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Is Bitcoin Still Making Money In Nigeria in 2019?

Bitcoin is one of the biggest phenomena in the past decade as the emergence of the popular cryptocurrency has changed the financial landscape.

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Is Bitcoin Still Making Money In Nigeria in 2019?

Bitcoin is one of the biggest phenomena in the past decade as the emergence of the popular cryptocurrency has changed the financial landscape. The number one cryptocurrency has been able to revolutionize the way we make transactions by providing a decentralized way. This means that there is no central control of the coin leading to low transaction fees.

The 2017 boom in which Bitcoin went from $800 to $20,000 within the space of 8 months made thousands of people around the world including Nigerians millionaires. The boom really brought the coin to the mainstream focus of young Nigerians as an attractive investment asset.

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However, like all booms, there was a huge crash in 2018 which saw the coin lose more than 300% in value as the coin plummeted leading to a wave of pessimism across the board. The major difference between the crash in the crypto sector and other financial crashes is that Bitcoin has the confidence of a lot of investors.

Subsequently, after the crash, the coin has seen massive adoption with thousands of merchants listing the coin as a means of payment. Also, more Bitcoin ATMs are popping up with an average of five new ATMs installed per day across the world.

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Young Nigerian investors to ask questions about the viability of Bitcoin as an investment option in 2019. In this article, you understand how and why Bitcoin will continue to make money for investors in Nigeria this year.

Bitcoin has continued to rise in 2019

A major factor that influences the choice of investing in a particular digital asset is the potential of its value increasing over time. Although Bitcoin can be described as a volatile currency, the coin has shown over time that it is the real deal.

For example, if you bought 100,000 Naira worth of Bitcoin in early March your current investment would be 260,000 Naira due to the swift gains that the coin has made within this period.

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Bitcoin has shown in 2019 that it remains one of the best options to invest in the financial market as it has made over 150% rise in price since the start of the year. If there is one thing that we have learned about cryptocurrency is to buy when the price is low.

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Bitcoin can rise to as high as $20,000 for 1 BTC in the coming months with its current pace of growth.

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Bitcoin offers different options for making money

You can leverage the potentials of earning on Bitcoin as there are multiple ways to make money from Bitcoin.

You can decide to become a Bitcoin trader this means buying at a low cost and selling when the price increases in value.

This is the fastest way to make money as the price of Bitcoin tends to fluctuate several times daily and a smart investor can make gains from observing the market trend. This takes expertise but is a high-risk reward method of making money trading on Bitcoin.

Invest in Bitcoin long-term

You can also become an investor of Bitcoin which is a long-term approach as many people tend to hold the coin for a certain duration of time.  This could be for a few weeks or 3 months’ time frames depending on your preference.

Bitcoin investment is quite profitable in the long run and is a good option for those that don’t want the risk of daily trading.

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However, you have to ensure that you buy when the price is low as this would provide more profits in the long-run.

Receive payments in Bitcoin

This is another way to make money from Bitcoin as you can sell your skills online and receive payment in Bitcoin.

This is a new way that many skilled Nigerians make money as they receive their payment in Bitcoin by creating a cryptocurrency wallet where the funds would be paid into.

Best Platform for Buying Bitcoin in Nigeria

With this wealth of information provided above, you can see that Bitcoin provides a lot of money generating opportunities. However, for a newbie, you would need to know the best platform that you can purchase Bitcoin from Nigeria.

The preferred website must be able to accept payments from your local currency or via other methods such as gift cards while providing a secure environment for trading.

From my research within the African market, the best option that comes close to fulfilling these requirements is CoinCola.

Why you should use CoinCola for your Bitcoin transactions

Low transaction fee: CoinCola offers one of the lowest transaction fees in the market with the platform only taking 0.7% of your total transactions. This means that you can easily accumulate more Bitcoin at a fair rate within the platform.

Dual trading system: CoinCola allows you to trade for Bitcoin with either gift cards or fiat currency. This means that you can exchange gift cards for Bitcoin and also exchange local currency (Naira) for Bitcoin.

Secured Platform: CoinCola provides a secure environment for trading as it integrates similar security protocols used by Banks. This means that all transactions performed within the platform are safe from scam or fraudulent schemes.

Register on CoinCola cryptocurrency trading platform and start your gift card and bitcoin trading today!

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Patricia

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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What Nigerian MSMEs must do to thrive in the new normal

With CICOD Suite, businesses can manage a whole database of customers.

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To survive the harsh economic realities of the COVID-19 pandemic, Nigerian businesses have been tasked to embrace digital resources and innovation that will help them thrive in the realities of the new normal.

A leading Lagos-based software innovation company, Crown Interactive led by UK-trained IT Expert, Wumi Oghoetuoma made this known why introducing its digital resources known as CICOD Suite.

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This opportunity comes at a time when the CBN recently introduced a N50 billion Targeted Credit Facility (TCF) as a stimulus package to support micro, small and medium enterprises (MSMEs) that have been affected by the pandemic.

According to Crown Interactive, “with the CICOD product, businesses will be more efficient, digital-friendly, and thus, resilient to some of the economic shocks we’re living through today. Currently, CICOD suite of tools is running a free 30day trial period so that for businesses at no cost at www.cicod.com

“The CICOD suite of tools comes with all that businesses need to manage digitally, allowing them to run the shop remotely and enable other people to sell on their behalf, but still leaving them in charge of a centralized hub. Decentralizing by introducing new sales channels – like selling via agents, social media, call-to-shop – makes it more convenient for customers to shop with businesses and effectively, more convenient for them to increase revenues.”

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Crown Interactive noted, “For some micro, small and medium enterprises (MSME), reopening means business owners may first have to get rid of the old stock that they have been sitting on during lockdown to make way for the new. With CICOD, businesses can run promotions, apply discounts directly, and track and monitor leftover stock in the inventory, all from the comfort of your home.”

“With CICOD Suite, businesses can manage a whole database of customers and easily text them, send them invoices, and even monitor buying patterns so that they can more suitably fulfill the needs of their clientele. They can even take this further and run a loyalty scheme, to make sure they keep the regulars coming back.”

The organization added, “as the shops open up and customers begin to stroll back in, they need to see that there’s been an upgrade by allowing CICOD bring their businesses into the now. It is not enough for businesses to survive in this period, we want them to thrive in it too. We can equip them with the digital tools that they need to thrive in this period and move to the next level.”

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NOVA Merchant Bank opens N10 billion Bond Offer

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Nova Merchant Bank Limited has commenced book-building on its N10 billion issuance of seven-year Fixed Rate Subordinated Unsecured Bond issue. In line with the regulations of the Securities and Exchange Commission (SEC), the Bond is being issued through NOVAMBL INVESTMENTS SPV PLC, a special purpose vehicle sponsored by the Bank for the purpose of the Bond issuance. Nova Merchant Bank is issuing the Bonds under a SEC-approved N50 billion Debt Issuance Programme. The issuance, which opened on Tuesday 30th June 2020, will close on Wednesday 8th July 2020 and is open to institutional investors as well as High Net-worth Individuals who meet the requirements of the SEC’s rule 321.

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Nova Merchant Bank Limited is a licensed merchant bank in Nigeria, which is owned by experienced local and foreign investors, is one of Nigeria’s premium financial institutions. It offers a portfolio of products and services across Corporate and Investment Banking, Securities Trading and Asset Management, to a clientele comprising top-tier corporates and high net worth individuals. The Bank is rated BBB by Agusto & Co. and A+ by Datapro.

Why it matters: The Bank intends to use the proceeds from the bond issuance to invest in long-term risk assets, as a critical part of its medium-term growth strategy. Proceeds of the Bond issue will also serve as Tier-II capital for the Bank, within the requirements of the Central Bank of Nigeria.

The Bond transaction also represents Nova’s first entry into the Nigerian Debt Capital Markets, with potential for future issuances.

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READ MORE: NOVA Merchant Bank Limited rated investment grade by 2 leading rating agencies

Details of the transaction are as follows:

Issuer:                                     NOVAMBL Investments SPV Plc

Sponsor:                                NOVA Merchant Bank

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Issue Size:                              N10 billion

Pricing guidance:                12% – 12.5%

Tenor:                                     7 years

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Status:                                     Subordinated, Unsecured

Offer Closing Date:              July 6, 2020

Minimum Subscription:       N10 million

 

Nova has an ambitious vision to be Africa’s preferred financial solutions provider, by creating superior value in the markets they serve. For the year ended December 31, 2019, the bank recorded 0% NPL, Gross earnings of N5.8 Billion, Profit after Tax of N1.6 Billion (growing at a CAGR of 48%), and Total Assets of N63.8 Billion, with a Return on Equity of 8.4%.

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Appointments

UBA Group announces appointment of Deputy Managing Directors for Nigeria and Africa

The bank reports the creation of the new positions represents strategic recognition of the growth of its pan-African business.

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UBA’s Executive Director, Chukwuma Nweke

United Bank for Africa Plc (UBA), the leading pan-African financial services group, is pleased to announce the appointments of Ayoku Liadi and Oliver Alawuba as Deputy Managing Directors in charge of UBA’s Nigeria and Africa businesses, respectively.

The creation of the new positions, reporting to Group CEO, Kennedy Uzoka, represents further strategic recognition of the growth of UBA’s pan-African business, now representing in excess of 40% of Group revenue, and the critical importance of Nigeria, the Group’s largest market.  Combined with UBA’s unique International Business, operating from New York, London and Paris, UBA Africa and Nigeria, offer an unparalleled service offering to clients across Africa and globally.

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Commenting on the appointments, Group Chairman Tony O. Elumelu said:

“In 2005, we set out our pan-African vision.  Fifteen years later, we are present in 20 African countries, serving over 20 million clients, leveraging our service culture and technology platform, to provide an integrated and seamless customer offering across the continent.  In Africa, we lead in innovation and service, whilst our International Business, operating from New York, Paris and London, provides global and African clients access to treasury, trade finance and corporate banking products, uniquely tailored to the African opportunity.  These senior appointments represent our commitment to optimise our management structure to best serve our clients and drive our business success.”

READ MORE: Rave reviews trail UBA’s innovative mobile banking app 

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Oliver Alawuba has worked with the UBA Group for almost 20 years and was appointed in January 2020, CEO for the Group’s Africa operations.  Oliver’s knowledge of UBA’s business in Africa is unrivalled.  He previously held the role as CEO of UBA in Ghana and more recently, as Regional CEO for UBA in Anglophone Africa.

Ayo Liadi joined the UBA Group in 2014 and was appointed the Executive Director of Lagos and West bank in Nigeria, two years later.  Ayo is widely recognised for his innovation in driving business development.

Also announced today by the UBA Group Board, was the retirement from the Board with effect from August 01, 2020, of Dan Okeke who has been with the UBA Group for 22 years.  Dan served on the board as an Executive Director for three terms and a total of nine years.  According to the Group Chairman, ‘Dan was born for UBA.  He has worked tirelessly for the Group and achieved so much in the past two decades.  We will miss him, but he will still be very much around us’.

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UBA is one of the largest employers in the financial sector on the African continent, with approximately 20,000 employees group-wide and serving over 20 million customers.  Operating in 20 African countries and globally in the United Kingdom, the United States and France, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge products such as the first-ever banking chatbot in Africa, LEO.

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