Kelvin Bowoto
We’ll start with the Securities Exchange Commission of Nigeria‘s (SEC) proposed revision to the laws that govern crypto platforms. The regulator proposes raising the registration price for crypto exchanges from ₦30 million ($18,620) to ₦150 million ($93,000).
Emmanuel is quick to respond to the question of whether it makes sense for the SEC to focus on raising the entrance barrier into the crypto industry compared to other fields such as banking and telecom.
The Commercial Bank of Ethiopia (CBE) and a likely $42 million loss owing to a “system glitch” are next.
The CBE experienced a meltdown on Saturday, March 16, 2024, when clients discovered they could withdraw more cash than they had in their accounts. More than $40 million was transferred or withdrawn before the bank could suspend activities.
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However, the bank’s CEO claims that the sum is most likely lower than previously reported because several clients simply withdrew what was in their accounts.
Then we go on to the previous week’s internet interruption. Nigeria lost $593.6 million as a result of this, and many residents expressed their thoughts on the issue. Emmanuel, on the other hand, dismissed the rumors.
He does, however, recommend that Africa invest in new data centers, content delivery platforms, and submarine cables. His argument is that having more subsea cables would act as a contingency plan. This would be useful if there were a need to reroute to other lines with stronger networks.
Techrectory with Agency Report.
