by admin | Mar 25, 2025 | banking, business, cryptocurrency, financial services, korean
South Korea’s second-biggest crypto exchange, Bithumb, changed its banking relationship from NH Bank to KB Kookmin Bank. Following this switch announced in December, more than 1.5 millionKB accounts were connected to Bithumb. “The benefits of collaborating with a prominent bank are becoming clear,” stated a spokesperson for Bithumb.
According to present financial rules, the nation’s leading five exchanges may collaborate exclusively with a single bank. To engage in trading activities on a specific exchange, users are required to maintain an account with that exchange’s chosen banking institution. As a result of this regulation, competition between banks has become more intense as they vie for agreements with these exchanges, aiming to enhance their profitability through the acquisition of cryptocurrency-associated assets.
Bithumb collaborated with NH Bank over a period of approximately seven years, spanning from January 2018 up to March 23. Throughout this duration, NH Bank amassed roughly 1.7 trillion won in cryptocurrency-related deposits, utilizing these funds for multiple investments and loan activities, thereby producing substantial earnings.
However, Bithumb opted to transition to KB Kookmin Bank back in December of last year. The intention behind this move from Bithumb was to expand its customer base through collaboration with a bigger banking partner, whereas KB sought to attract additional deposits.
Following the announcement of their collaboration, KB’s demand deposits increased by more than 3 trillion won, rising from 151.5 trillion won at the close of December to 154.7 trillion won ($106 billion) as of March 21st. Furthermore, approximately 1.52 million KB accounts have been linked with Bithumb.
Since June 2020, Upbit, the nation’s leading cryptocurrency exchange, has collaborated with K Bank, an online banking institution. Approximately one-fourth of K Bank’s overall deposits, which amount to around 6.4 trillion won out of a total of 27.62 trillion won, come from funds associated with Upbit. The number of customers at K Bank increased dramatically from 2.19 million in June 2020 to 13.39 million recently, including about 6 million accounts connected specifically to Upbit operations.
Shinhan Bank has formed a partnership with Korbit, which ranks as the fourth-largest exchange, whereas Kakao Bank is associated with Coinone, ranking as the third-largest exchange.
As Upbit’s agreement with K Bank approaches expiration in October, financial institutions are eagerly observing the company’s subsequent actions. When Bithumb changed partners, it led to significant fund movements and account shifts. Consequently, banks anticipate intense rivalry to secure Upbit as their client.
K Bank continues to be confident about maintaining the partnership. “We have had a lengthy and fruitful relationship with Upbit, and we anticipate this will persist,” stated an official from K Bank.
According to reports, Woori Bank and Hana Bank are considering possible collaborations with Upbit. “Although Woori Bank has not previously engaged with cryptocurrency exchanges, the recent allowance of corporate crypto investments has prompted them to seek a partnership with Upbit,” stated an industry source. Likewise, Hana Bank launched their real-name verification service called Hana Certificate on Upbit back in October, indicating their desire to establish connections. A representative from the bank mentioned, “We have incorporated Hana Certificate as part of our interest in forming a relationship with a cryptocurrency exchange.”
Banks are hastening to establish such collaborations due to their perception of cryptocurrency exchanges as a vital source of inexpensive daily deposits in the approaching era of lower interest rates. A banking representative noted, “The typical daily trade volume on local crypto exchanges is close to 4 trillion won.” They added, “This represents an almost cost-free means of financing that banks can utilize for loans to earn additional interest revenue.”
by admin | Mar 25, 2025 | financial services, investing, investors, securities, securities law
The Securities and Exchange Commission has reaffirmed its commitment to ensuring that only fit and proper individuals operate in Nigeria’s capital market, vowing to clamp down on fraudulent activities and protect investors.
A statement provided to our SEC correspondent on Sunday quoted the Director General of SEC, Emomotimi Agama, as saying that individuals involved in improper conduct within the marketplace will face consequences and won’t escape punishment.
He highlighted that the main focus of the Commission continues to be protecting investors, underlining that starting in 2025, there will be absolutely no leniency for those who do not comply.
It is crucial to emphasize that all investors in Nigeria operate under the protection of the SEC when they engage with the Nigerian capital market. Therefore, 2025 marks a year wherein we declare zero tolerance for activities outside the bounds set forth by the Investments and Securities Act of 2007.
The head of the SEC emphasized that adequate disclosure from publicly traded firms will be a major priority, since openness is crucial for maintaining investors’ trust.
As per his statement, businesses that do not furnish sufficient data to stakeholders will be subject to fines, since concealing important facts goes against SEC rules.
Public disclosures by corporations will be crucial in guaranteeing that investors receive sufficient information to make well-informed choices,” he said. “Failure to provide this information as mandated will be regarded as a breach of both the SEC regulations and the ISA.
It should be evident that there is nowhere left for people or organizations trying to deceive investors in Nigeria’s stock market to hide.
The Investment and Securities Act, which has been approved by the National Assembly, was also mentioned by Agama as an enhancement to the SEC’s regulatory structure. He remains hopeful that upon being enacted by President Bola Ahmed Tinubu, this legislation will grant additional authority for combating deceptive practices and improving overall market fairness.
“We are thrilled that the National Assembly has approved the new Investment and Securities Act, and we eagerly await the President’s endorsement. The legislation is presently going through various administrative procedures prior to being presented to the President for ratification,” he stated.
He noted that one of the provisions of the new Act is stricter penalties for fraudulent schemes, including Ponzi schemes that have exploited unsuspecting investors. The SEC chief warned that perpetrators of such schemes will face severe consequences under the new law.
Ponzi schemes will no longer serve as a means for scammers to dupe investors,” he asserted confidently. “The sanctions outlined in the new ISA are severe enough to discourage these practices, and we are dedicated to enforcing them thoroughly.
The statement indicates that the SEC has initiated significant actions to rectify the marketplace. According to Agama, the recent license cancellations, suspensions of market participants, and efforts against non-registered organizations mark only the start of an extensive enforcement approach.
What you’ve witnessed until now—the cancellation and suspension of licenses along with punitive measures taken against non-registered operators—only scratches the surface,” he said. “In 2025, we plan to escalate our initiatives aimed at safeguarding investors. An empowered investor stems from protection, and we’ll utilize all available regulatory tools to prevent dishonest people from exploiting Nigerian investors.
He encouraged current as well as future marketplace operators to adhere to SEC regulations, stressing that adherence and openness are crucial for establishing a robust and enduring capital market.
Agama informed investors that the SEC is dedicated to maintaining a thoroughly regulated marketplace, fully supported by President Bola Tinubu’s administration. He emphasized that all investors in Nigeria’s capital market receive SEC protection as long as they adhere to legal guidelines.
PUNCH disclosed that the Securities and Exchange Commission intends to publicly expose capital market operators who have been convicted of breaching market rules and regulations.
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by admin | Mar 24, 2025 | business, commerce, financial services, investing, news
On Monday, the Lagos State Government joined forces with EnterpriseNGR through the Lagos International Financial Council (LIFC) MoU signing ceremony. This event brought together representatives from the City of London as well as officials from the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO). The purpose was to collaborate on establishing an international financial center in Lagos aimed at boosting economic progress within the region.
Governor Babajide Sanwo-Olu, who concurrently holds the position of Chairman of LIFC, along with the Co-Chairperson of LIFC and Chairman of Access Holdings, Mr. Aigboje Aig-Imoukhuede, observed the signing ceremony conducted by the State Commissioner for Finance, Mr. Yomi Oluyomi; the Chief Executive Officer of EnterpriseNGR, Mrs. Obi Ibekwe; the Head of Eurasia, Middle East, and Africa at The City UK, Chika Mourah; and the Director of International Development at The City UK, Anna Rogers.
Among those present at the signing were representatives such as Mr Simon Field, the Chargé d’Affaires of the British Deputy High Commission in Lagos; Mrs Bimbola Salu-Hundeyin, the Secretary to the Lagos State Government; and Mr Bode Agoro, the Head of Service, along with several others.
During his speech at the event, Governor Sanwo-Olu affirmed his administration’s dedication to establishing the Lagos International Financial Centre. He called upon all attendees for their backing to turn this aspiration into a tangible achievement.
The governor stated that the signing of the Memorandum of Understanding marked the start of a new phase in setting up LIFC and transforming Lagos into the first international financial center in Sub-Saharan Africa.
As he puts it, this step isn’t solely focused on Lagos; rather, it aims at positioning Nigeria—as well as domestic and foreign investors—”on a platform where business operations can thrive more effectively, fostering an environment characterized by greater predictability and reliability within this region’s financial sector.”
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‘I previously had to pay over ₦40,000 each month to area boys and others in Lagos.’
“We are adapting our concept and project so we can showcase both Lagos and, consequently, Nigeria as part of the global list of cities featuring international financial hubs,” he stated.
Governor Sanwo-Olu showed gratitude to all the collaborators for providing both financial and technical backing toward setting up an International Financial Centre in Lagos.
Earlier, the Co-Chairman of LIFC, Mr Aig-Imoukhuede, praised Governor Sanwo-Olu and his team for their bravery in advancing the vision of the LIFC, stating that “The contribution of Babajide Sanwo-Olu to Lagos State benefits not only the state but also participants in the capital markets.”
Aig-Imoukhuede characterized the Memorandum of Understanding (MoU) as a crucial milestone for the development of the Lagos International Financial Centre project, emphasizing that Nigeria was nearing its goal of establishing this center in Lagos.
“Today, we bear the banner of Lagos State, Nigeria, and by extension, Africa. We are moving towards the promised land of establishing an international financial hub in Lagos and for Nigeria,” he stated.
The Chairperson of Access Holdings also praised the media for providing fair and informative coverage, encouraging them to increase such efforts. They called upon the media to continue offering unwavering support in all aspects.
Additionally, Rogers from TheCityUK as the Director of International Development stated that this collaboration aims to unite all parties involved in making Lagos a prominent powerhouse across Africa.
Rogers conveyed the enthusiasm of the UK city about participating in this endeavor, calling the Lagos State Government’s choice truly praiseworthy.
The United Kingdom’s city takes great pride in serving as a strategic ally for the establishment of the Lagos International Financial Centre. We find the choice made by the Lagos State Government truly praiseworthy, and we are enthusiastically looking forward to being an integral part of this venture.
“We are delighted that through our partnership, we’ll continue to provide an avenue for UK and Nigerian financial professional services practitioners, policymakers, and regulators to share knowledge on best practices in areas such as corporate governance, financial services, regulation, technology, innovation, and many others.
“These initiatives will result in heightened trade activities along with greater investments and collaborations between the two nations and on a global scale,” she asserted.
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by admin | Mar 24, 2025 | business, economics, financial services, investing, investing business news
By Francis Ntow, GNA
Accra, March 25, GNA – The IMF has announced that it plans to invest $450 million into Ghana’s private sector this year with the aim of enhancing productivity and generating job opportunities.
Mr. Kyle Kelhofer, who serves as the Senior Manager for Ghana, Liberia, and Sierra Leone at IFC, World Bank Group, mentioned that this assistance provided to businesses is an integral part of their initiatives aimed at decreasing global poverty and enhancing overall development.
During an interview conducted alongside a visit to several Foreign Direct Investment (FDI) firms in the nation led by the Minister of Trade, Industry, and Agribusiness, Mrs. Elizabeth Ofosu-Adjare, in Accra over the weekend, he made these remarks.
“Last year, our investments in Ghana reached over $450 million, primarily benefiting the private sector. We aim for a comparable figure this year as well. Therefore, we will keep providing support to businesses on a commercial basis with the objective of generating additional and higher-quality employment opportunities,” stated Mr. Kelhofer.
He characterized the minister’s trip to the firms with the aim of understanding their difficulties and assisting in resolving them as a correct move toward luring and maintaining international enterprises within the nation, which would aid in boosting economic development.
He stated that the government can keep working towards enhancing the investment environment, enabling businesses to flourish and attracting additional enterprises such as B5Plus. This would help create more and higher-quality job opportunities in Ghana and increase local value addition.
He believed that increasing domestic manufacturing could aid the nation by decreasing imports and reducing costs for other sectors’ growth. He advocated for establishing additional opportunities to utilize indigenous materials and manpower.
Mrs Ofosu-Adjare stated that the government, via the Ministry, would address issues related to land disputes by employing Alternative Dispute Resolution (ADR) methods. Additionally, they aim to tackle tax concerns to foster an environment where businesses can flourish within the nation.
She urged international businesses to handle their employees with respect, stating, “Your workforce is your backbone—treat them right, compensate them fairly, and collaborate joyfully.”
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by admin | Mar 24, 2025 | banking, business, female empowerment, financial services, women
FirstBank Ghana organized an event at the Makola Market in Accra to commemorate International Women’s Day 2025.
The occasion showcased the fortitude, tenacity, and enterprising nature of women, resonating with this year’s theme, “Accelerate Action,” emphasizing the critical necessity for immediate measures to attain gender parity.
This assembly assembled an array of female business owners, merchants, and community heads, all converging with the shared objective of enhancing women’s contributions to Ghana’s economic landscape. The central topic this year emphasizes accelerating progress towards dismantling the pervasive obstacles and prejudices faced by women across various aspects of life and work.
Mr. Allen Quaye, the Head of Retail Banking at First Bank, spoke on behalf of the Managing Director to the assembled guests and stated, “Today, as we observe International Women’s Day, we recognize the remarkable contributions of the women at Makola Market and throughout Ghana. Their diligence and commitment play a crucial role in sustaining our nation’s economic success.”
At the core of our economy lie these remarkable women, and we at First Bank Ghana take pride in joining hands with them as they shape their futures.” Mr. Quaye highlighted the crucial part women have in advancing the nation’s economic growth and restated the bank’s dedication to promoting gender-equal programs.
The event similarly emphasized the vital significance of financial inclusion for women. It tackled the barriers that frequently prevent women from obtaining banking services.
First Bank Ghana is working towards closing the gender gap in financial services by offering financial literacy programs and customized banking solutions designed to help women attain financial self-sufficiency and economic prosperity.
In addition, Doris Ahiati, an Associate Member of the Chartered Institute of Securities and Investments UK, addressed the crowd with her insights on “Accelerating Action.” She motivated the women to develop consistent saving practices and highlighted the significance of understanding personal finance.
The purpose of the event was to provide women with hands-on expertise in handling their money, enabling them to make well-thought-out choices, and improving their general financial wellbeing.
Along with educational workshops, Ms. Ahiati presented an array of financial offerings from First Bank Ghana. This included savings plans and loans, digital banking options, and specialized SME-focused services like FirstGem, which was created particularly for female entrepreneurs.
“Today, we join forces with the women of Makola Market, who demonstrate remarkable resilience and an enterprising mindset that is defining Ghana’s economic landscape. At First Bank Ghana, we recognize that financial literacy plays a crucial role in opening up broader economic prospects for women. By providing them with insights into banking services and financial management tools, the bank enables these women to make more informed decisions and expand their enterprises,” said Mrs. Ahiati.
The event orchestrated by First Bank Ghana at Makola Market underscored that International Women’s Day isn’t just a moment to honor women’s accomplishments; it’s also a critical chance to highlight the persistent obstacles they encounter and the progress yet required for complete gender parity.
FirstBank continues to be committed to backing women’s empowerment programs and building a supportive financial ecosystem that helps women excel in both their private and career pursuits.
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by admin | Mar 24, 2025 | business, commerce, financial services, loans, money
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Safaricom PLC declared that M-Pesa services would be temporarily halted on Monday, March 24, due to planned maintenance.
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The announcement ignited discussions in Kenya, particularly amongst M-Pesa users who expressed worries about the Fuliza borrowing caps.
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A client stated that they have an Okoa Jahazi airtime credit worth up to KSh 1,000; however, their Fuliza limit is only KSh 100.
The LIFEHACK.co.ke correspondent Wycliffe Musalia boasts more than six years of expertise in areas such as finance, commerce, tech, and environmental issues. This wealth of knowledge provides him with significant perspectives on both Kenya’s and international economic patterns.
Kenyan citizens keep expressing their worries about the Safaricom Fuliza borrowing cap and who can qualify for it.
The top telecommunications company and mobile financial services leader in the nation announced that their overdraft loan feature is accessible to all M-Pesa clients and is provided by the respective banking institution.
What Safaricom stated regarding increased Okoa Jahazi charges and reduced Fuliza limits
An M-Pesa user vented on social media about the company mistakenly allocating her KSh 1,000 for Okoa Jahazi (airtime credit), even though she was only qualified for a Fuliza limit of KSh 100.
“Hear me clearly, I gave you an Okoa Jahazi worth KSh 1,000 but your Fuliza still stands at KSh 100,” the customer exclaimed.
As a result, Safaricom advised the customer to meet certain criteria so she could obtain an increase in her Fuliza limit, which is determined by the bank.
The telecommunications company stated that customers should regularly utilize Safarcom services such as M-Pesa, data packages, Okoa Jahazi, and airtime top-ups.
A different customer raised a similar issue, mentioning that their Okoa limit is set at KSh 2,500, but they have no Fuliza loan limit whatsoever.
Hellen Mukuna sighed, ‘My Okoa limit is KSh 2,500, yet I have no Fuliza limit at all,’ she said.
Safaricom replied:
Hello Helen, apologies for the inconvenience. Each one has distinct terms and conditions; these must be met for qualification, which explains the variation.
What initiated the discussion around the Fuliza loan limits?
Following the announcement, the telecom firm declared that M-Pesa services would be temporarily suspended for planned maintenance starting on Monday, March 24.
Safaricom stated that all M-PESA services would experience an outage for approximately half an hour; however, other services such as voice calls, text messages, and data packages will remain operational.
Kenyan citizens turned to social media platforms to voice their discontent with several services provided by the telecom company, such as Fuliza, M-Shari, and the internet access.
Why you might want to avoid opting out of Fuliza
The telecommunications company claimed that continuing to use its services increases customers’ likelihood of qualifying for and raising their credit limits.
If a customer is already enrolled in Fuliza, choosing to opt out might affect their limits.
In January 2025, a Kenyan man expressed disappointment when he tried to cancel his overdraft facility but wanted to increase his credit limit instead.
The M-Pesa client expressed interest in raising his Fuliza limit to KSh 30,000 from KSh 9,500.
Nevertheless, Ufa’s disappointments intensified when he decided to rejoin the service, only to find himself assigned a zero loan limit, down from KSh 9,500.
