Category: Finance
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Why Fintech is Growing in Nigeria and Africa, and What It Means for the Continent
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In recent years, financial technology, or “fintech,” has become one of the fastest-growing sectors in Nigeria and across Africa. The recent success of Nigerian fintech company Moniepoint, which raised $110 million to achieve unicorn status with a valuation exceeding $1 billion, is just one of many examples of fintech’s rise…
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Zimbabwe’s Gold-Backed ZiG Currency and Inflation
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Zimbabwe launched the gold-backed ZiG (Zimbabwe Gold) currency in April 2024 as a solution to the country’s persistent inflation crisis, which was meant to reduce reliance on the US dollar, which has dominated Zimbabwean transactions for over a decade. However, less than six months in, the ZiG has already lost…
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Taxing Times: Nigeria’s Revenue Focus and Citizen’s Wallets
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Taxing -In the face of economic challenges, Nigeria’s Federal Government is intensifying efforts to boost revenue through taxation. The Accountant-General of the Federation, Oluwatoyin Madein, underscored the significance of tax revenue, highlighting its status as the highest income source for the federation. Madein revealed that tax revenue has become crucial…
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Emefiele’s Legal Battle Continues
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Emefiele’s legal battle continues as he faces multiple charges, including printing N684 million notes with N18.96 billion The legal and political turmoil surrounding Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), has captivated the nation’s attention. Recent developments have brought to light numerous charges against Emefiele,…
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Levy for Another Day: Nigeria Suspends Cybersecurity Levy for Review
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Nigeria suspends cybersecurity levy: President Tinubu has halted the 0.5% levy on electronic transactions for review, following House of Representatives’ concerns. Critics worried about its impact on business costs. Stay tuned for updates. In a recent turn of events, Nigeria has decided to suspend the implementation of the controversial cybersecurity…
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American Express Co. Partners with 03 Capital to Launch First Business Credit Card in Nigeria
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American Express Co. is making strides in Nigeria by launching its first business credit card in partnership with local neobank 03 Capital. This move is expected to enhance access to dollars in the West African nation, a significant development for the local credit economy. The newly unveiled business card comes…
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Binance Executives Detained: Bribery Allegations Surface
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In a startling development, two top executives of Binance, the world’s largest cryptocurrency trading platform, were detained on February 28, 2024, in Nigeria. The detention of Tigran Gambaryan and Nadeem Anjarwalla came amidst allegations of bribery involving cryptocurrency, as disclosed by Binance’s CEO, Richard Teng. The chain of events leading…
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Dollar or No Dollar, EFCC’s Currency Comedy Takes Center Stage!
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EFCC, The Economic and Financial Crimes Commission recently issued a stern warning against the use of the dollar or any foreign currency for transactions within Nigeria. This move is part of the EFCC’s efforts to combat illegal forex trading and currency manipulation within the country. While the EFCC’s intentions may…