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AFRICAN WEEKLY REVIEW

SIBAN PARTNERS WITH IFF, UNIVERSITY OF NICOSIA TO FOSTER BLOCKCHAIN ADOPTION IN NIGERIA

The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has announced partnership with the Institute For the Future (IFF) of the University of Nicosia (UNIC) to foster blockchain education and its adoption in Nigeria.

SIBAN made this known earlier today on its website, stating that the collaboration and agreement between SiBAN and IFF was reached after signing a Memorandum of Understanding (MOU), where they identified blockchain adoption and education as a critical need for the growth and development of the ecosystem.

The MoU between the two parties was signed by the Executive Director of the Institute For the Future (IFF) of the University of Nicosia, Prof. George Giaglis, and the Executive Secretary of Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), Mr. Obinna Iwuno.

Recall that Since 2013, the University of Nicosia has remained the global leader by offering a Master’s degree fully focused on blockchain technologies and digital currency, and also a free MOOC on digital currencies which is attended by over 40,000 students from over 120 countries. 

SIBAN however stated that it will collaborate with IFF to promote UNIC’s leading graduate degree program, MSc in Blockchain and Digital Currency, and associated academic certification programs within its blockchain & cryptocurrency community in Nigeria. 

Meanwhile, the President of SIBAN, Senator Ihenyen disclosed that this collaboration was made possible through the efforts of Mr. Jude Ozinegbe, a founding member of SiBAN and past VP on Membership, who is also the Nigerian Ambassador of the Institute For the Future and currently undertaking his MSc in Blockchain and Digital Currency at UNIC.

 

SEERBIT SAYS IT AIMS TO ERADICATE FRICTIONS AND FRAGMENTATIONS IN PAYMENTS 

Nigerian startup Seerbit a payment processing platform that enables fast, seamless, inclusive and secure payments to local and global companies, says it is active and performing well on the continent and aims to eradicate friction in payment in Africa.

Recall that Seerbit is  an API-linked payment gateway developed for both online and offline businesses, banks and other marketplace companies. 

 

Also  The Seerbit solution was launched in January 2020 to help businesses present on the continent get paid in the most seamless and secure way possible. 

In his view, the founder of Seerbit Omoniyi Kolade said the  mission is to address the frictions and fragmentations in payments on the continent and its payment solution is targeted to businesses in the online and offline segments.

He however said the platform, is like Stripe, but Africa-optimised, and uptake has been swift. 

Meanwhile report said In 18 months, Seerbit has expanded to eight African countries and processed millions of dollars in total transaction value.

 

 

ELIJABOOM  DESSCRIBES ISSUES CONFRONTING NIGERIA CRYPTO SPACE

Elija boom a twitter and crypto influencers in Nigeria, has said a few  issues or challenges are confronting the crypto space in the country  in her efforts to capitalize on the cryptocurrency industry. 

The founder or creator of the government science school in Kuru, Plateau state, with the tag “for the advancement of blockchain technology in nigeria. Elja Boom stated that  sentiment  is a negativity  affecting the unprecedented growth of cryptocurrency technology in Nigeria.

He added that the cryptocurrency space in Nigeria can only continue to produce enthusiasts like Keith Mali Chung, COO and Co-founder of Swirge, a decentralized social media platform powered by blockchain technology, and Deborah Ojengbede, a 27-year-old female ex-banker turned CEO of Africa’s leading NFT platform, AFEN group, If donations given to the ecosystem are put to use effeciently

Meanwhile he said it was imperative for him  to refurbish the government science school’s e-library in Kuru, Plateau state, providing over 50 computers, a year’s subscription to internet access, classroom desks, and remodelling of the e-library mall in a quest to further expose the people to the ecosystem

IDC SAYS IT EXPECTS BLOCKCHAIN SPENDING IN MIDDLE EAST AND AFRICA

A Research firm IDC says it expects Blockchain spending in the Middle East and Africa (MEA) to reach US$307 million in 2021, which represents a compound annual growth rate (CAGR) of 77.4% for the 2016 to 2021 period. 

It further said it is obvious that various industries are evaluating the use of Blockchain, and IDC research suggests the region’s public sector (including government, education and healthcare) maintainingthat it will spend an estimated US$120.8 million in this space in 2021, accounting for 39.2% share.

In his reaction, Mohammed Mosam, Director of Product Marketing, Sage Africa, Middle East and Asia, said essentially, Blockchain works as a distributed global and public ledger without a central database that can be tampered with.

 Mosam added that  the Blockchain uses software stored on thousands of computers across a global network to facilitate and verify financial transactions or data transfers.

 He however said every time a transaction  is added to the chain, everyone must verify it in that network maintaining that Once approved, the transaction is irreversible.

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SOUTH AFRICA GOVERNMENT WARNS CITIZENS I POSSESSION OF LOOTED CASH

The South Africa Reserve Bank (SARB) has warned South Africans caught in possession of banknotes looted from the over 1400 ATMs located at the risk  that they risk becoming targets of a criminal investigation. 

The warning follows what the SARB termed an “increase in the circulation of dye-stained notes in KwaZulu-Natal and Gauteng.”

It would recalled that following the sentencing of the former p[resident, Jacob Zuma, the people in support of the erstwhile president decided to demonstrate in the street and therefore looted some ATMs in the country.

As a result the the central bank has urged South Africans who were given or unknowingly accepted such notes to take them to their nearest police station immediately. 

Meanwhile At the time of writing this report the SARB had not shared a formal statement regarding  the exact number of the stolen banknotes, anad has not shared the amount recovered from the populace on the looted ATMs

 

CBN SETS CLEAR DATE FOR PILOT SCHEME OF ITS E-NAIRA

The Central Bank of Nigeria (CBN) has been in the headlines for its anti-cryptocurrency measures. Yet, the institution has this week redoubled its investment and research into crypto’s underlying technology, blockchain, and has set a clear date for the pilot scheme of its blockchain-powered central bank digital currency (CBDC) dubbed e-naira 

THE CBN revealed this at a private webinar held yesterday, July 22, stating that On October 1, CBN will reportedly launch a pilot scheme for “GIANT” – a CBDC project in development since 2017, which runs on the open-source blockchain Hyperledger Fabric.

In a webinar with stakeholders of the blockchain and cryptocurrency space, CBN representative Rakiya Mohammed, who is the information technology director, stated the bank might conduct a proof-of-concept before the end of 2021, while emphasizing that the institution could not afford to be left behind the vast majority of central banks worldwide making headway with their own CBDC research and development.

Among the motivations cited for the project,  Mohammed thereafter stated that a CBDC would be beneficial for macro and growth management, cross-border trade support, and financial inclusion.

However, The CBN Director of information technology  added that Potential benefits could still extend further, in CBN’s view, ranging from higher efficiency for payments and remittances, better monetary policy transmission, improved tax revenue collection, and the facilitation of targeted social policies.

 

OKEx Lead Commends Central Bank of Nigeria on CBDC Progress

OKEx Business Development Team Lead and also immediate past president of the Stakeholders in Blockchain Technology Association of Nigeria, SIBAN, Paul Ezeafulukwe has commended the central bank of Nigeria (CBN) for her recent announcement on issuing out a Central Bank Digital Currency (CBDC) pilot scheme on October 1.

Paul made this known at the CBN private zoom meeting on Thursday July 22, while stating that the CBN is up to the task in creating a good and sound CBDC which is tagged project Gaint on the blockchain technology.

The Okex lead however said the CBN has to do more in monetary policies, citing a personal example where he wanted to buy a USDT but skyrocketed within few seconds.

He thereafter appealed to the CBN to be more focused on the development of Gross Dosmetic Product (GDP) of the nation, so that the purchasing power of Naira can go up.

Meanwhile, Paul stated that with the CBDC, the people can regain trust in the Nigerian Government as well as the failing financial economy.

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