E-Financial
Nigerian Digital Currency Sector Holds Immense Potential for Positive Transformation – Seun Dania, Tradefada CEO
Seun Dania, Founder/CEO of Tradefada, Nigeria’s most actionable and easy-to-use digital currency trading platform. Also, he is a founding member of Digital Currency Coalition (DCC). In an Interview with Ugo Onwuaso, Seun Dania shared his thoughts on Digital Currency, cNGN Stablecoin, others in 2024. Excerpts.
Seun Dania, Founder/CEO of Tradefada,
The digital currency space was occasioned with several policy summersault, especially from the CBN. What is your rating of the sector in 2023? What are the challenges that bewildered the growth of the industry?
The cryptocurrency sector in 2023 faced significant challenges due to policy shifts, particularly since there was a change in governments. I’d rate it as a period of both consolidation and introspection. Key challenges included regulatory uncertainties and market volatility, which dampened growth prospects. However, 2023 wasn’t without its silver linings. Towards the year’s end, a new CBN administration emerged, ushering in a wave of clarity. Directives were issued to financial institutions, coupled with outlines for comprehensive regulatory frameworks. This shift towards structure and collaboration signaled a commitment to nurturing a responsible and thriving digital currency ecosystem, offering a glimmer of hope for the future.
Many Nigerians do not have confidence in the digital currency sector. What do you think is responsible for these fears? Is it lack of awareness or just fear of losing money?
While regulatory ambiguity eased in 2024, lack of awareness and fear of financial loss remain roadblocks to widespread digital currency adoption in Nigeria. Public education initiatives that demystify the complexities of this nascent field are crucial to building trust and encouraging participation. The onus lies on both the government and industry players to spearhead these efforts. All of which we can already see through the initiatives for education in blockchain technology and AI of the current Minister for Communications, Innovation and Digital Economy; Dr. Bosun Tijani. So, it’s safe to say all these concerns will be alleyed in the coming year. Investing in financial literacy programs, partnering with educational institutions, and launching targeted awareness campaigns are vital steps towards bridging the trust gap. By equipping the public with the knowledge and tools needed to navigate the digital currency landscape responsibly, we can foster a more informed and engaged participant base.
Year 2024 is here, what are those things you believe government and players in the sector did not do and must be done going forward to boost the industry?
As we step into 2024, the Nigerian digital currency sector stands at a critical juncture. To unlock its true potential, a collaborative approach is paramount. This requires the government, industry leaders, and consumer protection advocates to work in tandem to establish clear, consistent, and mutually beneficial regulations. A robust legal framework that fosters innovation while prioritizing consumer safety is essential. Open dialogue and knowledge sharing between stakeholders will pave the way for a responsible and sustainable digital currency ecosystem, one that harnesses the transformative potential of this technology for the benefit of all Nigerians.
Beyond overcoming challenges, the Nigerian digital currency sector holds immense potential for positive transformation. Blockchain technology, the foundation of digital currencies, offers a plethora of potential applications in various sectors beyond finance. From supply chain management and healthcare record-keeping to land titling and identity verification, the possibilities are vast. In 2024 and beyond, fostering research and development in these areas will be crucial. By supporting innovative startups and encouraging collaboration between established institutions and blockchain developers, we can unlock the transformative potential of digital assets across different sectors of the Nigerian economy.
As a major player in the digital currency space, what will be your outlook of the industry in 2024 going by the issues that happened in 2023?
The events of 2023 fuel a cautious optimism for 2024. With regulatory clarity on the horizon, we can anticipate increased involvement from institutional players like banks and financial institutions, drawn by the promise of secure and efficient digital transactions. This influx of expertise and resources will likely enhance market stability and drive adoption rates. Furthermore, initiatives like the cNGN Naira stablecoin by the African Stablecoin Consortium add to the positive outlook. By bridging the gap between traditional and digital finance, such innovations hold the potential to revolutionize both the digital and real economy, fostering financial inclusion and economic growth across Nigeria. It is indeed a clear motivation, and I must commend the current administration and leadership of the CBN for its change in approach which projects inclusivity and will indeed translate to FDI into Nigeria and will in turn usher in financial abundance.
The CBN recently issued guidelines on operations of bank account for Virtual Assets Service Providers. What do you think about this? In what ways will these guidelines help the industry?
The CBN’s recent guidelines on operations of bank accounts for Virtual Assets Service Providers (VASPs) mark a significant step towards formalizing the digital currency sector. These guidelines will bring much-needed transparency to operations, boost investor confidence, and create a safer trading environment. The CBN’s recent actions demonstrate a willingness to collaborate with industry stakeholders, a promising development for the sector’s future.
There is a Digital Currency Coalition formed to promote digital currency in Nigeria, and also to support government in that regards. You are one of the founding members of the Coalition. Is that Coalition still active? Has it been able to come up with any policy document that the government can work with?
The Digital Currency Coalition remains a driving force in promoting responsible digital currency adoption in Nigeria. We actively engage with policymakers, developing comprehensive policy recommendations that address regulatory frameworks, innovative applications, and robust consumer protection measures. Our continued dialogue with the government underscores our commitment to working alongside stakeholders to build a thriving and responsible digital currency ecosystem that benefits all Nigerians.
You are the CEO/Founder of Tradefada, one of the leading digital currency trading platforms. How is Tradefada fairing even in the face of the various challenges in the industry?
Amidst the industry’s challenges, Tradefada remains a beacon of hope to local players, while we ensure high-end security and safety of users assets. We prioritize stringent security measures, diverse trading options, and comprehensive educational resources to empower our users. Our platform emphasizes responsible participation through risk management tools and educational materials, fostering a safe and informed trading environment.
Without mentioning names, we have cases of digital currency trading platforms not been able to pay investors. What are the issues and how can they be addressed?
The unfortunate instances of some platforms failing to meet their obligations highlight the need for stricter operational standards and enhanced accountability. Adherence to robust KYC/AML regulations, improved transparency, and effective risk management practices are crucial for preventing such occurrences in the future. Furthermore, promoting user education about platform risks and responsible investment practices is essential. By fostering a culture of informed participation, we can collectively build a stronger and more resilient digital currency ecosystem. While the users / investors may have been greatly affected, I strongly believe that the industry is getting mature enough to ensure that all incidents are properly investigated, perpetrators brought to book and all users made whole.
MoneyMaster Payment Service Bank has introduced a refreshed mobile banking experience designed to make purchasing airtime and data more convenient and straightforward for customers.
As part of the rollout, customers will enjoy added value on their transactions. Airtime purchases on the Glo network come with a 100 percent bonus, while data purchases attract a 10 percent bonus, giving users amazing rewards on each purchase.
With this revamp, the app is now much easier to use, especially for airtime purchases. From selecting accounts to choosing amounts, the process is more seamless, with clearer options and fewer steps. Data plans are now neatly organized into categories such as daily, weekly, and monthly, making it easier for users to find what they need without endless scrolling.
Beyond the improved layout, customers now have more flexibility in how they recharge. Lower airtime denominations have been introduced, giving users the freedom to choose amounts that better suit their needs, while navigation has been adjusted to be quicker and more intuitive.
Speaking on the update, the bank’s Head of Business, Tajudeen Omokhide, explained that the goal is to make payments as simple and seamless as possible. According to him, customers expect speed, clarity, and affordability, and these improvements are part of the bank’s ongoing effort to meet those expectations. He also encouraged both existing and new users to get the latest version of the app.
These updates are a testament to MoneyMaster’s broader mission of developing practical, relevant products for everyday life. Promoted by Globacom and licensed by the Central Bank of Nigeria, the bank offers mobile wallets, savings accounts, individual current accounts, and business banking services.
MoneyMaster continues to position itself as a flexible, customer-centric platform, enabling over 4,000 individual and business billers to manage payments, access financial services, and stay connected with ease.
Central Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) operating in the country to open and maintain naira settlement accounts with authorised dealer banks, as part of efforts to tighten oversight of diaspora remittances and improve transparency in the foreign exchange market.
The directive was contained in a circular dated March 24, 2026, signed by Dr Musa Nakorji, director of the Trade and Exchange Department, and addressed to IMTOs, authorised dealer banks and the general public.
The circular was published on the apex bank’s website on Tuesday.
The CBN said the measure is aimed at “enhancing diaspora remittances, strengthening transparency, traceability, and effective monitoring of all transactions.”
It stated that “all IMTOs are hereby directed to open naira settlement accounts and ensure that all transactions are routed strictly through their designated settlement accounts, maintained with Authorised Dealer Banks in Nigeria.”
Under the new rule, all inflows, beneficiary payments and related settlements linked to international money transfers are to be processed solely through these accounts.
IMTOs may, however, operate multiple settlement accounts across different banks in line with their operational needs.
The circular also introduced tighter controls on how the accounts can be funded, stating that they “shall only be credited with remittance flows and proceeds of foreign exchange conversions by licensed IMTOs (or their agents)” within the Nigerian foreign exchange market.
Operators are required to clearly designate the accounts and submit the details to the CBN, with updates provided periodically where necessary.
To improve market operations, authorised dealer banks are permitted to process foreign currency transfers from IMTO settlement accounts to other banks and approved participants, including licensed Bureau De Change operators.
The apex bank further directed IMTOs to adopt market-reflective pricing by referencing the Bloomberg BMatch system. It said IMTOs “shall observe real-time market prices from the Bloomberg BMATCH and utilise this as guidance for pricing transactions with their customers and Authorised Dealers.”
According to the CBN, this approach is expected to “improve price discovery, reduce information asymmetry between IMTOs and banks, and encourage increased participation in the official FX market.”
The bank added that all operators must maintain proper transaction records for regulatory checks and comply fully with anti-money laundering, counter-terrorism financing and counter-proliferation financing rules.
“This directive takes effect from May 1, 2026. Please note and ensure compliance,” the circular stated.
The move shows the CBN’s push to channel remittance inflows through formal banking channels, boost liquidity in the official foreign exchange market and strengthen regulatory oversight of cross-border transactions.
E-Financial
DLM Capital Group’s AAA-Rated Sovereign Bond-Backed Composite Notes (“SBCNS”) Strengthens Investor Confidence with Successful First Principal & Interest Payment
Foremost Development Investment Bank, DLM Capital Group has reinforced its position as a leader in innovative fixed income solutions with the successful payment of the first principal and interest (coupon) to investors under its Sovereign Bond-Backed Composite Notes (“SBCNs”) issuance.
This milestone, alongside the consistent delivery of quarterly performance reports, underscores the Group’s commitment to transparency, capital preservation, and investor confidence.
DLM SPV PLC’s 40.62% Hold-to-Maturity return ₦7.30 billion (Tranche A) and 19.07% ₦1.70 billion (Tranche B) Plain Vanilla Series 1 Notes, issued under its ₦30.00 billion Medium-Term Notes Programme and developed by Sonnie Babatunde Ayere, Group CEO of DLM Capital, was recently listed on the FMDQ Exchange with the Tranche A bond becoming the most valuable AAA-rated corporate bond on the market.
This represents a new class of structured debt instruments designed to meet both issuer funding needs and investor expectations. As a platform widely recognised for supporting innovative debt structures, FMDQ provides an enabling environment for instruments like DLM’s SBCNs to thrive.
At launch in July 2025, DLM SBCNs, which achieved a 9-notch upgrade from BBB- (GCR Sponsor ratings at issuance) without securitisation, entered the market with a healthy degree of skepticism, as is typical with pioneering financial instruments. However, after six months of post-issuance, DLM Funding SPV Plc has delivered on its promise by comfortably and successfully meeting its first principal and coupon obligations to its investors.
This performance milestone has significantly strengthened market confidence and validated the robustness of the structure. The notes are rated AAA by Global Credit Rating and AAA by DataPro Limited, reflecting their strong credit fundamentals and low-risk profile. Designed to prioritise capital preservation, liquidity, and above competitive market returns, the instrument stands out as one of the most compelling corporate fixed income offerings for institutional investors currently available in the market.
Investor response has been notably strong and institutional investors who are beginning to recognize the value of a well-structured de-risked, high-return and, high-quality fixed income investment backed by a credible issuer with a proven track record. The combination of timely coupon payments, high credit ratings, and ongoing transparency has positioned SBCNs as a preferred option for investors seeking stability and performance in today’s evolving financial landscape.
As investor interest continues to build towards Series 2, DLM SBCNs are not only demonstrating resilience but also setting a benchmark for innovation in Nigeria’s debt capital markets. In its role as a Development Investment Bank (“DIB”), DLM Capital Group remains committed to delivering structured solutions that align with investor needs whilst maintaining the highest standards of governance and execution.
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