🪙 Nigeria SEC proposes 400% in crypto exchange fees | 🏦 MNT-Halan acquires Advans Pakistan

In today’s menu 🥘

🪙 Nigeria SEC Proposes 400% Increase: Crypto Exchange Fee Soars from N30m to N150m
🏦 Egypt-based fintech MNT-Halan acquires Advans Pakistan Microfinance Bank
🏭 Adenia to acquire 12 subsidiaries of Air Liquide across Africa

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🪙 CRYPTOCURRENCY

Nigeria SEC Proposes 400% Increase: Crypto Exchange Fee Soars from N30m to N150m

Nigeria’s Securities and Exchange Commission (SEC) has put forward a series of amendments to the regulations governing crypto service providers, signaling potential changes to the landscape of digital asset trading in the country.

The proposed amendment includes a substantial increase in the registration fee for crypto exchanges, skyrocketing from 30 million naira ($18,620) to 150 million naira ($93,000). This move is part of the SEC’s efforts to provide clarity and incorporate feedback from industry stakeholders, particularly following engagements with the Central Bank of Nigeria.

Under the revised guidelines, digital asset exchanges, offering platforms, and custodians will face higher application fees, processing fees, and registration fees. For instance, the application fee is set to triple from 100,000 naira ($62) to 300,000 naira ($186), while the processing fee will see a fourfold increase from 300,000 naira ($186) to 1 million naira ($620)….continue reading

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🏦 FINTECH

Egypt-based fintech MNT-Halan acquires Advans Pakistan Microfinance Bank

In a significant development for Pakistan’s financial sector, MNT–Halan Pak B.V., a Dutch-Egyptian financial market player, has received approval from the Competition Commission of Pakistan (CCP) to acquire Advans Pakistan Microfinance Bank Limited.

The acquisition process began with a share purchase agreement signed between the companies in August 2023, gaining further momentum with the subsequent approval from the State Bank of Pakistan (SBP) in October 2023. The final step required the approval of the CCP and the fulfillment of certain conditions precedent, both of which have now been met.

Headquartered in the Netherlands, MNT–Halan Pak B.V. operates in Pakistan through its subsidiaries, Halan Wallet (Private) Limited and Halan Finance Limited. The company, formed through a collaboration between Dutch microlending company MNT and Egyptian fintech startup Halan, aims to revolutionize digital transactions in lending and payments.

In February 2023, MNT-Halan raised up to $400 million to fuel global expansion plans.…continue reading

🏭 INDUSTRY & HEALTH

Adenia to acquire 12 subsidiaries of Air Liquide across Africa

Adenia Partners, a prominent private equity firm with a track record of responsible and sustainable investments spanning over two decades in Africa, has entered into an agreement with Air Liquide, a global leader in industrial and medical gases. The deal involves the acquisition of 12 subsidiaries located in West and Central Africa, as well as the Indian Ocean region. These subsidiary activities represent sales of about 60 million euros (less than 10% of the Group’s sales in Africa).

Under the terms of the agreement, the establishments and workforce in Benin, Burkina Faso, Cameroon, Congo, Ivory Coast, Gabon, Ghana, Madagascar, Mali, Democratic Republic of Congo, Senegal, and Togo will unite to establish a new independent pan-African industrial gases group. Adenia aims to enhance and foster the growth of this group through sustained long-term support and additional investments of up to 30 million euros.

Furthermore, as a component of the deal, Air Liquide has forged a long-term contract with Adenia for the provision of various industrial and specialty gases. These supplies, coupled with Air Liquide’s assistance during the transition, particularly through a technical assistance agreement, will complement forthcoming investments.…..continue reading

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