Search
Nigerian Agency Gets Nod to Freeze $330,000 in Crypto Users’ Bank Accounts
12.9.2024
A Nigerian anti-corruption agency froze bank accounts (over $330,000) belonging to suspected cryptocurrency users on global platforms like Kucoin and Bybit. The agency believes these users manipulated the Nigerian currency (naira) through their trading activity. The exchanges are also accused...
Nigeria Resumes Dollar Sales to Money Changers Amid Naira’s Decline
10.9.2024
The Central Bank of Nigeria resumed selling US dollars to money changers to address the falling value of the naira. This decision came after the naira-to-dollar exchange rate dropped to a low of NGN1,639 per dollar, likely due to increased demand for US dollars for travel and business. The central...
Nigerian Regulator Threatens Crackdown on Unlicensed Crypto Entities
10.9.2024
The Nigerian Securities and Exchange Commission (SEC) has vowed to crack down on unlicensed cryptocurrency businesses targeting Nigerians. This comes just two weeks after approving two crypto exchanges and promising to consider similar applications. The SEC aims to protect investors without...
Mansa Partners With Nigerian Blockchain Platform Bitmama to Boost Cross-Border Payments
8.9.2024
The Nigerian blockchain payment platform Bitmama has partnered with the decentralized finance platform Mansa to improve cross-border payment accessibility in Africa. This partnership aims to enhance consumer payment capabilities and support trade across borders. Mansa’s liquidity solution...
South Africa Leverages AI to Track Down Tax-Dodging Crypto Traders
6.9.2024
The South African government is tightening its grip on cryptocurrency trading. Tax authorities (SARS) are issuing tax notices and clarifying regulations, likely using AI to identify non-compliant traders. The central bank meanwhile has clarified rules for crypto purchases, allowing individuals...
China and South Africa Boost BRICS Ties: Key Outcomes from Xi’s Meeting With Ramaphosa
4.9.2024
China and South Africa committed to deepening cooperation within the BRICS framework during South African President Cyril Ramaphosa’s second state visit to China, where he met with Chinese President Xi Jinping. The leaders emphasized the importance of expanding BRICS and enhancing economic...
Turkey Seeks to Join BRICS to Strengthen Global Influence
4.9.2024
Turkey has reportedly formally requested to join the BRICS economic bloc to expand its global influence and establish new alliances beyond its traditional Western partners. Turkish President Recep Tayyip Erdogan’s administration views the shifting geopolitical landscape as an opportunity...
Meet the Finance Industry Players at South Africa Traders Fair 2024
2.9.2024
The South Africa Traders Fair 2024 is fast approaching, and anticipation is building for what promises to be…
Nigerian Blockchain Leader: Approval of 2 Crypto Exchanges Brings Much-Needed Regulatory Clarity
31.8.2024
A Nigerian blockchain industry leader has described the recent approval of two crypto exchanges by the securities regulator as a positive step that improves the image of Nigeria’s crypto space. The leader believes clear regulations will attract foreign investors and benefit Nigerian...
Nigerian Civil Society Groups Praise Crypto Tax Proposal
29.8.2024
A coalition of Nigerian civil society organizations has applauded the plan by Zacch Adedeji, head of the Federal Inland Revenue Service, to include cryptocurrencies in the tax system. The CSOs believe this move will boost confidence in the crypto market and attract foreign investors. The CSOs...
AI Curiosity Explodes: South Africa, Nigeria, and Kenya Embrace the Technology
25.8.2024
During the first half of 2024, Google Search trends revealed a significant rise in interest in artificial intelligence (AI) in South Africa, Nigeria, and Kenya. Interest in AI grew by 150% in Kenya, 130% in Nigeria, and 120% in South Africa compared to the same period in 2023. Kenya ranked fourth...
Nigerian Central Bank Affiliate Partners With Blockchain Startup Zone to Boost Payments
24.8.2024
The Nigeria Inter-Bank Settlement System (NIBSS) has partnered with Zone, a decentralized payment infrastructure company, to improve its payment services. NIBSS will use Zone’s blockchain technology to streamline its Payment Terminal Service Aggregation (PTSA) operations. Both NIBSS and Zone...
Binance Launches Mobile Money Feature for Crypto Transactions in Africa
23.8.2024
Crypto exchange Binance has launched its One Click Buy and Sell (OCBS) service in Africa, enabling users in Ghana, Tanzania, Uganda, and Zambia to buy and sell cryptocurrencies via mobile money accounts. This initiative aims to enhance financial inclusion, particularly for the unbanked...
Lack of Cohesion Hinders AI Adoption in Africa, NEPAD Boss Says
22.8.2024
Nardos Bekele, CEO of NEPAD, believes AI can significantly benefit Africa by addressing various challenges and accelerating progress towards Agenda 2063. Although AI offers potential improvements in sectors like health, education, and agriculture, challenges such as fragmented digital...
Experts Question Ghana VP’s Gold-Backed Currency Pledge
22.8.2024
A Ghanaian banking consultant, Richmond Atuahene, has expressed concerns about Vice President Mahamudu Bawumia’s pledge to back the cedi with gold. Atuahene believes Ghana needs a stable economic environment before implementing this policy. John Gatsi, a dean at the University of Cape Coast...
Bank of Ghana Unveils Proposed Virtual Asset Regulations
20.8.2024
The Bank of Ghana has released draft regulations aimed at creating a framework for the cryptocurrency industry. The rules are designed to protect consumers, prevent financial crimes, and encourage financial inclusion. Virtual asset service providers (VASPs) will be required to register and meet...
Nigeria Aims to Include Cryptocurrencies in Tax System Overhaul
20.8.2024
The Nigerian government is looking to impose taxes on the cryptocurrency industry. The Federal Inland Revenue Service (FIRS) plans to introduce a new tax law to achieve this. Despite being a major crypto market, Nigeria currently receives minimal tax income from crypto-related activities. The FIRS...
Nigeria Planning to Present Law to Tax Crypto by September: Report
19.8.2024
Nigeria's Federal Inland Revenue Service (FIRS) plans to bring a bill for taxing the crypto industry to parliament by September, news outlet Punch Nigeria reported on Saturday
Mastercard and Scale Partner to Accelerate Fintech Deployment in Africa
18.8.2024
Mastercard, the American multinational financial giant, recently revealed it has partnered with the fintech firm Scale to accelerate the deployment of fintech firms in Africa and the Middle East. Amnah Ajmal praised the partnership with Scale, saying it moves her organization closer to its goal...
Nigeria Seizes $37.5M in Digital Assets After Court Grants Freezing Order
16.8.2024
The Nigerian government has seized approximately $37.5 million in digital assets from the organizers of the Endbadgovernance protests. The funds were frozen by a court order based on a claim by the Economic and Financial Crimes Commission, which alleged that the money was linked to money laundering...