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Hidden money making gems in DeFi, what do they mean for Nigerians?

The crypto space has not slowed down even as the world’s economy is under recession from the pandemic.

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Hidden money making gems in DeFi, what do they mean for Nigerians?

Right now, the entire world of Blockchain has its attention on Decentralized Finance. Not since the boom days of the ICO craze in 2017 has a trend captured the discourse of the community. This is with good cause too. Unlike the Initial Coin Offerings of the past, DeFi products already have a use case in operation, not a promise of something that will be developed at some point. The crypto space has grown exponentially since the start of 2019 and has not slowed down even as the world’s economy is under recession due to the pandemic crisis.

As we can see from the chart provided by DeFi Pulse, almost 4.62 billion US dollars are locked in Decentralized Finance. Most of this growth has been during the last three months and has increased in speed since July, even after the world’s markets enter into a recession. Many believe it to be the start of an irreversible trend that will continue to push blockchain into mainstream adoption.

Read DeFi Apps: What you Need to Know (2020) for a complete breakdown of the DeFi space.

It seems that after the pandemic is over and the world begins to rebuild, an opening will be created for blockchain. Many of the old systems broke down during this crisis and will have to be reshaped in a different way, making them more resilient and cheap to run supply chains, information markets, medical systems, and finance.

Decentralized Finance promises to reestablish blockchain importance in a post-pandemic world. The idea of bringing traditional financial services to the blockchain, and with it opening them up to the general public is a powerful one. Exchanges like Remitano, trading, savings, liquidity pools, investments, etc. are accessible to anyone with a little amount of knowledge of blockchain. This will only grow in the future and generate even more innovation in the global economy.

(READ MORE: Bitcoin thieves move 3,897 BTC worth $42 million in 1 hour)

The financial power of decentralized finance is particularly important for Nigeria. As a developing nation, the application of new technologies could allow the country to leapfrog ahead of more advanced nations that rely on older technologies in the financial market. This makes DeFi one of the great promises of the people living in countries outside the developed world.

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The opportunities brought by DeFi have made projects such as Compound, Aave, Uniswap, Synthetix, and other common knowledge for the crypto world. These are, in some aspects, the most successful and widely recognized projects in the space. Many people know about them, and many use them regularly. But the DeFi revolution is just starting, and there are many more projects that have just begun or are on a low profile, which have the potential of becoming the next big thing. On this list, we will review some of them.

Ocean (OCEAN)

Ocean is a protocol that aims to open the data economy. We know that our data is sold and bought without our control by unknown parties. Ocean aims to open a secure marketplace where data can be transacted on a Blockchain transparently. This is especially important with the advent of neural networks. Neural networks are programs that will buy and sell data in fractions of second thousands of times per minute. The union of Blockchain and data sharing will create a new data economy, in which everyone will benefit and have control over their information.

The data economy is the future of the global economy. As Nigeria looks to pull ahead of other developing nations, it must enter this market. Ocean is the perfect platform for entrepreneurial Nigerians, aiming to be at the center of the future economy.

(READ MORE: BAND, fastest growing crypto gains 5,620% in 7 months)

Stanbic 728 x 90

Plutus DeFi (PLT)

Plutus is an incredible  DeFi aggregator project. In one single platform, different DeFi projects such as lending, borrowing, insurance, privacy apps, and even exchanges will be integrated into a single protocol. From Plutus, a user will be able to navigate all the DeFi space in search of better prices and higher margins for their crypto.

Plutus claims to project agnostic. Since they are not some DeFi protocol, they can pull together the entire space in one platform without any biases against any other project out there. They have integrated most of the Ethereum web wallets to work with their network. They already offer lending in their platform, directly connecting with Compound, dy/dx, and other major liquidity pools in the Ethereum blockchain.

Any Nigerian trader looking for an edge in DeFi has to consider Plutus. The power to have all of the latest Dapps integrated into a single platform gives the user a unique advantage over the competition and a foothold in the future economy.

Akropolis (AKRO)

Akropolis is a framework where people can develop for-Profit Decentralized Autonomous Organization. These are entities without a central authority that aim to generate financial gains for the participants. The team at the project calls the Autonomous Financial Organizations, which serve a specific community’s needs.

Their first product name Sparta (laying thick the Greek references), is where people can issue uncollateralized loans. These are loans where the borrower doesn’t have to provide 100% or more collateral to receive funds. This is massive in Blockchain, where almost every asset needs more than 100% collateralization. In Sparta, a borrower provides 50% collateral. The project has a new update in the works named Delphi, which will introduce staking and yield farming—further advancing the utility of the protocol.

(READ MORE: 9,007 crypto ATMs available globally for crypto transfers)

As Nigeria has one of the fastest-growing credit markets in small loans, Akropolis rises as the perfect solution. The ability to create an on-demand Autonomous Financial Organization to give out community credit and other financial services is key to grow an economy. This is perhaps the most important project on the list for Nigerians and a true gateway into a more fair and dynamic economy.

 Kava (KAVA)

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A cross-chain lending platform, Kava aims to bring together tokens and coins in a single space. Most lending protocols out there work in a specific Blockchain, take Compound as an example; it only works with Ethereum based tokens. Kava is a cross-chain lending platform that can take different assets native to any Blockchain under one single marketplace. It now supports assets from different protocols such as BTC, XRP, BNB, ATOM, with many more to come.

Unlike most cryptocurrency out there, the Kava token has never crashed. Its price is at the all-time high for the network, and it keeps moving up. This is unusual for Blockchain projects, which have never recovered from the previous highs of the 2017 to 2018 era. Kava is now witnessing its rise, and as the DeFi space grows, the future of the project seems very promising.

Most of these projects work with the Ethereum Blockchain. So, any Nigerian looking to begin their crypto journey needs to buy some Ether or BTC.

Check out the guide on how to buy BTC or ETH using Naira in a safe and fast way.

As we can see, DeFi does not lack innovation. The projects highlighted here are but a handful of a large pool of disruptive services being developed as we speak. The time is now to jump into the DeFi wagon and join a journey that will completely transform the finance sector, break down financial barriers, and finally transform the global economy, making it more open, transparent, and inclusive for all the inhabitants of the planet.

Find out everything you need to know about Ethereum 2.0.

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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Leadway Pensure PFA bags Customer Service Excellence award at Africa Brands Awards 2021

Leadway Pensure’s award reaffirms its commitment over the years to giving its clients amazing experiences beyond the call of duty.

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Leadway Pensure PFA Limited, Nigeria’s foremost pension funds administrator, has been recognized as the most admired pension brand in Nigeria following its emergence as the winner of the Customer Excellence Award at the 2021 edition of the Africa Brands Awards.

The prestigious African Brands Awards was created over a decade ago to promote innovation and creativity amongst African brands across different industries. The emergence of Leadway Pensure as the winner of the Customer Service Excellence award in the pension category reaffirms the brand’s customer-centricity and its commitment over the years to giving its clients amazing experiences beyond the call of duty. The recognition comes at a crucial period in the pensions industry with the opening of the transfer window which allows customers move their retirement savings account from their existing PFA to another.

Still on the recognition, the Managing Director, Leadway Pensure PFA Limited, Mrs. Ronke Adedeji, stated that receiving the award was a testament to how the brand had treated its clients and the positive perception it had been able to create in the larger society. According to her, “Our clients are at the center of everything we do, hence, we are constantly innovating and finding new ways to better their experiences with us. We continue to blaze the trail in the industry by finding simple and smarter channels to deliver our services; and optimizing our processes. We are a firm believer that if truly we must assist our clients to get more out of life, we must also continuously explore effective and efficient ways of delivering pension services.”

Mrs. Adedeji hinted that the company invested heavily in digital channels aimed at easing tracking, reporting, and communicating with its clients. “In addition to our long-standing heritage of excellence and competitive returns on investments, we prioritize accessibility for our clients by launching online channels to connect with them. Some of the online channels include our Online Enrolment Portal that allows users to remotely open a Retirement Savings Account (RSA) and get their RSA PIN instantly, our Mobile App, Interactive SMS, Pensure Online (p-Online), SureCal (Pensure Calculator), amongst others. We are unwavering in our promise to all existing and potential clients to continuously offer pension plans and experiences that surpass their expectations,” Mrs. Adedeji said.

It is important to note that the company also recently received the ISO 27001 certification, a globally coveted standards certification that recognizes commitment to the highest standards of information data security management.

Leadway Pensure has, over the years, shown itself as one of the leading PFA’s in Nigeria. It continues to advance the PFA industry by devising unique ways to service the ecosystem and deliver value to all stakeholders. Leadway Pensure is one of the most capitalized PFA’s in Nigeria with an authorized share capital of N2.0 Billion. Our shareholder’s fund is in excess of N7.0 Billion, unimpaired by losses.

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ITA partners NEPC to launch first E-Lab Innova training for agribusinesses in Nigeria

The E-Lab Innova is an educational training program for the agri-food sector in Nigeria.

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As part of its commitment to boost trade relationships with Nigeria, the Italian Trade Agency, a governmental agency that supports the business development, partnerships and collaborations between Italian companies and their local counterparts, has launched the first E-Lab Innova in Nigeria. The E-Lab Innova is an educational training program for the agri-food sector in Nigeria which will be implemented in collaboration with the Nigerian Export Promotion Commission (NEPC) alongside other Italian partners, such as MACFRUT, a leading exhibition for the agribusiness industry.

The training is aimed at increasing the technical and managerial skills of Nigerian agri-food companies in order to support their access to EU markets and foster business partnerships with Italian companies. Participants which were selected with the support of NEPC are CEOs of high-potential companies active in the production of foods such as mango, pineapple, shea nuts and groundnuts. The programme is scheduled to hold for the duration of five weeks and will be implemented in three phases: a preliminary assessment to analyze the technical and management training requirements, company potential and profile design; 2-week webinar training classes focused on key internalization topics and a 5-days study tour in Italy, which will include Macfrut exhibition.

Giving his opening remark at the event held to flag off the training, the Italian Trade Agency Director for West Africa, Dr. Alessandro Gerbino said, “Nigeria remains a strategic point for engagement between the agency and other countries across West Africa. The E-Lab Innova holds prospects for Nigerian companies to be imparted on the knowledge and technicalities of their counterparts abroad whilst also paving the way for collaborations between Italian and Nigerian agribusinesses.”

“It is a pleasure to see the collaboration between the Italian Trade Agency (ITA) and the Nigerian Export Promotion Council (NEPC), to develop the capacity of agribusinesses and aid their integration into the value chain of European Union markets. We remain committed to supporting the government’s plan to create more jobs through the agrofood industry and ensure that these businesses have the right skillset to grow, sustain their operations and contribute to the growth of Nigeria’s economy,” Dr. Gerbino added.

In her keynote address, Uduak Etokowoh, Deputy Director, International Export Offices, Nigerian Export Promotion Council (NEPC), said, “the council constantly seeks out collaborations like this to strengthen trade relations across the world. The European Union (EU) is one of the largest markets for agribusiness, however, challenges such as logistics and inability to meet market needs pose a threat to growth opportunities. In adjusting to the new normal of virtual engagements, we are extremely delighted to partner the ITA to deliver this virtual training in support of wealth creation for the economy and to enhance seamless penetration to the EU markets for Nigerian agribusinesses”.

13 agribusinesses across Nigeria took part in the first training session including United Agro Cooperative Society Limited, Cobrend Trading and more; the programme will involve nearly 40 Nigerian companies in total. Since the launch of Lab Innova in Africa, over 140 companies across Ghana, Angola, Mozambique, Uganda and Ethiopia have successfully gone through the training programme, with study tours and exhibitions held in Italy.

About the Italian Trade Agency in Nigeria

ITA – Italian Trade Agency is the Governmental agency that supports the business development of Italian companies abroad and promotes the attraction of foreign investment in Italy. With a motivated and modern organization and a widespread network of overseas offices, ITA provides information, assistance, consulting, promotion and training to Italian small and medium-sized businesses.

The agency is committed to establishing strong contact with Nigeria with a major focus on industrial technologies that address the growth pattern Nigeria has adopted in several areas, so to add value to local natural resources and raw materials.

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Using the most modern multi-channel promotion and communication tools, it acts to assert the excellence of Made in Italy in the world. ITA operates in 70 countries under the Italian Embassy.

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