Nigerian Central Bank Governor Says Fintechs and Cryptos Change the Way Finan...
The Nigerian central bank governor and bitcoin critic, Godwin Emefiele, recently remarked that the rise of fintechs and cryptocurrencies among other technologies have forced banks and financial institutions to change the way they operate. According to Emefiele, this requires the central bank’s monetary policy committee (MPC) to rethink the way it regulates the financial system. Rethinking Financial System Regulation The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, reportedly said the MPC, which was set to meet on July 18 and 19, must chart a new path that changes....
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According to an analysis of the $417.5 million that was raised by Nigerian tech startups during the first nine months of 2021, fintech firms accounted for about $379 million or 90.78% of the total. Nigerian Fintechs Dominate the African Continent Nigerian fintechs currently account for more than 90% of the $417.5 million that was raised by tech startups during the first nine months of 2021, a local report has said. While the report, which was compiled by local media outlet Punch, notes that the $417.5 million is already significantly higher than the $300 million that was raised in the....
Apathetic Nigerian lenders are frustrating the e-naira’s adoption because they are worried this could deprive them of a key revenue source, Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, has said. Emefiele said the central bank is working on a channel that would enable Nigerians without bank accounts to open e-naira wallets. E-Naira Undercuts Lenders’ Investment in Mobile Banking Infrastructure The Nigerian central bank governor, Godwin Emefiele, has reportedly slammed some lenders he accuses of thwarting the adoption of the e-naira digital currency in the....
In a letter addressed to the CEOs of financial institutions, the Central Bank of Kenya (CBK) has said financial institutions operating in the country must cease and desist from dealing with two Nigerian fintechs, Flutterwave and Chipper Cash. The letter reiterates the CBK governor Patrick Njoroge and the Asset Recovery Agency (ARA)’s assertions that the two companies are not licensed to operate in Kenya.
Flutterwave and Chipper’s Clash With the CBK
The Central Bank of Kenya (CBK) has ordered financial institutions in the country to cease and desist from dealing....
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has reportedly told investors that the country’s currency is overvalued by 10%. The governor’s remarks, which have been confirmed by two unnamed sources, suggest that the central bank is planning to devalue the naira again. Another Naira Devaluation Loading As previously reported by Bitcoin.com News, in May 2021, authorities in Nigeria allowed the naira’s exchange rate against the US dollar to drop from a fixed rate of 381 per dollar to the current official rate of 410. This devaluation, which was the....
In this week’s Africa news highlights, the Nigerian central bank blames speculators for causing the local currency’s plunge to a new all-time low on the parallel market. In Kenya, the central bank has told financial institutions to cease having dealings with two Nigerian fintechs, Flutterwave and Chipper Cash. The Central African Republic’s token sale is off to a slow start with just under 13 million of the sango coins sold inside the first five days. Nigerian Currency Plunges to New Low — Speculators and Crypto Trading Blamed After seeing the local currency....