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in partnership
with
FLUTTERWAVE, CRYPTOFULLY & wBIZMANAGER |
15.09.2020 |
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Welcome to TC Daily! In today’s digest: Nigeria’s Securities and Exchange Commission formally welcomes crypto to the financial system, GT Bank is out for Paystack’s cake, and Cameroon to move its public contracting process online.
Register here to attend our webinar on the state of digital identity in Nigeria.
Please take a moment to subscribe to our newsletter if this email was forwarded to you. Also subscribe to The Next Wave, our Sunday newsletter designed to be your post-pandemic guide on tech and innovation in Africa.
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Get access to quality medical consultations from licensed Medical Doctors right from the comfort of your home, at any time and at the tip of your fingers.
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Hey, this newsletter went out three-hours late today. We got carried away yesterday with what other bank was preparing a bite into fintech’s lunch. We’re sorry for the delay; now here’s your cake, served still fresh.
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Cryptocurrency coins, security tokens and similar digital virtual assets will now be regulated in Nigeria as securities. According to the Securities and Exchange Commission (SEC), regulation has become necessary in the space to ensure investment and trades in crypto are transparent and in the interest of the public.
Classifying virtual assets as securities by default brings crypto under the SEC’s banner. Until now, conversations around the acceptance of crytpo in Nigeria has been led by the Central Bank of Nigeria which has been reluctant towards countenancing any currency other than fiat money (dollars, naira, etc) . The CBN’s proclamation in February 2018 that crypo isn’t legal tender was the clearest statement on the status of the currency.
Until now.
The SEC maintains the definition that crypto assets are not legal tender, but they are granted the other attributes of money: a medium of exchange, a unit of account, a store of value. The SEC has basically said; since a community of users have accepted this, we might as well regulate its exchange in the interest of the integrity of capital markets.
Seems a sensible, progressive move. Your turn,
CBN.
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Don’t tell Segun Agbaje his bank is too “legacy” to be trendy because that’s just going to drive him up in arms against the newbies. The veteran banker is due to step down soon as CEO of Nigeria’s GT Bank. But he’s plotting the bank’s future with a focus on eating into every cake on the table, including with Paystack’s.
“[Payments] is a space we’re coming into, so we will have to look at the likes of Paystack as bigger than us on the day we start, as knowing more than us, but I promise you we will bridge that gap very quickly,” Agbaje told analysts in March.
I promise you.
In the time since, GT has began a restructuring process
that could see the company separate its banking and payments businesses, to give each a laser focus on the target market. GTPay, GT Collections, Quick Credit and Habari could be bundled into a new fintech-first product, Abubakar Idris reports. Should they pulls this off, we might see filings for a billion-dollar GT IPO soon.
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Cameroon plans to make all of its public procurement fully online by 2023. As part of its digital economy agenda, the country began the shift from paper-based contracting to online-based in 2018, but many hindrances (like equipment shortage) have hampered progress.
Cameroon is partnering with the Korea International Cooperation Agency (KOICA) to achieve the objective. If properly done, it could improve transparency in the country’s public contracting, though pessimism over the good intentions of the Paul Biya-led administration – which has often shutdown the internet especially in English-speaking regions – will not easily vanish.
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Cryptofully allows anyone from around the world to transfer money to Nigeria using bitcoin in a simple two-step process. Bitcoin owners can send funds to any
Nigerian bank account using the best Naira/Bitcoin/USD exchange rate without the requirement of registering on the platform.
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wBizmanager is an integrated suite of applications that automates business processes such as sales, Invoicing, Inventory, HR, and CRM, making it
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wBizmanager is targeted at the micro, small and
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Imagine this: your favorite fintech savings platform cannot verify who is trying to access your account at every point in time? For one, someone other than you could withdraw your funds. Scary right?
Digital identities are important. Fintechs need a robust identity verification system to enable them to protect your funds.
Tomorrow, on Wednesday, September 16th, 2020, TechCabal in partnership with identity verification company,
VerifyMe will mark International ID-day by bringing industry veterans together to explore the state of digital identity in Nigeria.
Speakers include Mitchell Elegbe, Founder / Group Managing Director, Interswitch, and Esigie Aguele, Co-Founder and CEO, VerifyMe Nigeria. They will answer questions including how a digital identity ecosystem will enable the Nigerian tech community, particularly fintech; and how entrepreneurs and professionals can shape and take advantage of a working digital identity system?
Register here to attend the event.
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I really rate Netflix’s The Social Dilemma for the realistic drama and persuasive framing. It convinces the viewer of social media’s responsibility for some of the world’s crises today. But of the four solutions suggested, two just seem out of place if you believe the platforms do some good as legitimate media channels.
Think about Africa where majority of civil society is unformed, with state power in the hands of a few. Social media has become the main outlet for liberation and democratic action. When proposing solutions to these platforms’ ills – especially from an American lens – it is useful to have this perspective in mind.
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We’ll be back tomorrow
– Alexander
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