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How Cryptocurrency-Based Companies Like Patricia are Shaping the Digital Currency Market in Nigeria

The devaluation of currencies sometimes bolsters a population’s desire for cryptocurrency.

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BTC Whales, Bitcoin is scarce, entities, individuals hold for long term, How Cryptocurrency-Based Companies Like Patricia are Shaping the Digital Currency Market in Nigeria, How Bitcoin Comes in Handy in Moments of Uncertainty

Based on a recent report from Google Trends, the highest search interest for Bitcoin (BTC) globally comes from aspiring investors in Nigeria, followed by South Africa and Kenya—the top three cryptocurrency markets in Africa. However, that record is limited to trading activities on exchanges only and not widespread use or adoption.

Cryptocurrencies have struggled to get integrated into everyday use on the continent of about 1.2 billion people, responsible for over 50% of the global mobile money services. This is a completely bizarre phenomenon.

Why Has Cryptocurrency Not Received Major Integration In Nigeria and Africa?

While digital currencies are yet to be legalized in many countries, some countries are still skeptical about it. Most times, the inhibition towards cryptocurrencies is spurred by the seeming inability to regulate them.

Back in 2017, digital currencies were met with a very adverse reception when they entered Nigerian borders. The Central Bank of Nigeria passed a policy banning all financial institutions from engaging with digital currencies because they, digital currencies, were anonymous and untraceable, making them highly exploitable by bad actors.

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Meanwhile, Infusion lawyers—a Lagos-based virtual law firm—spoke on the legality of cryptocurrency in West Africa in a report, which emphasized that there were no laws in Nigeria, Ghana, or Kenya that prohibited or criminalized cryptocurrency use.

(READ MORE:Tether whales move USDT 110,000,000 in 1 hour)

However, it is indisputable that some internet fraudsters in Africa have adopted cryptocurrency as their major mode of dealing, painting cryptocurrency in an even worse light.

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Good News for Cryptocurrencies In Nigeria

In recent times, we’ve seen some positive developments regarding the future of cryptocurrency in Nigeria. In April this year, Nigeria got its very first crypto ATM installed in Lagos.

Meanwhile, it can be said that the devaluation of currencies sometimes bolsters a population’s desire for cryptocurrency.

In Venezuela, for instance, the Bolivar is still struggling to recover from the 97% devaluation it suffered in 2019. The government, at one point, initiated the Petro—the very first nation-backed digital currency—to help placate the economic turmoil in the country. However, it failed to launch because of concerns surrounding its legitimacy.

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Quite similarly, the value of the Nigerian Naira has been in a freefall for years now. This could be partly as a result of the growing desire for cryptocurrency as citizens look for more secure and lucrative alternatives.

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(READ MORE:BTC bounty: 69,000 Bitcoins worth $700 million waiting for you)

Although traditional currencies are always going to be in existence in the foreseeable future, digital currencies will play more important roles in lives and economies as people try to keep up with global trends.

Meanwhile, a new breed of cryptocurrency-based companies is starting to sprout up around the country and is promising a brighter future for cryptos in Nigeria. One such company is Patricia.

What is Patricia?

Founded by Fejiro Hanu Adeboje in 2017, Patricia is a leading Nigerian cryptocurrency company that deals in Giftcard, Bitcoin, Patricia Card, and other digital assets.

This platform makes it possible for you to trade Giftcards and Bitcoin in a safe, smooth, and transparent manner and store them in a BTC or Local Currency wallet for use in basic everyday purchases and transactions.

Once you create an account with the company, you can make digital currency payments and transactions anywhere you are, round the clock.

Patricia takes security very seriously and has implemented industry-standard cybersecurity protocols to deter bad actors from using the platform. To open an account the user needs to go by the strict KYC and AML regulations, which makes Patricia accounts as secure as traditional bank accounts.

Although the activities of companies like Patricia can be very favorable considering that it adds to the country’s economic growth, it might not have a major impact on Nigeria’s financial system.

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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.

1 Comment

1 Comment

  1. Victor N James

    October 8, 2020 at 5:14 pm

    Please I am interested in this crypto currency,I want to know more about it, how I will join, the amount, gain and lost in it,

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Trading club in Nigeria for US stock investors

The clubs’ mission is to simplify complex financial information and decisions so that individuals have the confidence to trade & invest better.

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Trading club in Nigeria for US stock investors

30%Club, a trading club created for modern-day investors, wants every Millennial and Gen Z to invest in US Stocks. The club aims to be the go-to platform for educational and advisory resources for stocks and crypto investing. By breaking the knowledge barrier, we serve as a learning bridge for anyone looking to trade these markets. The US Stock market is the largest in the world and so every shrewd investor wants a slice of it. Now anyone can invest on any of the three regulated US Investment apps in Nigeria.

Thanks to the recent wave of fintech startups innovating brokerage services, tech-savvy millennials now have seamless and affordable access to the US stock markets. The timely introduction of Fractional Shares means folks can invest just $10 in their favourite companies effortlessly, from their smartphones. This new breed of enthusiastic investors will be naturally overwhelmed with the technical jargon and confusing terms, so there is a need for an educational bridge.

READ: FG to inject over N198 billion on capital projects in power sector in 2021

The clubs’ mission is to simplify complex financial information and decisions so that individuals have the confidence to trade & invest better.

Business Data Analyst Femi Adeoye notes that according to the data, amateur, retail investors have flooded into the US stock market in droves this year, with popular apps in the States reporting huge spikes in younger users.

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Mirroring the trend in America, globally first-time investors in Asia, Latin America and Nigeria are trading popular stocks like Amazon & Apple, as well as Tesla, Zoom and high-growth companies.

READ: Football: Manchester United net debt rises by 133% to £474.1million

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Users who sign-up with 30%Club have access to a dashboard with educational content, real-time market data, charting tools, instructional videos and podcasts. The platform is free for all to sign up while premium members are charged a fee for access to market intelligence from a few pros like Jim Cramer.

The club is non-custodial which means members handle & manage their capital personally. 30%Club does not invest nor trade on behalf of the public.

READ: Crypto owners robbed of 1,150,000 XRP

Trading is the new cool.

Seyi Atere-Roberts, the clubs’ founder, believes there will be a gradual explosion in active trading among young folks, even though this may begin as a side-hobby or hustle, with a potential for appetite to significantly increase as a regular monthly income. DIY Investing will become the norm, especially with the rising number of investment schemes failing to deliver their promised returns.

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We aim to guide the new generation of investors by providing a simplified learning experience. We implore our members to allocate most of their capital to long-term investing in solid Stocks, ETFs & Bitcoin while the rest to trading trends and momentum. The power of compounding ensures their long term portfolio grows exponentially while their trading portfolio profits from short-term trends bringing in additional monthly income. Investing is a lifelong lifestyle, trading is the new cool and investing in these fascinating assets is going to be as common as TikTok within the next decade.

You can learn the basics in an hour on our simplified Podcast and holla on Twitter or Facebook

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What every Nigerian business owner ought to know about bouncing back from 2020

While there is indeed access to several business tools on the internet, none have quite the contextual precision of SME Shop.

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It’s been said a thousand times already, 2020 was bad. But for those in business with a go-getter spirit, the question isn’t whether 2020 was bad or not, the question is how can 2021 be better? The answer to that question is SME Shop. If 2020 proved anything, it’s that having a great product, funding, and a group of people willing to buy what you’re selling, simply isn’t enough. You need to have knowledge, the kind of knowledge that defies pandemics, protests, and economic upsets. The kind of knowledge that SME Shop provides to MSMEs for free. SME Shop is the product of a collaboration between elite advertising agency TBWA Concept and Ford Foundation, which enlists industry experts in the delivery of lectures spanning marketing, distribution, best COVID-19 business practices, and so much more. It’s essentially a free, virtual masters in business. But how is SME Shop any different from the plethora of business gurus and hacks that exist online?

TBWA Concept assures that while there is indeed access to several business tools on the internet, none have quite the contextual precision of SME Shop. SME Shop’s lectures are delivered by the very people you look up to in business. It consists of leaders in fashion, tech, advertising, agric, and almost every industry you can conceive of. More so, because these are doers and not merely speakers of the word, you are afforded a learning curve that takes into consideration the many unique aspects of doing business in Nigeria, things like how to overcome the bureaucracy in accessing funds and grants. “Funding is important, but knowledge is better” says a TBWA Concept rep, the knowledge of how to access and apply those funds. And perhaps yours is an unconventional business, one made possible by the emergence of new media. Tik Tok, Influencer marketing, comedy, and content creation are quickly becoming viable businesses to pursue in Nigeria, but TBWA Concept insists that “Just because it’s a new business, doesn’t mean it won’t face the same old problems.” So it isn’t merely enough to know your craft, you must know the best business model to sell it.

TBWA Concept puts forward the example of the prosperous bubble that many businessmen in Nnewi lived in whilst the rest of Nigeria roiled in recession. It indicates that almost no market forces are beyond your control. With knowledge, all things are possible, so if you’re ready to innovate your way to business growth, this is it.

Beyond the virtual lectures, SME Shop provides consultations for MSME’s. You can register for the free courses here. Join the MSME revolution on our social media platforms and help your business bounce back from the upsets of 2020.

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Cititrust Holdings rewards outstanding staff

The highlight of the occasion was the presentation of the Staff of the Year Award to Mr Chuks Osuya by the Group Chief Executive.

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Cititrust Holdings rewards outstanding staff

Leading pan-african financial and investment conglomerate, Cititrust Holdings Plc, has held its annual award ceremony to reward outstanding employees across its subsidiaries and divisions for their hardwork and dedication.
This year’s event was held on Friday, November 13, at the banquet hall of Lilygate Hotel, in Lekki, Lagos.

READ: Tantalizers suffers loss of N245 million in 2020 9M

The occasion was witnessed by ranking members of the company’s management team, including Mr Yemi Adefisan, Group Chief Executive; Mr Ikechukwu Peter, Country Chief (Nigeria); Mrs Imade Edah-Dike, Country Chief (South Africa); Mr Afolabi Martin, Group Executive Director, Finance and managing directors of subsidiaries across Africa.
Adefisan in his remarks said Cititrust Holdings considers employees its most prized assets hence its continuous investment in their welfare.
“We consider our human resource as our most important asset. That is why we spare no cost in ensuring that they are well motivated and appreciated at all times. This has been our philosophy, which reflects on our employee productivity numbers year on year,” Adefisan said.
Also commenting on the company’s annual CEOs Retreat, which preceded the awards ceremony, Adefisan said the retreat afforded the executive management team the opportunity to strategise for the next financial year 2021.
According to him, the company has successfully undertaken a “critical reassessment of our current business models and have identified the required adjustments necessary to significantly boost our value propositions to investors and stakeholders, and also ensure the realisation of our strategic agenda”.
The highlight of the occasion was the presentation of the Staff of the Year Award to Mr Chuks Osuya by the Group Chief Executive.
Other award categories include, Award for Excellence, Division of the Year, Best Performing Company of the Year, Award for Prudence, Product of the Year, Most Innovative Company of the Year and Managing Director of the Year.
Explore Data on the Nairametrics Research Website

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