“This is quite fantastic and week 1 has already given much insights. Creating the mobile app and being able to connect here makes the learning even more interesting. The addition of challenge assignments are great too as it spurs you to try out the theory and put it all perspective. Kudos to the team at Tekedia Institute and Professor Ndubuisi Ekekwe for this great initiative. We are Teknovators!!”

– okeke on the current Tekedia Mini-MBA edition4.

Visit Tekedia Mini-MBA board for more testimonials.

Tekedia Institute welcomes Kenstep Microfinance Limited Ghana to Tekedia Mini-MBA. The firm is a financial institution fully and duly licensed by the Bank of Ghana to accept deposits from the public and provide other financial services to the public. Over the next few months, we will be co-learning and co-sharing with this African financial institution. Kenstep, welcome to the best school!

Four of the top 10 banks in Nigeria sent their entry level staff to Tekedia Mini-MBA. In one, the CEO called me with a message, “I want them to be inspired by something that is more than banking. If they do that, our bank will have a great future”. Yes, if banks are to fix the financial frictions of markets, they need to know the markets.

But our story is more than banks – from bakery to rental to insurance, and beyond, Tekedia Institute is serving. Join me to welcome Yoks Rent-A-Car from the land of the Black Stars to Tekedia Mini-MBA. YOKS has been providing professional transportation services for Ghana’s blue-chip companies, multi-nationals, and individuals for close to two decades.

Welcome to the best school. We have something for you, and next week class will be amazing. Let’s ride it. 

Congratulations to all the students and members who just joined Facyber.com free for hitting 100 Friends at Tekedia Hub ( hub.tekedia.com ) – the “facebook for innovators”. Please spread and word, and get others to take advantage of this bonanza. Click here for details.

Attend Facyber Course Free Once You Hit 100 Friends at Tekedia Hub

The Central Bank of Nigeria’s ban of Bitcoin and broad cryptocurrency has thrown the capital market regulator – Securities & Exchange Commission (SEC) – off balance. The regulator just like that, is pausing a component of its on-the-money initiative, SEC’s Capital Market FinTech Strategy: “For the purpose of admittance into the SEC Regulatory Incubation Framework, the assessment of all persons (and products) affected by the CBN Circular of February 5, 2021 is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system.”

Consequently, it has become necessary to provide the following clarifications about the implementation of SEC’s Capital Market FinTech Strategy:

1. For the purpose of admittance into the SEC Regulatory Incubation Framework, the assessment of all persons (and products) affected by the CBN Circular of February 5, 2021 is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system.

2. The planned implementation of the SEC Regulatory Incubation Guidelines for FinTech firms who intend to introduce innovative models for offering capital market products and services will continue.

First Bank has also followed with an email to its customers, making it clear that it would close accounts linked to cryptocurrency exchanges: “please be informed that any account identified as transacting in or operating Cryptocurrency exchanges within our system will be closed accordingly.” Yes, do not say that you were not warned.

Further to its earlier directives that dealing in Cryptocurrencies or facilitating payments for Cryptocurrency exchanges is prohibited, the Central Bank of Nigeria (CBN) has written the letter: BSD/DIR/GEN/LAB/14/001 dated 5 February 2021, to direct that all banks, non-bank financial institutions and other financial institutions should identify persons and/or entities transacting in or operating Cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.

The full SEC statement

The Securities and Exchange Commission (SEC) has received several comments and inquiries from the public on a perceived policy conflict between the SEC Statement on Digital Assets and their Classification and Treatment of September 11, 2020 and the Central Bank of Nigeria (CBN) Circular of February 5, 2021. We see no such contradictions or inconsistencies.

In recognition of the fact that digital assets may have the full characteristics of investments as defined in the Investments and Securities Act 2007, the SEC Statement asserts that trading in such assets falls under SEC’s regulatory purview, except proven otherwise. The primary objective of the Statement was not to hinder or stifle innovation, but to establish standards of ethical practices that ultimately make for a fair and efficient securities market.

The SEC made its statement at the time, to provide regulatory certainty within the digital asset space, due to the growing volume of reported flows. Subsequently, in its capacity as the regulator of the banking system, the CBN identified certain risks, which if allowed to persist, will threaten investor protection, a key mandate of the SEC, as well as financial system stability, a key mandate of the CBN.

In light of these facts, we have engaged with the CBN and agreed to work together to further analyse, and better understand the identified risks to ensure that appropriate and adequate mitigants are put in place, should such securities be allowed in the future.

Consequently, it has become necessary to provide the following clarifications about the implementation of SEC’s Capital Market FinTech Strategy:

1. For the purpose of admittance into the SEC Regulatory Incubation Framework, the assessment of all persons (and products) affected by the CBN Circular of February 5, 2021 is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system.
2. The planned implementation of the SEC Regulatory Incubation Guidelines for FinTech firms who intend to introduce innovative models for offering capital market products and services will continue.

The SEC will continue to monitor developments in the digital asset space and further engage all critical stakeholders with a view to creating a regulatory structure that enhances economic development while promoting a safe, innovative and transparent capital market.

February 11, 2021

Securities and Exchange Commission