Trove and Bamboo, the two of the numerous fintech companies, facilitating investments in foreign assets for Nigerians in Nigeria have released statements to assured Nigerians that have invested through their platforms that their investments are safe.
The assurance came few hours after the Nigerian Securities and Exchange Commission (SEC) released a circular to warn the public against unregistered online investment and trading platforms facilitating access to foreign markets.
The SEC, in a circular titled, ‘Proliferation of Unregistered Online Investment and Trading Platforms Facilitating Access to Trading in Securities Listed in Foreign Markets’ stated that its attention has been “drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign Companies listed on Securities Exchanges registered in other jurisdictions. These platforms also claim to be operating in partnership with Capital Market operators (CMOs) registered with the Commission.”
“The Commission categorically states that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any Exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public. Accordingly, CMOs who work in concert with the referenced online platforms are hereby notified of the Commission’s position and advised to desist henceforth.
“The Commission enjoins the investing public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.”
However, Trove immediately released a statement, saying “Our attention has been drawn to the SEC circular that was recently issued.
“Please be aware that we are and will remain committed to being in compliance with all local laws and regulations. We have always maintained good standing with all existing compliance requirements and regulatory frameworks.
“Be rest assured that your funds and equities are safe and secure with Trove.
“Since the memorandum, we have been liaising with the SEC to get more clarity on the circular. We are also engaging with top level executives at our local partner brokers. Additionally, we have involved legal professionals to manage the on-going mediation.
“From all indications, we anticipate everything would be resolved.
“Kindly note that your US funds and equities are held in custody by Drivewealth LLC, a regulated broker dealer in the US and protected by the SIPC, for up to $500,000.
“You can continue your trading activities as normal as we are still fully capable of carrying out our responsibilities as usual.
“Be rest assured that we are on top of all the happenings and would actively communicate with you all as things progress. Thanks for all your support and confidence”
Bamboo also responded in a similar version to calm thousands of investors on its platform.
Richmond Bassey, CEO, Bamboo, in a statement sent to all registered investors said “We are aware of the recently released SEC circular about trading in foreign markets.
“First off, we want to assure you that your assets on Bamboo remain safe and easily accessible to you.
“We are already in discussions with the SEC and our broker partner and are fully committed to working with them to ensure your interests as our users are fully protected.
“We want to reassure you that there’s nothing to be concerned about. We are still able to carry out all our operations and will continue to do so. Should the situation change, we will inform and advise you on the best course of action.
“Thank you for your continued faith and trust in us. We will continue to put in all the hard work to serve you. Thank you.”
Soft POS User Base to Grow 475% Globally by 2027
The total number of merchants deploying soft POS solutions will surpass 34.5 million globally by 2027
A new study from Juniper Research has found the total number of merchants deploying soft POS solutions will surpass 34.5 million globally by 2027; rising from 6 million in 2022. This growth will be driven by Apple’s entrance into the soft POS space; enabling iOS users to access an affordable mobile POS solution.
Soft POS enables NFC enabled smartphones or tablets to accept contactless payments, without additional hardware.
1.2 Billion iOS Users Added to Soft POS Market
The research forecasts that Apple’s decision to enable third parties to develop soft POS solutions leveraging iOS NFC capabilities will result in an influx of iOS-specific services; leading to innovative solutions for merchants. Furthermore, the research predicts Apple’s entry will provide 1.2 billion iOS users with soft POS capabilities; unlocking a previously untapped market.
Soft POS is the latest development from Apple within the payments space; building upon Apple Pay and Apple Pay Later. Soft POS vendors should leverage Apple’s payment ecosystem by developing innovative solutions such as integrated QR payment acceptance, using Apple Pay and Pay Later compatibility to attract a broader iOS user base.
Increasing Contactless Payment Adoption to Drive Soft POS Uptake
The research anticipates soft POS adoption being driven by the increasing use of contactless payments – with volumes expected to rise from 195 billion in 2022 to 408 billion by 2027. Therefore, consumers will come to expect contactless acceptance as standard; forcing smaller merchants to adopt contactless-capable POS solutions. Merchants are anticipated to embrace soft POS, based on cost savings achievable from eliminating the need for additional hardware, as well as mobility advantages over contactless POS.
This will be profound for small-sum and mobile merchants that must accept contactless transactions, but lack the need for high-cost dedicated terminals. As such, the research recommends soft POS vendors must look to target micro and mobile merchants; designing solutions that meet their unique needs.
Buy Now Pay Later Users to Reach Over 900 Million Globally by 2027
Buy Now Pay Later users will surpass 900 million globally by 2027; increasing from 360 million in 2022.
A new study from Juniper Research has predicted that the number of BNPL (Buy Now Pay Later) users will surpass 900 million globally by 2027; increasing from 360 million in 2022. This substantial growth of 157% will be driven by the anticipated economic downturn, which will increase the demand for low-cost credit solutions.
BNPL schemes enable consumers to spread the cost of their purchases without interest charges; making them a highly attractive alternative to credit cards. Additionally, BNPL services do not require hard credit checks and an increasing number of merchants are accepting this payment method; making it easier to access for consumers than traditional credit.
India to Experience High User Growth
The research identified India as having potential for rapid growth in BNPL, with users predicted to grow from 25 million in 2022 to 116 million by 2027. This is due to rising eCommerce usage and growing interest in international goods available through online retailers. In turn, it recommends that vendors build strategic partnerships with vendors in developing markets with established consumer bases, to successfully capitalise on this user growth and associated revenue.
Virtual Cards to Further Boost Usage
The research predicts that the adoption of virtual cards, where digital only cards are used for purchases, will increase the usage of BNPL solutions, as they only require merchants to accept card payments – overcoming previous limitations on growth. The advancement of virtual cards allows BNPL schemes to compete with credit cards; particularly in-store, where single use BNPL cards can be used within a digital wallet to complete contactless transactions.
Juniper Research recommends that in order to compete in this highly competitive landscape, BNPL vendors must differentiate their services: including offering virtual cards, browser extensions that automatically facilitate BNPL payment services, and digital loyalty schemes.
Digital Wallet Users to Exceed 5.2 Billion Globally by 2026
The total number of digital wallet users will exceed 5.2 billion globally in 2026, up from 3.4 billion in 2022.
A new study from Juniper Research has found that the total number of digital wallet users will exceed 5.2 billion globally in 2026, up from 3.4 billion in 2022; representing strong growth of over 53%. The research predicts that the presence of ‘superapps’ will drive digital wallet use in developing countries that are currently considered cash heavy.
Superapps are multipurpose apps able to integrate digital payments alongside other services, including wealth management and eCommerce.
Asia Pacific Countries to Experience Rapid Growth
The study identified three countries in Asia Pacific primed for rapid growth over the next four years:
It predicts that the adoption of digital wallets will near 75% of the population in each of these countries by 2026. It cited the rising access to online and mobile commerce services as driving forces behind the use of digital wallets, notably through superapps.
Research co-author Damla Sat explained: “These rapidly growing markets represent a significant opportunity for digital wallet vendors, but they must work intelligently to maximise their position. A highly competitive wallets’ landscape means that vendors must differentiate themselves by integrating machine learning to provide spending insights and introduce new services such as wealth management to add value.”
Innovation Needed for Future QR Payments Growth
Additionally, the research identified QR code payments as the most popular digital wallet transaction type in 2026; reaching 380 billion transactions globally, and accounting for over 40% of all transactions by volume. However, as usage within markets including China and India reaches its apex, vendors must innovate to remain competitive entering new geographic markets. Therefore, the research recommends that QR code payment vendors integrate loyalty features and personalised marketing capabilities to incentivise merchant acceptance, which will be critical to driving adoption.
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