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Transforming the Dispute-resolution Process in Banks Require Blockchain Technology, Says Appzone Co-founder – Uche Elendu

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With the increased rate of fraud and dispute claims between customers and financial institutions across Nigeria, Uche Elendu,  Co-founder and COO of Appzone has made the call for the adoption of blockchain technology to not only decentralise the process of moving money from one bank to the other but to help increase the level of visibility and transparency of the procedure.  

Uche Elendu shared this thought during his presentation at the recently concluded Digital Pay Expo summit – a two-day event, sponsored by Appzone, which sought to discuss the possibility of accessing finance without a third party across the African continent through Decentralized Finance (DeFi). 

As more Nigerians get financially included, customers have continued to move away from cash and checks toward electronic payments. This trend is a positive development for banks and the central bank of Nigeria (CBN); however, as card and online transactions grow, so does the number of disputable transactions and the incidence of fraud, putting pressure on dispute processes. 

Speaking about the adoption of blockchain technology to foster a speedy payment settlement process, Uche Elendu, said “Financial institutions across the continent have continued to evolve, leveraging technology. They have metamorphosed from the days of a heavy analogue process to a more digitized era, and with the continuous increase in the volume of banking transactions, It remains pertinent to continuously adopt newer and more sophisticated technology infrastructure to remain dependable, especially with payment settlements. For us at Appzone, we are firm believers in blockchain technology. Its decentralized nature not only makes it faster, cheaper, and transparent but also makes it sophisticated enough to enable real-time settlement”. 

Speaking further, Uche said “Having rolled out Zone – Africa’s first blockchain platform for payment processing in 2021, partner banks who have onboarded with us have seen a drastic change in their payment settlement process. Zone’s innovative architecture will reduce complaints from customers and provide banks with an opportunity to deliver delightful experiences on payment channels while also driving down costs”.

Developed in line with Appzone’s recent evolution into a payment infrastructure company, Zone is Africa’s first decentralized payment network that allows inter-bank transactions to be processed directly between banks on the Blockchain without the involvement of any intermediary. With Zone, players in the industry should expect a reliable and scalable payment network that enables frictionless and instant payments, within and between every African country.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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FG to Train 30,000 Nigerians on Blockchain Technology; Released Link For Registration

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The Federal Government of Nigeria through the National Information Technology Development Agency (NITDA) has announced the plan to train 30,000 Nigerians on blockchain technology.

The training which is expected to start by December 2022 will be done in partnership with Domineum Blockchain Solutions (DBS). 

According to NITDA, the blockchain training is in line with the country’s objective for digital economy and emerging technologies. 

While training will be hybrid (Virtual and In-Person), Investors King learnt the scholarship is open to all Nigerians irrespective of state or place of residence.

In addition, participants will be grouped for team projects while the best team during the project phase will have the opportunity to join an incubation programme in London. 

To register for the scholarship, interested applicants must be 18 years or above and be willing to commit at least 20 hours a week to the course. 

Furthermore, intending applicants must have access to a laptop computer or Desktop as well as a strong internet connection. 

While the duration of the course would be three months, NITDA noted that a basic understanding of coding will be an advantage, although not a necessity for consideration. 

Investors King learnt further that the successful applicants will receive scholarship alerts on their phones ahead of the training which is scheduled to begin by the 1st of December 2022. 

Intending applicants can apply by clicking on the following link “NITDA Blockchain Scholarship“. Please note that the deadline for the application is 28th of November 2022. 

This NITDA scholarship themed “Accelerating Blockchain Adoption in Nigeria and Empowering Developers to Build Blockchain Solutions for Enterprise and Government Project” is part of a broader strategy of the ministry of communication and digital economy to engage several Nigerian youths on digital skills that can enhance their lives and prepared then for the growing technology marketplace. 

It would be recalled that the Miniter of Communication and Digital Economy recently signed a memorandum of understanding with Microsoft Corporation to train five million Nigerians on high-demand digital skills.

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Gluwa Plans to Modernize Lagos Agricultural Sector Using Blockchain Technology

Gluwa has disclosed its plan to partner with the Lagos state government to transform the state agricultural sector.

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Gluwa, an open finance platform that connects capital from developed markets to emerging markets using blockchain technology, has disclosed its plan to partner with the Lagos state government to transform the state agricultural sector.

With a plan to digitize agricultural assets, the startup has expressed its commitment to ensure that Lagos State becomes fully self-sufficient in areas of food security amongst others. This, it said would be achieved through the deployment of its blockchain technology.

This was disclosed by the Chief Executive Officer of Gluwa Tae Oh while speaking at the launch of the Agricultural and Food Systems road map in Lagos state.

He said, “Agriculture being one of the backbones of the Nigerian economy, with only 35% of the population employed, the agricultural sector must be modernized for the government and the organized private sector to realize its full potential and enjoy its benefits.

“According to the five-year Lagos State Agricultural and Food Systems road map, where the sector is projected to generate upwards of $10bn by the year 2025, it will be of immense value for agricultural assets to be identified, recorded, and traded using innovative blockchain technology”.

Gluwa’s CEO further disclosed that the project will entail partnering with the Lagos State ministries of agriculture, finance, science and technology as well as the lands bureau on the integration of physical farmlands into non-fungible tokens, to provide access to digital asset-backed loans for all Lagos State farmers.

Investors king understands that Blockchain technology is currently used in the agricultural sector in different parts of the world, due to its ability to track the provenance of food, thus creating trustworthy food supply chains which help to build trust between producers and consumers.

Reports reveals that 1.7 million Lagosians are food insecure, hence deploying blockchain technology in the state Agricultural sector will improve production output, thereby ensuring food security.

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Blockchain: Lekki Free Trade Zone Partners Gluwa to Create Virtual Free Zone

Lekki Free Free Zone Development Company (LFZ) is collaborating with a California-based blockchain company, Gluwa to create a virtual free zone within the Lekki corridor. 

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Lekki Free Free Zone Development Company (LFZ) is collaborating with a California-based blockchain company, Gluwa to create a virtual free zone within the Lekki corridor. 

Both companies are looking for ways to explore blockchain technology for the use of trade collaboration, growth and sustainability among companies that operate within the Lekki Free Trade Zone.

LFZ head of innovation and special projects, Mr Tomiwa Idowu disclosed that the initiative will be a tripartite project between LFZ, Gluwa and the Nigeria Exporting Zone Processing Zones Authority. 

Tomiwa Idowu said that the partnership, when finalised, will create a dashboard for the tokenization of goods into non-fungible tokens (NFTs) and provide digital asset-backed loans for new and existing enterprises that are looking to fund operations and/or expand their businesses. He stated that the project will be similar to the integration of Opeansea and Compound. 

Non-fungible tokens often abbreviated as NFTs are unique digital assets which can be bought, sold or borrowed. 

Idowu further stated that he is overwhelmed with the partnership and looks forward to the possibilities and prospects it will bring to Lagos State. 

He went further to commend the Lagos State Governor, Babajide Sanwo-Olu as a beacon of progress and hope not only for Lagos State but the nation in general. 

“Our Governor has always been a firm believer in fast-paced development, which involves using technology to leap-frog bureaucracy and going straight to solving immediate problems”. He said.

Gluwa Chief Executive Officer (CEO), Tae Oh disclosed that he anticipates the partnership with the Lekki Free Trade Zone which is the most developed free zone in Nigeria. He noted that its proximity to Dangote Refinery and the Lekki Deep Sea makes the zone ideal for partnership. 

Incorporated in 2014, Gluwa is an open-source platform powered by blockchain technology to connect global capital to emerging market investment opportunities. Gluwa launched its stable coin in 2016 and has acquired more than one million borrowers. 

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