Nigeria’s Vice President Yemi Osinbajo has voiced his concern over Nigeria’s central bank’s approach to the evolution of cryptocurrency in Nigeria. Speaking at the Bankers Committee Vanguard on Friday, Prof. Osinbajo said Nigeria “needs to act with knowledge not fear” in addressing the concerns emanating from blockchain technology.

On Feb. 5, the Central Bank of Nigeria (CBN) announced that cryptocurrency trading in Nigeria has been banned, throwing the country’s booming crypto market into disarray.

The CBN justified the decision citing the use of blockchain ledger to perpetrate money laundering, fund terrorism, and execute other illicit transactions. The Apex bank also pointed to the danger cryptocurrency is posing to Nigeria’s mainstream financial system.

However, CBN’s decision to ban cryptocurrency trading has been greeted with heavy criticisms. Experts have described it as an unprogressive and irrational decision, capable of spooking investors.

Fiyin Osinbajo, the son of the Vice President, said CBN’s decision to ban cryptocurrency will hurt Nigeria’s chances to attract investors and consequently, the country’s rank in the technology world.

Cryptocurrency has $1 trillion market capitalization that every country wants to cut a share from. Other countries who share the same sentiment with Nigeria on cryptocurrency are working to address the fears by developing frameworks to regulate it.

As of December 2020, Nigeria had the second highest volume of cryptocurrency transaction after the United States. The decision of the CBN will not only hurt the booming market, it will also put food off the table of many Nigerians who have found jobs in blockchain technology.

Prof. Osinbajo said cryptocurrency will inevitably disrupt the traditional banking system because it provides a cheaper alternative for cross-border transactions. He thus recommended regulation instead of prohibition, noting that blockchain technology has come to stay, and Nigeria will be left behind if she doesn’t follow up.

Read the full statement:

“On the very topical issue of blockchain technology, digital assets, and cryptocurrencies let me say two things.

“First is that there is no question that blockchain technology generally and cryptocurrencies, in particular, will in the coming years challenge traditional banking, including reserve banking, in ways that we cannot yet imagine so we need to be prepared for that seismic shift and it may come sooner than later. Already, remittance systems are being challenged. Blockchain technology will provide far cheaper options for the kind of fees being paid today for cross-border transfers.

“I am sure you are all aware of the challenge that the traditional SWIFT system is facing from new systems like Ripple, which is based on the blockchain distributed ledger technology with its own crypto tokens. There are, of course, a whole range of digital assets spawned daily from blockchain technology.

“Decentralized finance, using smart contracts to create financial instruments, in place of central financial intermediaries such as banks or brokerages is set to challenge traditional finance. The likes of Nexo finance offer instant loans using cryptocurrency as collateral.

“Some reserve banks are investigating issuing their own digital currencies. Clearly the future of money and finance, especially for traditional banking, must be as exciting as it is frightening. But as we have seen in many other sectors, disruption makes room for efficiency and progress.

“I fully appreciate the strong position of the CBN, SEC, and some of the anti-corruption agencies on the possible abuses of cryptocurrencies and their other well-articulated concerns, but I believe that their position should be the subject of further reflection.

“There is a role for regulation here. And it is in the place of both our monetary authorities and SEC to provide a robust regulatory regime that addresses these serious concerns without killing the goose that might lay the golden eggs. So it should be thoughtful and knowledge-based regulation not prohibition. The point I am making is that some of the exciting developments we see call for prudence and care in adopting them, but we must act with knowledge and not fear,” he said.

Good People in Nigeria, we are looking for a Microfinance Bank to buy. We are not really interested in the asset but rather the license. So, a non-operating one, or a struggling one, with a valid license from the Central Bank of Nigeria works. If you know and can help syndicate a deal, we will compensate. Email my team here.

Join me to welcome IBF Markets to Tekedia Mini-MBA. IBF Markets is a forex and commodities broker, providing trading services and facilities to both retail and institutional clients. Trade and smile with our quick order delivery, from a trading partner with stable instruments and a solid trading experience.

Over the next few months, we will co-share and co-learn with Olubunmi Odekunle and other team members on the mechanics of market systems. I wish everyone a profitable trading year!

Welcome to Tekedia Institute. Welcome to the best school!

I just woke up to read Nigeria’s one week, one problem, as a nation. I join other citizens and the world to wish the 300 girls (BBC Hausa number) abducted at Government Girls Secondary School, Jangebe, Zamfara State, safe return to their families. May peace reign in the land.

The Zamfara State Government has confirmed the abduction of schoolgirls from a secondary school in the state.

PREMIUM TIMES reported the attack by armed men on the Government Girls Secondary School, Jangebe in Talata Mafara Local Government Area of Zamfara State on Friday morning.

Zailani Bappa, the spokesperson to the Zamfara State Governor, Bello Matawalle, told PREMIUM TIMES Friday morning that the exact number of students kidnapped has not been ascertained.

He said the state government is working with security operatives to ascertain the details of the kidnap and ensure the kidnapped victims are freed.

A teacher in the school had told the BBC Hausa that about 300 female students were kidnapped.

 

I have been privileged to invest in some of the most interesting Startups in Nigeria and other parts of Africa.

This journey started in 2014 and my approach has always been to just do my thing behind the scenes and support the companies I invest in strategically. However, following the Paystack exit, folks have been curious to see what other companies I have backed, so I have finally decided to share.

I believe we have a couple of stars in here and the next couple of years should be interesting. Please support these companies wherever you see them so that my family can eat o…?

1. Gbedu (Gbedu.live)

Gbedu is a music discovery and streaming service built to dispense the rich sound of Africa. They have created an experience that gives young, upcoming (up and coming) artists the chance to get discovered and earn per stream of their music content.

The startup is connecting Africans to the most extensive catalogue of free localized content, leveraging the power of playlisting, offline and radio-integration to create new interactions and vast, unique music experience per user locale.

Gbedu is freely accessible to all users and pays every content owner.

Industries: Digital Entertainment, Music Streaming.

Wesbsite: www.gbedu.live

2. PiggyVest

Piggyvest is the leading online savings & investment platform in Nigeria, helping individuals manage their finances effectively.

The platform enables users to save small amounts of money frequently with minimal effort. They automate the process of saving tiny amounts daily, weekly, or monthly; and then allow savers, withdraw for free on only set withdrawal dates, thereby practically making saving and investingpossible for users of their platform.

Industries: Financial Services, Banking, FinTech

Website:www.piggyvest.com

3. Intelligra

Intelligra is the builder of an open platform created for smartphone financing. The company’s platform offers MNO (mobile network operator) integration and lock technology, proprietary credit scoring algorithms and device lock solution. The platform also offers an in-store seamless onboarding app and integrates device OEM (Original Equipment Manufacturer), financiers and mobile network operators, enabling consumers to access affordable smartphones.

Industries: Financial Services, Mobile Financing.

Website: https://intelligra.io/

4. TeamApt

TeamApt is a financial technology company focused on developing Digital Banking, Business Solutions and Payments Infrastructure.

They are rethinking the needs of consumers, businesses, and the financial industry.

Industries: Fintech, Financial Services

Website: https://teamapt.com/

5. VertoFX

VERTO is a complete F.X. and payment marketplace built for business. VERTO helps business operate efficiently on the international stage. The company make it possible to open a free U.K. business banks account in minutes with the ability to hold up to 39 different currency balances. Additionally, VERTO gives it’s business users the ability to make or receive payments in foreign currencies and trade those currencies at lucrative rates.

VERTO provides liquidity and price discovery tools for international businesses. The marketplace provides easy access to exotic and foreign currencies with seamless international online payment services. Mono

Industries: Finance, FinTech, Marketplace

Website: https://www.vertofx.com/

6. Mono

Mono is an API financial technology software designed to become the go-to financial data infrastructure API platform in Africa. The company’s software provides access to financial statements for historical and real-time transactions, balances, bank statements, credit and spending patterns. The platform also make s it possible to initiate direct debit payment and recurring debit. They are enabling users to get an accessible way to check their financial statements and transactions conveniently.

Mono is bringing access to financial accounts across Africa securely and reliably.

Industries: Big Data, Financial Services

Website: https://mono.co/

7. Spleet

Spleet is a Nigerian-based prop-tech startup that offers its users a subscription-based, living solution. Spleet provides access to Shared/entire living spaces with flexible payment options (Daily, Monthly & Quarterly Subscriptions).

They have built a platform and partner with homeowners who want earn constant (recurring, monthly and quarterly subscriptions) revenue and homeowners who wish to earn non-recurring income.

Industries: Real Estate, Property Management, Vacation Rental

Website: https://spleet.africa/

8. Migo (Done via a Syndicate)

Migo is a cloud-based platform that allows customers to use loans, make purchases, and withdraw cash without the need for plastic debit/credit cards.

Migo offers a digital Credit-as-a-Service platform to domestic banks, mobile operators, retailers, and payment processors. The platform includes APIs, frameworks, consumer insights tools, and expertise on best practices that enterprise partners can use to build transformative consumer credit services in emerging markets.

Industries: FinTech, Financial Services, Credit

Website: https://www.migo.ng/

9. LendMe

LendMe is an online consumer loans platform. Users can choose a loan amount in Naira(?) and set a repayment schedule. The loan limit of the user increases if the user successfully repays loans. The app is available for the Android platform.

Industries: FinTech, Financial Services, Credit.

Website: https://www.mylendme.co/

10. Bitnob

Bitnob simplifies access to the Bitcoin Blockchain Technology for People to create wealth, grow their wealth and even build and provide support for their businesses. It is a cryptocurrency exchange that allows users in the African Region to buy or sell Bitcoins quickly. One key feature of the exchange is that it enables its users to automatically and periodically save in Bitcoins with as little as one dollar.

Industries: FinTech, Financial Services, Cryptocurrency

Website: https://bitnob.com/

11. Lemonade.Finance

Lemonade Finance is a startup that makes it easy to send money to Nigeria from Canada within seconds. Their platform, available on Google Play and App Store, offers some of the best exchange rates at any given time. What’s more, transactions on lemonade are free, safe, and secure.

Industries: FinTech, Financial Services.

Website: https://lemonade.finance/

12. Brass

Brass is a digital bank that provides small and medium businesses with a suite of products and tools to help them grow. Brass provides bank-backed, fully insured current account services to local companies in Nigeria.

Brass makes it super easy for every business to get a current account from any device, cut traditional bank fees and help businesses and people save money.

Industries: FinTech, Financial Services.

Website: https://www.trybrass.com/

13. Trove

Trove Finance is a platform that allows you to invest in stock markets around the world for as low as ?1,000. Troves allows its users to automate their investments by linking a debit card to the Trove App.

Its Investment app aims to make the process of finding and selecting investments — specifically Stocks & Bonds — accessible and approachable for beginners. With Trove, users can find stock from public companies from Nigeria, and the U.S. Users can also easily access various bonds, cryptocurrency assets and mutual funds.

Industries: FinTech, Financial Services, Cryptocurrency

Website: https://www.troveapp.co/

14. Gradient Boost

The Gradient Boost is an end-to-end platform training, upskilling and matching data science talent in Africa to companies. This last mile data science upskilling platform enables companies to build a reliable data science, data engineering and data analytics talent pipeline of the top data talent in Africa.

They take on talent with strong data science fundamentals and upskill them through mentorship from experienced data scientists.

This enables the young talent to gain strong collaborative skills, soft skills and practical experience. Ultimately, these young talents can prove their abilities to companies looking to hire talent.

Industries: Data Science, Training

Website: https://www.thegradientboost.com/

15. Send.ng

SEND is a Digital freight Forwarder & Customs Broker for African Businesses.

Send ships container and air cargo to Nigeria, managing the entire process — from suppliers in China, U.S. & Europe, to the customs clearance and then delivered to customers.

Send is making it easy for people and businesses to ship across Africa and to the world. Their web app, mobile app and API are used to request their shipping services. They then pick up, package, and ship items through major couriers/carriers. Send.ng provides simple yet not-so-available value-added features like tracking and transparent pricing.

Industries: Logistics, Supply Chain Management, Freight Service

Website: https://www.send.ng/

16. Gloo

Initially, Gloo.ng, a pure-play electronic retailing service dedicated to delivering direct to their clients’ doorsteps, Gloo has now pivoted into the e-procurement space as Gloopro.

Gloopro simplifies purchasing for large enterprises with eProcurement and commerce solutions. As a one-stop platform for large enterprises to optimize the purchasing of material and service inputs not included in their core products or service, Gloopro offers its customers valuable supply-chain visibility.

Additionally, they enable large enterprises to standardize and automate their entire procurement lifecycle across multiple locations with stock reorder level parameterization and budgeting caps.

Industries: Retail, E-Procurement

Website: https://www.gloopro.com/

17. PushCV

PushCV is the largest pool of pre-screened candidates in Africa. PushCV aims to help tackle the unemployment epidemic by providing a platform on which only the best talents are connected to top employers and recruiters.

Push CV is focused on the features that matter most to an employer and hence, the job seeker. Through continued iteration on complex employment problems, they seek to provide continuous improvements to the service that already makes thousands of people find their dream jobs a lot faster, safer and more seamless.

Industries: Recruiting

Website: https://www.pushcv.com/

18. Bento

Previously verifi.ng, Bento has metamorphosized into more than just a payroll and H.R. platform to help companies in Nigeria manage their employees’ salaries. Today, Bento has expanded beyond pension, healthcare, and taxes to provide a platform for salary earners manage what they consume and how they consume.

Bento has provided healthcare and salary advance services by partnering with a healthcare provider, Hygeia, and money-lender, Zedvance. Moreover, it aims to do much more, for instance, helping parents pay their children’s tuition monthly and pay rent monthly.

Industries: Financial Services, Employee services

Website: https://bento.africa

19. Leadspace

Leadspace is an alternative commercial real estate startup aiming to create shared infrastructure for entrepreneurs and founders of small & medium-size businesses.

They provide co-working spaces for entrepreneurs/founders of small and medium businesses, mid-level corporate executives, Independent freelancers, remote workers and creative artists.

Industries: Co-working

Website: https://theleadspace.co/

20. PowerCube

Powercube builds clean energy systems that can provide homes with more than 16 hours of power a day with subscriptions as low as N7,000 ($20) monthly. User can control each system with a mobile application that allows them to determine how much power they want to use.

Powercube was started to relieve small homes and businesses from using generators while providing the highest degree of certainty on bills due.

Industries: Clean Energy

Website: http://www.powercube.ng/

21. Accounteer

Accounteer is a cloud accounting platform for small businesses. A business owner can create invoices, track expenses and follow up on their finances with ease. Accounteer integrates with external services like banks, e-invoicing platforms and e-commerce.

Industries: Financial Services, MSME

Website: https://accounteer.com/

22. Blackbet

Blackbet is a product-driven Africa sportsbook operator. The company has ambitions to expand and delight the global gaming community by bringing safe, imaginative and innovative sports play to a new generation by simplifying the platform and delighting new customers play-by-play.

Industries: Gambling & Casinos

Website: https://www.blackbet.ng/en/

23. Fantastic.ng

Fantastic.ng is a free-to-play gaming platform focused on sports fans (hence the name Fantastic). Their platform offers its users an experience similar to sports betting and rewards without requiring any payment.

The sports gaming platform runs on a freemium model that allows users to play for free or buy ?100 token to access premium games with higher rewards.

All rewards are paid in a digital currency called Fan Coins (F.C.s). These F.C.s are then used in the Fan Shop to purchase various items, including airtime, food, phones, laptops, and get cash back.

Currently, the gaming platform offers a Football Manager, Predict & Win and Sports Quizzes.

Industries: Gaming

Location: Lagos, Nigeria

Website: https://www.fantastic.ng/

24. Engage

Engage is a customer messaging platform that helps businesses grow and improve customer retention. It is messaging based on the end user’s journey, preferences and actions through your business application.

Engage is able to achieve this by segmenting your customers based on their attributes (e.g., gender, location, plan, age) and their actions (e.g., used up data bandwidth, cancelled subscription, scheduled an appointment, submitted feedback), and allowing you directly “message” these segments or create automations.

Industries: Artificial Intelligence, Business Development, Messaging

Website: http://engage.so/

25. Koa

Koa is an app-based platform that helps it’s users save and grow their money at the tap of a button, making it easier for them to reach their financial goals, starting out from Kenya.

With Koa, users can save for what truly matters to them. Their application helps users break down their goals and save towards them daily, weekly or monthly. Additionally, users with a Koa grow account, gain interest on the amount they have saved over a set period.

Industries: Finance, Savings, and Mutual Funds

Website: https://withkoa.com/

26. Paystack (Exit)

Paystack is a payment platform that enables businesses in Africa to accept payments by anyone, anywhere in the world, from multiple local and global payment channels, including credit cards, debit cards, money transfers, and mobile money.

Additionally, Paystack provides tools to help its business users retain existing customers and acquire new ones.

Industries: Financial Services and Payments

Website: https://paystack.com/

Source: Medium