Tech

Nigeria’s apex bank bars crypto account holders from cash withdrawal

Published

4 months ago

January 3, 2024

Operators of cryptocurrency accounts as well as other virtual and digital assets holders will not be able to make cash withdrawals, according to the Central Bank of Nigeria (CBN).

According to a new rule by the apex bank, withdrawals from these accounts will only be possible by transfer or through a manager’s cheque.

Titled “Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers”, the bank said “an account opened under its new guidelines will only be used for transactions on virtual/digital assets and not for any other purpose.”

“No cash withdrawal shall be allowed from the account. No third-party cheque shall be cleared from the account. Except for settlement of a virtual/digital assets transaction which shall be done through a transfer to another designated account, the withdrawal shall be only through a managers’ cheque or transfer to an account,” the guidelines said.

Before coming out with the rules, the CBN had, in a circular in December, announced a policy change on crypto assets, and directed banks to begin to allow crypto transactions.

The new policy direction, the bank stated, was more open to the idea of regulation rather than its earlier position of the restriction of crypto assets from the formal banking sector.

The circular noted that the policy guidelines were meant to serve as the framework for the reintroduction of crypto into the formal banking sector.

“The Guidelines shall apply to banks and other financial institutions under the regulatory purview of the CBN,” the circular had noted.

“The objectives are to provide minimum standards and requirements for banking business relationships and account opening for Virtual Assets Service Providers in Nigeria,” it said.

“From the commencement of these regulations, financial institutions shall not open or permit the operation of any account by any person or entity to conduct the business of virtual/digital assets unless that account is designated for that purpose and opened in line with the requirement of these guidelines.”

Related Topics:Cash Withdrawal Central Bank of Nigeria cryptocurrency Featured

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Tech

RepAir, Cella partner to launch carbon capture in Kenya

Published

55 mins ago

April 27, 2024

Akanimoh Etim

Global Direct Air Capture (DAC) firm, RepAir, has entered into a partnership with carbon storage technology company, Cella, to launch a first-of-its-kind innovative Carbon Capture and Storage venture in Kenya.

In a statement on its website on Friday, RepAir said the venture will see a replication of its “cultivating partnerships” with storage firms in Europe, U.S. and Africa.

“This storage agreement will streamline the sale of high-quality carbon credits to off-takers, enabling corporations to meet evolving ESG standards, manage offsets and advance towards net zero goals,” the statement issued by RePAir CEO, Amir Amir Shiner, stated.

“Our solution sets a new standard, requiring only 600 kWh per ton of CO2 captured, marking the lowest energy consumption on the market.

“This agreement is perfectly aligned with the launch of our commercial demonstrator in 2025, empowering RepAir to offer high-quality carbon credits to our customers.

“It will see to the establishment of a storage partnership with Cella aimed at creating dedicated value chains for extracting CO2 from the atmosphere and permanently storing it underground through in-situ mineralization.

Corey Pattison, CEO, Cella, who also issued a statement on the partnership, said “by partnering with Cella at our first demonstration site, RepAir can capitalize on two critical resources: the potential for truly permanent, highly verifiable carbon storage via mineralization combined with Kenya’s abundant renewable energy sources.

“Together these resources provide a comprehensive solution for capturing and storing CO2 for off-takers. This collaboration represents an extraordinary opportunity to nurture mutual growth.”

Tech

Intel Liftoff Hackathon 2024 calls for applications from African AI startups

Published

23 hours ago

April 26, 2024

Akanimoh Etim

Applications for the 2024 cohort of Intel Liftoff Hackathon has opened for African AI startups designed to bring together aspiring tech entrepreneurs, software developers, and AI enthusiasts to collaborate, innovate, and create solutions to concrete African challenges.

In its second edition, the hackathon welcomes pioneering early-stage AI startup teams from the African continent, delving into experiments with LLM technology, a statement on the website of the organiser stated.

It added that the Intel Liftoff Hackathon for African AI Startups, which will be held online on May 27-31, is themed “Hack and Connect”, and will take place in partnership with Modus Africa, University Mohamed VI Polytechnic, Morocco

Other partners include TUT Hub of Artificial Intelligence Institute of South Africa, Prosper Africa, UM6P Ventures, FAST Accelerator, Innov8 Technology Hubs, and Open Startups International.

“The hackathon will feature hands-on workshops that will allow learning of AI essentials; three days of challenges with mentors to test skills; exhibition opportunities to showcase startups and forge partnerships with industry leaders; and networking opportunities to engage with fellow startups and gain insights from domain experts in the AI ecosystem,” the statement said.

“Winners will be invited to join the Intel Liftoff for Startups programme, and receive unique mentoring sessions with ecosystem partners and marketing opportunities with blog articles,” it concluded.