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Binance NG processed $26bn in one year 🪙 | Equitel 1st MVNO to launch 5G 🛜

Binance NG processed $26bn in one year 🪙 | Equitel 1st MVNO to launch 5G 🛜

Innovation Village
February 28, 2024

In today’s menu 🥘

🪙 Binance Nigeria Processed $26 Billion in One Year: CBN Governor Addresses Regulatory Measures
🏦 Nigeria’s Central Bank Initiates Policy Shift, Resumes Dollar Sales to BDC Operators
🛜 Equitel becomes first MVNO in Africa to launch 5G services
📡 Federal Government is considering the sale of its majority shares in Nigeria Communications Satellite Limited (NigComSat)
📈 Bitcoin soars past $54,000, first time since December 2021, resuming its rally

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🪙 CRYPOCURRENCY

Binance Nigeria Processed $26 Billion in One Year: CBN Governor Addresses Regulatory Measures

CBN Governor at the 293rd Meeting of the Monetary Policy Committee

In a recent shocking revelation, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, disclosed that Binance Nigeria facilitated transactions totaling $26 billion in the last one year. However, concerns about unidentified sources and potential illicit financial activities prompted the CBN to impose restrictions on crypto exchanges, including Binance.

During a press briefing following the 293rd Meeting of the Monetary Policy Committee, Governor Cardoso emphasised the need for a robust regulatory environment to curb illegal financial activities conducted through crypto platforms. The CBN’s recent actions included directing the Nigerian Communications Commission to suspend access to crypto websites like Binance, Coinbase, and Kraken..…..continue reading

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🏦 REGULATION

Nigeria’s Central Bank Initiates Policy Shift, Resumes Dollar Sales to BDC Operators

In a strategic reversal of its stance on Bureau De Change (BDC) operators, Nigeria’s Central Bank has announced plans to resume selling dollars to eligible operators at N1,301 per dollar. This marks a pivotal shift three years after the initial ban on dollar sales to BDCs, reflecting a calculated move to enhance liquidity in the foreign exchange (FX) market. The decision follows recent proposals for more stringent regulations for BDC operators, indicating a comprehensive effort to reshape the dynamics of the sector....…..continue reading

🛜 TELECOMMUNICATIONS

Equitel becomes first MVNO in Africa to launch 5G services

Equitel, a subsidiary of Finserve and a wholly owned subsidiary of Equity Bank, has become the first mobile virtual network operator (MVNO) in Africa to introduce 5G services. Leveraging its partnership with Airtel Kenya’s mobile network, Equitel has pushed the boundaries of connectivity by building upon the success of its 4G services and ushering in the era of 5G...…..continue reading

💰INVESTMENTS

Egyptian fintech startup MoneyHash secures $4.5 million seed funding to streamline payments in Africa

Egypt-based fintech startup, MoneyHash, has recently announced it has secured seed funding of $4.5 million. This funding aims to enhance their payment technology and promote their growth in the Middle East and Africa (MEA)..…..continue reading

SA Startup Cue finalises $2m raise

Cue, a fast-growing South African customer service startup, announced that it has successfully concluded its seed funding round, securing an impressive $2 million from angel investors. It raised $500k last year and an additional $1.5m this year to finalise a $2 million raise. This funding marks a pivotal moment for Cue, setting the stage for the infusion of advanced artificial intelligence (AI) capabilities into its customer service platform and charting a course for the company’s expansion……continue reading