Tech

Nigeria to ban naira from crypto trading platforms

Published

6 months ago

May 7, 2024

The Securities and Exchange Commission of Nigeria plans to delist the country’s currency, Naira, from all peer-to-peer cryptocurrency platforms to combat dollar racketeering and exchange rate manipulations.

The development took place in the context of the Federal Government of Nigeria’s recent efforts to regulate the country’s estimated $57 billion cryptocurrency market.

During a Monday discussion with representatives of Nigeria’s blockchain business, Emomotimi Agama, the recently appointed Director-General of the Commission, revealed the government’s most recent proposal.

The Nigerian Blockchain Industry Coordinating Committee organized the gathering. Agama stated that new rules governing the cryptocurrency industry are presently being drafted by the government. P2P platform operators are accused of manipulating the value of the naira and the exchange rate.

“That is one of the things that must be done to save this space; the delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening. I want your cooperation in dealing with this as we roll out regulations in the coming days,” the SEC DG told the members of the local crypto community.

Just one week had passed since the Central Bank of Nigeria gave payment service banks instructions to warn their clients against transacting in cryptocurrencies when Agama made their announcement.

In the meantime, several regional exchanges in the nation—including Bitbarter, OKX, and several platforms run by Stakeholders in the Blockchain Technology Association of Nigeria—had purportedly discontinued naira services in support of the government.

Agama maintained that some bad players in the industry were manipulating the national currency, an act that the government was determined to deal with.

“We ask with all sense of sincerity that those involved in sharp practices cease. We encourage you to reach out to us by naming and shaming those involved.

“This nation has a future, and this future is dependent on this community. For us at the SEC, our interest is to provide an enabling environment for fintech to thrive, and by so doing; we expect the fintech community to reciprocate by doing the right thing.

“Patriotism can never be wished away. Whatever we do that would bring dishonour to our country, we must try to avoid it. What is very critical and has brought about this meeting are the concerns regarding crypto P2P traders and their effect on the naira,” Agama said.

Related Topics:cryptocurrency Featured Nigeria

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Tech

Bolt invests $107m in Nigeria to boost safety standards

Published

20 hours ago

November 14, 2024

Isaac Dachen

Ride-hailing platform, Bolt, has announced an investment of $107 million in its bid to boost safety and service quality in Nigeria’s ride-hailing sector, with a special technology enhancing safety standards for both drivers and passengers.

Lola Masha, Bolt’s Regional Manager for North and West Africa, who made the announcement in a statement, said the “investment will fund new safety technologies, accident prevention measures, customer support upgrades, and public safety awareness campaigns, underscoring Bolt’s commitment to providing a secure and reliable platform.”

She revealed that as part of its quality check, the company had removed more than 5,000 drivers from its platform in 2023 so as to cleanup its database cleanup effort and will continue to implementing a driver score system to maintain quality standards.

“The driver score evaluates performance by monitoring how frequently drivers accept ride requests, successfully complete trips, and respond to passenger feedback. Essentially, it rates drivers based on their performance over their last 100 trips,” she noted.

Masha emphasized that the move came as a result of complains by the Amalgamated Union of App-based Transporters of Nigeria (AUTON) which raised concerns about the potential downsides experienced by users and the psychological stress on drivers, which could negatively affect their performance.

According to her, among the upcoming features are a four-digit trip pickup code and a trip counter, both aimed at making rides more secure and dependable for all users.

Tech

Egyptian VC Flat6Labs partners ITIDA to launch programme for tech startups

Published

2 days ago

November 12, 2024

Isaac Dachen

Egyptian Venture Capital firm, Flat6Labs, has partnered with Egypt’s Information Technology Industry Development Agency (ITIDA) to launch an InvestIT programme which will offer tech startups in the country, particularly at the seed or pre-Series A stages, access to consultancy, tools, and investor connections to help them scale operations and enhance global competitiveness.

The programme, according to Egypt’s Minister of Communications and Information Technology, Dr Amr Talaat, will be run by the Technology Innovation and Entrepreneurship Center (TIEC), a subsidiary of ITIDA, and will support startups across various governorates, encouraging innovation and growth in Egypt’s digital economy.

“Through two phases, it will prepare startups for investment with tailored training sessions and workshops, followed by connecting them with local and international investors,” Talaat said in a statement.

“The Egyptian government remains steadfast in its dedication to cultivating a thriving tech startup ecosystem. We are rolling out diverse initiatives to equip entrepreneurs with essential skills, attract global incubators, and facilitate connections between startups and investors.

“By establishing Digital Egypt innovation hubs nationwide, we empower innovators to transform their ideas into successful ventures.

“Alongside this, we are streamlining processes and investing in advanced digital infrastructure, positioning Egypt among the top three countries in the Middle East and Africa for tech startup investments,” the Minister said.

Flat6Labs founder and chairman Hany El Sonbaty, who also spoke on the initiative, said the launch of the InvestIT programme has further expanded his company’s support for Egyptian entrepreneurs.

“This programme is not just about preparing startups for investment; it’s about equipping them with the tools and connections to scale their impact.

“Through our collaboration with ITIDA and TIEC, we’re committed to building a strong, vibrant ecosystem where startups can make a real impact on the tech landscape in Egypt,” he said.

The programme, he said, will support 12 startups over six-to-eight months with each startup receiving tailored consultancy services to enhance their investment readiness and assist with setting up data rooms and preparing for investor engagements.