The government is placing the blame for the notable depreciation of Nigeria's fiat currency relative to other major international currencies on cryptocurrencies.
A substantial €250,000 grant was recently given to Mamamoni, a Nigerian FinTech social enterprise.
Crypto users in Nigeria encountered a brief disruption in accessing popular exchanges Binance, Kraken, and Coinbase recently. The temporary outage affected their ability to trade cryptocurrencies and withdraw funds. The exact cause of the issue remains unknown, but it highlights the importance of reliable infrastructure and the need for robust security measures in the crypto industry. The incident serves as a reminder of the challenges associated with decentralized platforms and the importance of maintaining uninterrupted access to crypto exchanges for users worldwide.
Fintech is arguably best exemplified by payments. It's common to associate financial technology with solutions that facilitate quicker, simpler, and more convenient payment processing.
In an all-stock transaction valued at USD 20 million, FairMoney, a digital bank located in Nigeria, has begun talks to acquire Umba, another digital bank established in Nigeria.
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