Lack of proper financial services boosts crypto ownership in Nigeria, says re...
One of the main reasons investors across the globe seek to diversify traditional assets into crypto is to counter rising fiat inflation. A new study has revealed staggering growth in crypto adoption across Nigeria, fueled by limited access to affordable fiat-based financial services in Africa. Crypto exchange KuCoin’s “Into the Cryptoverse Report” highlights that many Nigerian citizens have started using cryptocurrencies as a viable alternative to store and transfer assets. According to the report, 35% of the Nigerian population aged 18 to 60 — or 33.4 million people — have owned or traded....
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CoinTelegraph spoke with Adelola Sokoya, the founder of Swift eCurrency, a virtual currency exchange based in Lagos, Nigeria, about various aspects of the virtual currency market in Nigeria. The virtual currency market in Nigeria is still evolving. It is relatively well-organised, not regulated by the government, and has a huge potential for the whole of Africa. Awareness takes root. Lola started by describing Swift eCurrency as a company that simply buys and sells virtual currencies, including perfect money, Bitcoin, Neteller, PayPal, and Stp. He says that this is the major activity of....
A new report from KPMG, a global network of professional firms providing tax, audit, and advisory services, has revealed that investment in Nigerian FinTech companies over the last two years has exceeded more than $200 million. The report, “FinTech in Nigeria – Understanding the Value Proposition” [PDF], states that the past three years have been formative for the sector in Nigeria, which has seen the emergence of many startups, incubators, and investments. While putting the report together, KPMG engaged with 56 FinTech companies and seven incubators and accelerators in the country. Of the....
The Korea Financial Intelligence Unit (KoFIU) has decided to pursue some crypto firms that lack proper regulatory approval. A total of 16 firms have been in the regulator’s radar as they have not aligned with the regulatory approval. These firms had advertised crypto and and had offered the services to the Koreans without having appropriate […]
Nigeria's central bank told financial institutions they couldn't provide crypto companies or users with services on Friday.
The bad news is how companies looking into this business model will need to convince the Central Bank of Nigeria about their intentions. Money transfer services are prone to disruption by new technologies. Many people feel Bitcoin, and other cryptocurrencies are a legitimate threat to remittance services. But in Nigeria, MoneyGram will continue its operations, as they are officially recognised as a trusted money transfer provider. This news comes on the heels of various remittance platform shaving their licenses revoked two weeks ago. It will not be easy to venture into the money transfer....