinent to acknowledge that the peril it inflicted on the living victims is unarguably an experience they will live to recall. Myself, each time I recollect that a certain community in Enugu in the history of this country woke one morning only to be brutally taken unawares by a group of total strangers who had supposedly been their beneficiaries, I only take solace in the perceived notion that it could be a mere dream. Yet till date, no one has been convicted in regard to the mayhem.

Subsequently, as if that wasn’t enough, such an ordeal transcended to other states. Currently, it seems states like Benue, Taraba, Zamfara, Plateau and Kaduna have abruptly become the headquarters of the cruel herders. At the moment, no day that comes on board, we wouldn’t hear that a certain part of any of the said provinces had been attacked by the ‘herdsmen’.

On Tuesday, 24th April 2018, the same set of individuals unleashed terror on the people of Ayar-Mbalom village of Gwer East LGA in Benue State during a requiem service in a Catholic Church identified as St. Ignatius. The incident, which claimed the lives of two priests – Reverend Fathers Joseph Gor and Felix Tyolaha – and seventeen worshippers, commenced at about 5:30am (WAT) when gunmen who had been lurking in the bushes swooped on the villagers who had sorrowfully gathered to bury their dead.

It was gathered that the attackers first started the attack in a neighbouring community in the evening of the previous day being Monday, but were repelled by the locals. They subsequently made effort all through the night in some villages within the surroundings and further met with stiff resistance. The invaders, who were with both machetes and firearms, reportedly numbered about thirty.

It was further reported that aside the Catholic Church, the supposed herders burnt down various homes, destroying thousands of food items and properties. Some residents who tried to flee the scene were stopped dead in their tracks by a hail of bullets.

President Buhari described the incident as vile, evil and satanic. AS at then, I strongly wished someone could tell Mr. President that it wasn’t about issuing a condolence message from the State House but swinging into action without much ado towards averting reprisal, which I had long foreseen.

It’s noteworthy that barely twenty-four hours after the aforementioned ordeal being Wednesday, 25th April 2018, a different set of attackers, or perhaps the same people, descended on another locality identified as the outskirts of Daudu still at about 5:00am. A cross-section of the villagers confirmed the attack and disclosed that people were killed, though the police couldn’t give the exact picture of what transpired. According to the report, the residents were awoken by gunshots and the cries of agony from victims.

The ugly unabated incidence of bloodshed has remained unchanged on a daily basis across the shores of the country. Worse still, in some cases, the security agents end up causing more harm than good.

It’s indeed mind-boggling to realize that while Nigerians are continually being eaten up by gunshots from these terrorists, most politicians are busy endorsing canvassing for their gains ahead of the 2023 general elections.

Isn’t it so disturbing to note that at a time when every sane mind in Nigeria is expected to be sober, we’re rather preoccupied with frivolities all in the name of 2023 elections?

Interswitch Publishes A Whitepaper On Blockchain And Its Possibilities

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I just finished reading a whitepaper on blockchain technology, authored by Africa’s pioneer fintech company, Interswitch. It is not surprising coming from the integrated payments and digital commerce company – considering the catalytic role it played many years ago when it began the digitization of payments in Nigeria, and eventual transition to the web. To a large extent, the foundational infrastructure which Interswitch built became an operating system for the first era of Nigeria’s digital commerce. As far back as then, even the banks were powered by the company’s infrastructure.

Looking into the future, Africa has a high potential to feature prominently in the second wave of the innovation age, in which autonomous systems and AI systems will become very dominant, but this will be largely built on our ability to take a commanding position. It is exciting to see that companies are gradually embracing blockchain technology and the technological advancement it brings to bear.

Data will be the enabler and that is consistent with Pythagoras’ postulation that nations and commerce are nothing but numbers (yes, data). But the question is “How do you make sure those numbers are trusted, readily available and useful?” Blockchain provides those checkmarks. And that means from law to finance, insurance to supply chain, and beyond, an enabling tech exists to help. That is what the paper is essentially saying.

But as the paper noted, we need to get the regulations right and we need to get our young people ready – and that means the universities and training ecosystems must deepen capabilities to prepare them.

In the end, I think what needs to happen here is for reliable companies like Interswitch to do what they do best: show people the way. And once governments and companies are convinced that this method works, others will join. We want innovation: “Blockchain technology has the potential to foster innovation”.

You can download the paper here – https://www.interswitchgroup.com/blockchain