As mobile trading becomes more trendy, traders frequently face a fragmented experience, juggling multiple apps for news, analysis, and execution.

The new and enhanced Vantage App resolves this by enabling traders to analyse market trends, set alerts, and execute trades on a single mobile platform. 

“Mobile trading plays a major role in how traders across Nigeria access the markets,” said Ted Odigie, country manager at Vantage Markets Africa. “By bringing TradingView-powered charting into the Vantage App, we are giving traders more tools to study price action, follow trends, and manage trades directly from their phones.”

Why Charting Matters

In forex, commodities, indices, and other financial markets, markets can react quickly. 

The new and enhanced Vantage App integrates over 14 technical indicators powered by TradingView to help traders navigate fast-moving markets, including forex, gold, oil, and indices. These tools allow you to analyze trends and identify key price levels, such as support and resistance, to better plan your entry and exit points. 

What Nigerian Traders Get

1. Market Analysis Tools: The app provides access to charting tools designed for mobile use with access to over 14 technical indicators, custom watchlists, price alerts, and sharing capabilities to closely monitor and act on market movements. 
2. Access to Over 1,000 Market Products: With access to over 1,000 products across forex, commodities, and stocks, the app allows Nigerian traders to easily categorize and track active markets like gold or dollar pairs.
3. Create Watchlists for Easier Monitoring: Custom watchlists streamline trading by consolidating preferred markets into a single view, significantly reducing search time and improving tracking efficiency. 
4. Market News, Analysis, and Economic Calendar: The App keeps traders informed with real-time news, expert analysis, and a customizable economic calendar that provides event alerts for market-moving data like interest rate and inflation reports. 
5. Trade Execution from the Same App: The Vantage App enables direct trade execution and account management, allowing users to adjust leverage and monitor activity through comprehensive alerts for price rises, falls, and intraday movements, all within a single platform. 
6. Risk Management Tools: The Vantage App integrates risk management tools like position calculators, stop-losses, and real-time P/L tracking alongside “trader sentiment” data to help users monitor market mood and manage exposure on every trade screen.
7. Trader Sentiment and Order Tracking: The app includes trader sentiment data, showing buy and sell volume across open positions among Vantage traders. Trader sentiment does not predict future price movement. But it gives users another way to view how other traders are positioned in the market.
8. Wallet, Funding, and Transfers: The enhanced app includes wallet and funding tools, allowing users to make deposits, request withdrawals, transfer funds, convert supported assets, and view funding history.
9. Copy Trading and Strategy Tools: It supports copy trading, which is suitable for busy professionals. Eligible signal providers can create strategies, manage offers, set copier rules, and view profit-sharing.

How to Get Started

To get started, download the Vantage App and complete the 5-minute KYC process by submitting a valid ID and proof of address. 

To get ahead of what’s moving, read our market outlook on Vantage Markets.

The New Vantage App simplifies trading, and you can stack up rewards on Oil, Gold and BTC when you opt in to Cashback Prime, Cashback Galore, or Bumper Bonus offers.

Risk Warning: 

CFDs and forex trading involve significant risk of loss. Most retail traders lose money. Leverage amplifies both profits and losses. Only trade with money you can afford to lose. Ensure you fully understand the risks before trading.

The new guidelines, set to take effect on May 1, 2026, mark the end of the era of flexible identity modification.

By restricting BVN enrollment to individuals aged 18 and above and limiting phone number changes to a single instance, the apex bank is directly targeting the identity looping tactics used by fraudsters to mask illicit transactions.

The New Rulebook: What is Changing?

The Age Gate: BVN enrollment is now strictly for adults (18+), ensuring that the biometric database is populated by individuals with full legal accountability.

The Single Update Clause: Customers can only change the phone number linked to their BVN once. This closes a major loophole where fraudsters repeatedly updated contact details to intercept One-Time Passwords (OTPs).

The 24-Hour Watchlist: Financial institutions must now implement a temporary flag system. Any BVN linked to a suspicious transaction can be restricted for up to 24 hours, requiring the customer to provide immediate verification before further movement of funds.

Centralized Data Sovereignty: The CBN is asserting exclusive control over the BVN database, granting limited access only to licensed entities under strict security protocols.

Tracing Similarities: The Global War on Synthetic Identity

Nigeria’s move mirrors a global trend where regulators are moving away from knowledge-based authentication (passwords) toward biometric-locked identities.

India’s Aadhaar System: Much like the BVN, India’s Aadhaar, the world’s largest biometric ID system, introduced the Virtual ID (VID) and strict biometric locking features.

This was done to prevent Identity Cloning, which had previously cost the Indian economy billions in welfare leakage and banking fraud.

The UK’s Confirmation of Payee (CoP): The CBN’s 24-hour watchlist strategy shares DNA with the UK’s CoP and APP Fraud (Authorised Push Payment) regulations. In the UK, banks use real-time data sharing to flag discrepancies between a name and an account number before the money leaves the sender’s account.

Brazil’s PIX Security Brackets: To curb Express Kidnappings and digital theft, Brazil’s central bank introduced Nighttime Limits and stricter biometric triggers for high-value transfers.

The CBN’s new restrictions on data updates follow this logic: adding friction to the system to protect the user.

For the Nigerian tech ecosystem, these friction-heavy rules are a necessary evil. As Nigeria’s fintech sector matures, the cost of fraud, estimated to have the potential to hit ₦1.2 trillion annually if left unchecked, becomes a barrier to international investment.

By aligning BVN rules with Tier-1 global standards, the CBN is not just stopping fraud; it is increasing the trust quotient of the Nigerian Naira in the global digital economy.

For startups, this means more robust KYC (Know Your Customer) data, and for consumers, it means a safer, albeit more disciplined, banking experience.

The proposal, detailed in a recent consultation paper titled “Stakeholders Consultation Process for the Telecoms Identity Risks Management Platform,” marks a significant shift in the Quality-of-Service (QoS) Business Rules.

​Under the leadership of Dr. Aminu Maida as the executive vice chairman, the Commission is seeking to bridge the communication gap between Telcos and subscribers, ensuring that users, both prepaid and postpaid, are not abruptly disconnected without sufficient warning.

The Mechanics of the Proposed Rule​

Currently, Section 2.3.1 of the QoS Business Rules allows operators to deactivate a line if it fails to generate revenue (Revenue Generating Event) for six months. If the inactivity persists for another six months, the number is typically recycled.

​The new amendment seeks to add a critical layer of transparency:

• ​Mandatory Alerts: Operators must send notifications via an alternative mobile line or email.
• ​Two-Week Window: This notice must be delivered at least 14 days prior to the final deactivation date.
• ​Data Integration: Following a churn, operators will be required to submit the details of the deactivated numbers to the newly proposed Telecoms Identity Risk Management System (TIRMS) within seven days.

​Driving Security through TIRMS

​At the heart of this regulatory review is the TIRMS, a secure, regulatory-backed platform designed to tackle the growing menace of fraud linked to recycled, swapped, or barred Mobile Station International Subscriber Directory Numbers (MSISDNs).

​By creating a centralized database for churned numbers, the NCC aims to provide a “uniform approach” for all sectors, particularly fintech and banking, to verify the integrity of registered mobile numbers. This is expected to significantly reduce identity theft and unauthorized access to financial accounts linked to recycled SIMs.

​Techeconomy’s take is that the NCC 14-Day SIM Deactivation Notice move reflects a growing global trend of RegTech (Regulatory Technology) integration.

By moving beyond simple deactivation and into active risk management via TIRMS, the Commission is addressing a major vulnerability in Nigeria’s digital economy: the ghost identity of recycled numbers.

​For subscribers, this provides a vital safety net. For the ecosystem, it adds a layer of KYC (Know Your Customer) validation that has been a friction point for digital service providers.

​What’s Next?

The Commission has opened the floor for stakeholder engagement, in line with Section 58 of the Nigerian Communications Act 2003. Industry players and the public have until March 20, 2026, to submit comments on the proposed framework before it is codified into law.

The Memorandum of Understanding was signed at the Africa Credit Expo (ACE) 2025 by Dr Jameelah Sharrieff-Ayedun, MD/CEO of CreditRegistry, and Mrs Maureen Mba, head of the MANSA Digital Initiative at Afreximbank.

The agreement links Nigeria’s pioneering credit bureau with MANSA, Afreximbank’s flagship due diligence platform under the Africa Trade Gateway, a digital ecosystem created to unlock intra-African trade.

MANSA acts as a single trusted source of KYC and compliance data for businesses, banks and SMEs, helping firms prove their credibility in both regional and global markets. 

During the signing, Mrs Mba noted MANSA’s purpose: “deepen cross-border trust and equip African businesses with the credibility and confidence that they need to thrive in global trade.”

Both institutions say the collaboration will help African businesses gain visibility and credibility in regional and global markets. They describe the partnership as a joint initiative aimed at closing long-standing gaps in identity, verification and financial literacy across the continent.

Under the partnership, CreditRegistry and Afreximbank will onboard thousands of African businesses onto the MANSA platform. They will also deliver financial literacy and compliance training to MSMEs, build capacity for responsible borrowing, and create a more transparent environment for cross-border transactions. 

The institutions say this will make more African enterprises “visible, credible and bankable.”

The signing also highlighted CreditRegistry’s long history in enhancing Nigeria’s credit infrastructure. Dr Sharrieff-Ayedun recalled how millions of Africans had long faced blocked opportunities due to the lack of verifiable credit history. 

That changed when CreditRegistry established Nigeria’s first credit bureau, an effort that later introduced biometric technology into credit reporting and helped pave the way for the Bank Verification Number system.

Over the years, the organisation supported several initiatives to expand financial literacy. These include the Africa Consumer Credit Academy and public awareness programmes that reached more than a million Nigerians. 

Last year alone, the group completed 73 webinars and in-person sessions sponsored by industry partners. The company has also launched youth-focused initiatives, such as Project Launchpad, designed to guide young Africans towards financial independence.

Another ongoing initiative, “On The Streets: Naija Tours,” captures real voices and personal stories about the meaning of credit, financial struggles and the desire for better opportunities. 

These programmes, the organisers said, align with the everyday realities of young Africans, many of whom are ambitious but lack guidance and access to credit tools.

The Africa Credit Expo itself has evolved into a regional point of convergence, bringing together regulators, innovators and more than 90 stakeholders from across the continent. Its mission is to connect, empower and ensure trust in Africa’s financial systems.

CreditRegistry and Afreximbank aim to enhance that mission. Their shared commitment, they said, is to strengthen the backbone of Africa’s financial ecosystem and push the continent closer to a self-sustaining future where businesses can trade with confidence across borders.

Similarly, President Bola Ahmed Tinubu has directed the use of NIN Authentication for verification and authentication across Ministries, Departments and Agencies (MDAs).

This is In line with the Commission’s mandate of regulating a reliable National Digital Identity for citizens and legal residents to affirm their identity

The launch of the “NIN Authentication (NINAuth),” a cutting-edge suite of services that include web, API and mobile verification designed to enhance data security, protect privacy, and simplify access to government services, is part of President Tinubu, Renewed Hope Agenda on strengthening the National Identity Management System.

Confirming the development in a statement available to Techecoonomy, Dr. Kayode Adegoke, head , Corporate Communications at National identity Management Commission (NIMC), said that the NIMC NINAuth application is the official service for integration with the Commission’s backend infrastructure.

“It Introduces a robust layer of protection, empowering individuals with greater control over their personal information.

“By requiring explicit consent before data is shared for Know Your Customer (KYC) processes or other verifications, the platform fosters trust, transparency, and user autonomy in digital identity management”, he said.

The NINAuth application provides a secure, scalable, and interoperable interface for identity verification through API integration.

It is designed to facilitate real-time authentication of NIN records, thereby promoting effective service delivery, database harmonization, and compliance with the National Identity Policy of the Federal Government of Nigeria.

The NINAuth service has been designated as the exclusive platform for all NIN-based verification and authentication integration processes for optimal services.

In a 21-page report titled ‘Nigeria Cyber Threat Forecast 2025,’ CSEAN highlights the urgent need for stakeholders across government, the private sector, and civil society to address the growing complexities of Nigeria’s cybersecurity landscape.

This comprehensive report details the persistent and emerging threats expected to shape the digital environment in 2025, emphasizing the pressing need for strategic actions to mitigate risks and foster resilience.

The forecast draws from surveys, open-source intelligence, cyber threat reports, and incident analyses. It examines the interplay of economic conditions, growing digitization, and the shortage of cybersecurity professionals.

These factors collectively underscore the vulnerabilities Nigeria faces in safeguarding its digital ecosystem.

The report was co-authored by Oluwafemi Osho, John Odumesi, Jonathan Ayodele, Polra Victor Falade, Hamzat Lateef and Olajumoke Oloyede, who are members of the Directorate of Research and Development at the Cyber Security Experts Association of Nigeria. In anticipating the road ahead, the Nigeria Cyber Threat Forecast 2025 points to malicious actors becoming more resourceful and deploying increasingly advanced tactics and tools, Nigeria must brace itself for a challenging 2025.

These threat actors pose a significant challenge to even the world’s most experienced cybersecurity defenders, making it critical for Nigeria’s stakeholders to anticipate emerging risks and implement robust protective measures.

This report forecasts a dynamic and challenging 2025 for Nigerian cybersecurity. AI-powered attacks, including deepfakes, will intensify, while misinformation campaigns will continue to manipulate public opinion.

While ransomware attacks may decline, crypto scams, government benefit scams, and data breaches are expected to surge.

The “Japa” of skilled IT professionals will strain the sector, exacerbated by weak enforcement of the Cybercrime Act. Insider threats, the exploitation of unlinked FinTech accounts, and the persistent threat of APTs and credential-stealing malware will further complicate the landscape.

The 2024 cyber threat landscape in Nigeria mirrored global trends, marked by increasingly sophisticated attacks.

Nigeria faced significant cybersecurity challenges from ransomware incidents targeting critical infrastructure to the pervasive use of AI-driven scams and misinformation campaigns.

Individuals, businesses, and institutions endured a series of security breaches and sophisticated scams that permeated various digital platforms. The report warns that 2025 will likely witness a further escalation of these threats as malicious actors refine their tools and tactics.

In light of the evolving cyber threat landscape, the following predictions outline key challenges and trends anticipated for Nigeria in 2025:

1. AI-powered cyberattacks are poised to intensify in 2025, targeting both individuals and businesses. Deepfakes and other AI-manipulated content will be leveraged in phishing, social engineering, romance, and sextortion scams.
2. Misinformation and disinformation will continue to be potent tools for cyber-influence operations, enabling malicious actors to manipulate public perception and sway decision-making across various platforms.

iii. While a decline in ransomware attacks is anticipated due to increased global law enforcement efforts and improved organizational defences, the threat remains.

1. The surge in cryptocurrency scams is expected to escalate in 2025, driven by rising crypto prices. Inexperienced investors will be targeted through social media scams, Ponzi schemes, and fake cryptocurrency exchanges.
2. Government-benefit scams are expected to increase, exploiting economic vulnerabilities. Phishing messages and fake social media posts will be used to steal personal information.
3. Data breaches in Nigeria are expected to continue. Strengthening regulatory frameworks and public education are crucial to mitigating these risks.

vii. The emigration of skilled IT and cybersecurity professionals will continue, straining Nigeria’s digital ecosystem. Addressing underlying factors and creating a more supportive work environment is essential.

viii. The weak enforcement of the amended Nigeria Cybercrime Act 2024 remains a significant hurdle. Investment in advanced investigation tools and strengthened legal frameworks are needed.

1. Cybercriminals will continue to exploit unlinked FinTech accounts for money laundering and illicit transactions. Collaboration among stakeholders is needed to fortify compliance.
2. Insider threats within Nigerian organizations, particularly in the financial sector, are expected to remain a pressing concern. Robust insider threat management strategies and a culture of accountability are essential.
3. Advanced Persistent Threats (APTs) pose a significant but under-recognized threat. Organisations and institutions must take proactive measures, such as routine system updates and security audits, to guard against these persistent attacks.

xii. Credential and information-stealer malware will remain a threat in 2025. Organisations should focus on improving access management and user education.

As Nigeria braces for an increasingly complex cyber threat landscape in 2025, the report identified targeted recommendations for various stakeholders to enhance cybersecurity resilience.

For individuals, adopting robust digital hygiene practices such as enabling multifactor authentication and avoiding unverified links is crucial, alongside promptly reporting suspicious activities.

Businesses are encouraged to invest in AI-driven threat detection systems and provide continuous employee training to mitigate insider threats.

Policymakers should focus on enhancing the enforcement of the Nigeria Cybercrime Act [Amendment] 2024 by allocating better resources and fostering international collaboration against transnational cybercrimes. Regulators and financial institutions must tighten Know-Your-Customer (KYC) protocols to address vulnerabilities in unlinked FinTech accounts, thereby curbing fraud.

Finally, the nation should prioritize retaining cybersecurity talent by improving economic conditions and creating competitive opportunities for IT professionals.

By implementing these strategies, Nigeria can strengthen its defences against the evolving cyber threats anticipated in the coming year.

Commenting on the report, the President of the Cyber Security Experts Association of Nigeria, Mr Ade Shoyinka, emphasized that the Nigeria Cyber Threat Forecast 2025 serves as a clarion call for stakeholders to embrace a proactive and unified approach to cybersecurity.

By addressing these challenges head-on, Nigeria can strengthen its digital resilience, safeguard critical infrastructure, and empower its citizens in an increasingly interconnected world.

A united approach from individuals, organisations, and policymakers is critical to building a more resilient digital ecosystem.

The full report can be accessed HERE.

How has the crypto industry been performing recently?

The past few months have been remarkable. Bitcoin and cryptocurrency, in general, have seen significant growth, thanks, partially to the Trump-Pump, or Trump Effect, following the election of President-elect Donald Trump.

This is creating more optimism, interest and activity in the market. This is an exciting time for the industry, as more people are recognizing its potential. His nomination of pro-crypto advocate Paul Atkins to lead the Securities and Exchange Commission further improved confidence in the market and indicates President-elect Trump’s potentially favorable stance on cryptocurrencies.

We’ve also observed increased regulation and licensing efforts, which are positive developments. These steps provide clarity and a structured framework for operators to participate in the ecosystem. The Nigerian crypto industry is experiencing a pivotal moment, and it’s fantastic to see stakeholders moving toward creating a robust and sustainable market.

The Nigerian Securities and Exchange Commission (SEC) in particular has taken commendable steps, including bringing operators into the sandbox and issuing licenses under a well-defined framework. This bold move has made it easier for companies like Quidax to engage in the ecosystem confidently and securely.

What has Quidax’s experience been like working with the SEC?

Our journey with the SEC has been long and evolving. We started the process some time  ago, but things shifted dramatically in 2024 with the arrival of the new administration at the SEC, led by the Director-General, Dr. Emomotimi Agama.

This leadership team truly understands cryptocurrency and digital assets, and their knowledge was evident in the new licensing framework they developed.

Engaging with the SEC now is like night and day compared to previous years. The new leadership, including the board, Director-General, and executive commissioners, brought a fresh perspective. Their proactive approach has been a game changer, making it easier for operators to align with regulatory expectations.

Do you feel the new SEC administration understands digital assets better than before?

Absolutely. The current administration has demonstrated a deeper understanding of digital assets, and this clarity is reflected in how they engage with the industry. As the No 2 worldwide in crypto adoption, as stated by ChainAnalysis report, Nigeria has an important role to play in the global cryptocurrency ecosystem, and the SEC’s framework enables us to participate meaningfully and capture value locally from the global industry.

Having this structure in place ensures that operators, investors, and the government can all benefit. It’s a significant step forward for digital inclusion and economic growth.

What is the broader impact of cryptocurrency in Nigeria?

Cryptocurrency offers immense potential for Nigeria. On a personal level, it provides individuals with opportunities to invest, earn, and create wealth. Beyond that, it drives innovation, job creation, and entrepreneurship.

Nigeria is already ranked No. 2 globally in crypto adoption, according to ChainAnalysis. Without a clear framework, however, we risk losing out on foreign direct investment (FDI) in this space. In the absence of regulatory clarity, much of the value generated within Nigeria’s crypto ecosystem flows out, boosting foreign companies without benefiting our local economy.

When you consider the tax revenue potential and the ability to support startups building in Nigeria, the opportunities are immense. With the right regulatory environment, we can unlock a new wave of growth and innovation.

How does Quidax contribute to the crypto ecosystem?

Our role is to provide a safe, secure, and reliable platform for crypto transactions. We ensure that customers are properly verified through Know Your Customer (KYC) processes and that their investments are secure.

We’re also committed to collaboration. Whether it’s working with regulators, law enforcement, or other stakeholders, our goal is to create a safe ecosystem for everyone.

Quidax enables customers  to seamlessly buy, sell, and move digital assets within a regulated environment, making it easier for people to participate in the crypto economy.

What is your outlook for the crypto industry in 2025?

Globally, 2025 will likely be an exciting year for cryptocurrency. The optimism following recent market rallies, driven partly by global events like the U.S. election, suggests continued momentum. I’m cautiously optimistic about sustained growth in the market.

In Nigeria, the crypto industry is poised for even greater impact. Cryptocurrency provides a unique avenue for Nigerians to connect with the global economy, offering opportunities for financial growth and innovation.

With platforms like Quidax leading the way, we’ll see increased adoption, better education, and a more vibrant ecosystem.

Is Nigeria’s regulatory environment ready to support the crypto industry’s growth?

The current framework is a massive leap forward compared to where we were just a few years ago. However, regulation is an evolving process, especially in an industry as dynamic as crypto.

As operators, regulators, and other stakeholders continue to learn and adapt, I believe we’ll see even more refined policies that ensure investor safety and market stability.

This is the SEC’s primary mandate and we’re committed to working closely with the regulators to build a thriving and secure ecosystem.

His insightful perspectives offered valuable insights into combating identity theft, a major threat to African electronic money transfer security.

Speaking as a panelist in a session moderated by Nick Cook, the chief innovation officer at AIR, Banigbe outlined how telcos play a pivotal role in protecting financial transactions.

“Fraud is fundamentally a human challenge, not just a technological one,” he remarked, emphasising that identity theft remains central to electronic money transfer fraud and requires a community-driven, human-centred approach.

He emphasized the critical role of telecommunications companies as guardians of security in the financial ecosystem.

He outlined the proactive measures 9mobile and other telcos are taking to fortify financial systems, focusing on several key areas. Banigbe highlighted the integration of Know Your Customer (KYC) systems, which leverage collaborations with national ID databases, banking records, and mobile number registries to enhance customer verification.

He also stressed the importance of robust security tools, including SIM registration, Biometric authentication (fingerprint and facial recognition), and One-Time Password (OTP)-based authentication. These measures he said collectively strengthen verification processes, ensuring a more secure financial ecosystem.

Banigbe reiterated the importance of partnerships between financial institutions and payment platforms. These collaborations enable the secure sharing of intelligence, ensuring compliance with data protection laws. This, in turn, facilitates the detection of suspicious activities while maintaining privacy.

He also highlighted the need to address delays in fraud tracking. To achieve this, he advocated for the deployment of real-time blacklisting mechanisms. This would enable swift action on reported incidents, preventing fraudsters from exploiting time gaps.

While highlighting the need for industry-wide collaboration, Banigbe pointed to the cost-effectiveness of shared investments in advanced security architecture.

“No single organisation can tackle this alone. A united effort among telcos, financial institutions, and regulators is key to safeguarding our financial systems,” he asserted.

The panel discussion, which featured other notable speakers, including Ikenna Ndugbu (Moniepoint), Sheila Senfuma (Consumers International), and Modupe Ladipo (Prosperar Consulting), explored diverse aspects of combating digital payment fraud.

They discussed the role of robust compliance frameworks and transaction monitoring tools; addressed accessibility challenges for vulnerable populations, including people with disabilities like visual impairment that disallows them from baseline financial literacy; highlighted the specific vulnerabilities faced by women in informal financial systems and advocated for culturally sensitive financial inclusion strategies.

Banigbe further remarked on the need for proper access control within organisations to combat possible internal staff collusion with external fraudsters to make security systems more vulnerable.

“Regulating access will help prevent fraudulent activities within organisations,” he said, pointing to the need for stronger internal controls to safeguard sensitive processes.

He spotlighted the crucial role of telcos in creating a secure and inclusive digital financial ecosystem. Collaboration, Banigbe stressed, is essential to achieving lasting results in the fight against fraud. “It is an ecosystem, and there should be a joint effort to enlighten the public on digital payment fraud and advocate for victims of fraud,” he concluded, calling for unified action among telcos, financial institutions, and regulators.

With over 100 participants attending the conference, the collective commitment to combat digital payment fraud is evident.

Discussions continue to focus on leveraging technology, driving public awareness, and strengthening collaborative frameworks to address the pervasive threat of identity theft.

This, the company said, is to ensure smooth transactions and prompt repayment in the event of bank closure.

This was stated by Bello Hassan, the managing director and chief executive of the NDIC, at the 2024 NDIC Editors Forum at the weekend.

Hassan who was represented by Mustapha Muhammed, the executive director, Corporate Services, stressed the importance of updated KYC in the Nigerian financial system.

Noting that some customers of the defunct Heritage Bank are yet to get their insured deposits, Hassan said this was mainly due to lack of KYC and mismatch of names.

Adding that the NDIC was working to ensure that the insured deposits are paid, he said the corporation is not “unaware of the case of some depositors who are yet to access their guaranteed sums.

“This development is a result of reasons ranging from reconciling inconsistencies in the defunct bank’s depositor’s database to the absence of Bank Verification Numbers (BVN), placement of restrictions on some accounts and in some cases name mismatch.

“The Corporation is therefore working assiduously to resolve these challenges to ensure that depositors are promptly paid. I would like to seize this opportunity to emphasise the importance for depositors to ensure strict compliance with all Know Your Customer (KYC) regulations as prescribed by the CBN.

This will not only promote hitch-free transactions with their banks, but it will also go a long way in ensuring prompt reimbursement in the event of bank closure.

Hassan while pointing out that uninsured deposits represent a significant portion of the total deposits in Heritage Bank, furthered that the NDIC is working to ensure that depositors with amounts over the maximum insured amount of N5 million are paid through liquidation dividends from the realisation of the defunct bank’s assets and recovery of debts.

He furthered that the Corporation has already initiated the process of debt recovery and realisation of investments and physical assets of the defunct bank to ensure timely payment to the uninsured deposits of the defunct bank.

Beyond repaying depositors, he said the NDIC’s responsibilities extend to the creditors of the defunct bank, who according to him will receive payments after all depositors have been fully reimbursed.

“This orderly process, based on asset realisation and priority of claims, is essential in maintaining public trust in the banking system and promoting financial system stability.

As one of the financial safety nets, the NDIC boss reassured depositors of the safety of their funds, which he said is critical to “instilling trust in the banking system and preventing bank runs at times of uncertainty. Over the years, the NDIC has been instrumental in promoting stability by ensuring that when banks fail, depositors are protected, and their funds are reimbursed promptly.

“The NDIC was established over three and half decades ago to protect depositors, especially the uninformed, and contribute to the financial system’s stability. Our core mandate includes; providing deposit insurance cover to depositors of licensed banks, supervising insured financial institutions, Distress resolution and ensuring orderly resolution in the event of bank failure. Thus, the role of the deposit insurer cannot be overemphasised.”

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Ensuring your funds are exchanged quickly and safely is key to avoiding costly delays and fraud.

In this blog post, we discuss how you can sell bitcoin in Nigeria safely and speedily.

Factors That Influence Exchange Rates

1. Supply and Demand: When more people want to buy Bitcoin, the price goes up. When more are selling, the price drops.
2. Global Economic Trends: Events like inflation or financial crises can make Bitcoin more or less valuable as people turn to it as a safe asset.
3. Liquidity: Platforms with more users (liquidity) offer better, more stable rates, while smaller ones might have price fluctuations.
4. Transaction Fees: Fees from exchanges can affect the final amount of Naira you get. Compare platforms to find the best deal.
5. Market Sentiment: News and social media influence Bitcoin’s price. Positive news drives prices up; negative news pulls them down.
6. Regulations: Government policies in Nigeria and globally can impact the price of Bitcoin and the ease of converting it to Naira.
7. Market Manipulation: Big players (whales) can cause price swings by buying or selling large amounts of Bitcoin.
8. Timing: Bitcoin is volatile, so the rate can change quickly. Monitoring prices helps you convert when rates are favourable.

Choosing the Right Exchange Platform

Key Features to Consider

• Security Protocols: To protect your funds, look for platforms offering two-factor authentication (2FA), encrypted wallets, and cold storage.
• Speed: Choose a platform that guarantees quick transactions to avoid price fluctuations while waiting for confirmation.
• Fees: Watch out for hidden fees or high transaction costs affecting your final payout.
• User-Friendly Interface: A simple, intuitive platform makes the process smoother, especially for beginners.

Step-by-Step Guide: How to Convert Bitcoin to Naira on The Breet App

Step 1: Use The Breet App
Breet is a secure, user-friendly app designed for fast and easy crypto-to-fiat transactions. It offers a streamlined process for converting Bitcoin to Naira without the hassle of dealing with exchange rates or waiting times.

Step 2: Create an Account and Complete Verification
To ensure the security of your funds, Breet requires users to complete a Know Your Customer (KYC) process. This involves uploading identification documents and confirming your email to verify your identity.

Step 3: Deposit Your Bitcoin
Once verified, deposit your Bitcoin into your Breet wallet. Carefully copy the correct wallet address by copying and pasting or scanning the QR Code to avoid any errors that could result in the loss of funds.

Step 4: Execute the Conversion
With your Bitcoin in your Breet wallet, Breet automatically calculates the exchange rate, ensuring you get the best price available in real time.

Step 5: Withdraw Naira to Your Bank Account
Link your Nigerian bank account to the app, and initiate the withdrawal of your converted Naira. Breet allows quick withdrawals, typically processed within minutes at zero transaction fees.

Important Tips for Fast and Safe Transactions

1. Avoiding Common Scams

• Always use official platforms like Breet and avoid third-party websites or unofficial links.
• Be cautious of phishing attacks that mimic legitimate platforms.

2. Using Two-Factor Authentication (2FA)
   Enabling 2FA is a simple but highly effective way to add an extra layer of security to your account, making it much harder for hackers to access your funds.
3. Timing Your Exchange for Best Rates
   Monitor market conditions and use tools or apps that track Bitcoin rates in real-time. Timing your exchange wisely can help you get the most Naira for your Bitcoin.

 Conclusion

Converting Bitcoin to Naira doesn’t have to be complicated or risky if you use the right platform. With apps like Breet, you can ensure fast, secure transactions while maximising your returns. Always stay vigilant about security and use verified platforms to enjoy the benefits of seamless crypto-to-fiat exchanges.