After months of speculations and years of lip service, Nigeria’s Securities and Exchange Commission (SEC) is making concrete plans to regulate crowdfunding platforms. During the weekend, the SEC released an exposure draft containing guidelines for investors and crowdfunding operators.
EasyBuy is a phone financing service. The app provides loans for users to buy smartphones. Users first have to make 30% down to get a three-month or a six-month loan. Interest rates are between 6% and 9% per month depending on the duration of the loan.
GTBank wants to restructure as a holdings company. Its CEO, Segun Agbaje, made the disclosure during the bank’s earnings call for the fourth quarter of 2019.
Credit cards, debits cards, the emergence of card payments spurred commerce and made it easier for bank customers to access their funds.
Over the last ten years, most of the funding into the Nigerian tech ecosystem has come from abroad. Domestic investors including private equity funds and high net worth individuals have steered clear from investing in startups. This trend could soon change.
Lifestores raises over $1 million seed funding for its “mission to democratize access to quality healthcare” for Nigeria’s mass market.