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.
Nigeria Revenue Service (NRS) says its replacement with the defunct Federal Inland Revenue Service (FIRS) will overhaul the architecture of the country’s revenue administration.
Dr Zacch Adedeji, the executive chairman of NRS, said this in a television interview monitored from Abuja.
The News Agency of Nigeria (NAN) reports that the provision of the recently enacted tax reform laws changes the nomenclature of the country’s apex tax authority from FIRS to NRS.
According to Adedeji, NRS is not branding. It is a total institutional upgrade moving from fragmented revenue administration to a modern, digitalised, centralised and intelligence-driven system.
He said that under the new framework, multiple tax and revenue-related functions previously spread across agencies have been consolidated, with a stronger emphasis on data integration, automation, and reduced human discretion.
He dismissed allegations that the country’s newly enacted tax reform laws were altered after passage by the National Assembly.
“Only the officially gazetted Acts carry legal authority and are binding on taxpayers and administrators,” he said.
The NRS boss said that an Act of the National Assembly only became effective after Presidential assent and official gazetting, with the gazetted version constituting the authoritative text in the event of disputes.
“Revenue agencies, courts, and taxpayers are therefore guided solely by the gazetted law, not draft bills, committee reports or chamber debates.
“Neither the executive nor the revenue authority has any incentive or legal capacity to alter the law after passage,” he said.
Adedeji said that the overhaul of the NRS is also designed to support the Federal Government’s broader fiscal objectives.
According to him, Nigeria’s tax-to-GDP ratio has improved in recent years, rising to about 13.5 per cent as at October 2025.
“But it remains below the African average and well short of levels seen in peer emerging markets,” he said.
Adedeji said that the overall aim is on taxing profits and returns rather than capital or investment.
“We are not going to tax poverty; we want to tax prosperity,” he said.
Securities and Exchange Commission (SEC) has announced plans to review its rules to encourage the listing of Small and Medium Enterprises (SMEs) on the nation’s stock exchanges as part of efforts to deepen the capital market and stimulate economic growth.
According to a statement from the Commission, Agama said the rules review would focus on incentivising listings from small and medium-scale industries, particularly in manufacturing, automotive, pharmaceuticals and finished goods. He said access to long-term capital through the market would help revive factories, reduce import dependence, create jobs and position “Made in Nigeria” products for global competitiveness.
Beyond SME listings, Agama said the Commission would prioritise the mobilisation of long-term capital to bridge Nigeria’s infrastructure and sectoral financing gaps. He added that regulatory frameworks would be streamlined while innovative financial instruments would be aggressively promoted to channel disciplined capital into productive sectors of the economy.
He disclosed that in 2026, the SEC would facilitate the issuance of infrastructure bonds, green bonds, municipal bonds and infrastructure-focused funds to attract long-term domestic and international capital. According to him, the objective is to finance roads, power, rail, housing and digital infrastructure, while making it easier for state governments and infrastructure firms to access the capital market efficiently.
The SEC boss also said the Commission would promote the listing of agribusiness firms and introduce tailored listing windows for agricultural cooperatives and value-chain companies. Through commodity exchanges, agricultural investment trusts and commodities-linked instruments, he said agriculture would be de-risked, fair pricing ensured for farmers, food security strengthened and wider citizen participation encouraged.
On housing, Agama disclosed plans to revitalise Real Estate Investment Trusts (REITs) and introduce innovative affordable housing bonds. These initiatives, he said, would unlock capital for mass housing delivery, create new asset classes for investors and move millions of Nigerians closer to home ownership.
He further said the Commission would support Nigeria’s power sector through infrastructure bonds, green energy bonds, project-backed securities and public-private investment vehicles to fund grid expansion, renewable energy and energy transition projects.
Agama said the SEC is entering 2026 with a renewed resolve to reposition the capital market as a solution provider to Nigeria’s economic and developmental challenges, adding that the Commission is committed to transforming the market into a key driver of sustainable growth.
has reinforced its position as one of the major forces underpinning Nigeria’s payments ecosystem after processing more than ₦100 trillion worth of transactions in 2025, highlighting its expanding role in the country’s digital economy.
The payment technology platform, licensed by the Central Bank of Nigeria as a Switch, Payment System Service Provider, Payment Terminal Service Provider and Super-Agent, operates largely behind the scenes, enabling millions of daily transactions across the public and private sectors.
From salary payments and loan repayments to school fees, pensions, electricity bills and government revenues, Remita supports a broad range of financial activities undertaken by individuals, businesses and institutions across the country. Industry observers often describe its function as the “rails” on which Nigeria’s payment system runs — critical infrastructure that is most visible only when it fails.
According to the company, the volume of transactions processed in 2025 was driven not by one-off spikes but by consistent, everyday activity across transaction switching for financial institutions, corporate and public-sector payments, and consumer financial flows. Remita also facilitated access to more than 15,000 products and services across 180 countries, extending its reach beyond Nigeria’s borders.
Throughout the year, the platform played a central role in revenue collection and disbursements for federal, state and local governments, ensuring the smooth payment of salaries and the continuity of public services.
Analysts note that such reliability is increasingly seen as essential to maintaining public trust in digital governance systems.
On a typical day, Remita enables a wide spectrum of transactions nationwide: a civil servant in Gombe receiving her salary, a contractor in Kogi getting paid, a student in Enugu settling university fees, residents in Abuja paying for water services, property owners in Lagos paying land use charges, and motorists paying traffic fines anywhere in the country.
In 2025, Remita also took steps towards deeper continental relevance through integration with the Pan-African Payment and Settlement System (PAPSS), a move aimed at simplifying cross-border payments within Africa and reducing reliance on third-party currencies.
‘DeRemi Atanda, managing director of Remita, said the company’s focus is on building infrastructure capable of supporting a more interconnected African digital economy. “Our responsibility is to build systems that can support that future. We are not just building for Nigeria. We are building infrastructure that can support Africa’s digital economy,” he said.
Artificial intelligence also featured prominently in Remita’s strategy during the year, with the company releasing a fintech AI report that positioned Nigeria within global discussions on the use of AI in financial services.
The report signalled a shift towards payment systems that are more predictive and responsive, rather than merely automated.
Financial inclusion remained another key focus. Through partnerships with agent networks such as Moniepoint, NIPOST and Paga, Remita expanded access to financial services in underbanked communities, bringing digital payment options closer to individuals and small businesses outside traditional banking channels.
Looking ahead, Remita is preparing for the public launch of a next-generation mobile app in the first quarter of 2026, following a public beta in late 2025. The app is expected to offer features including multi-bank account management, esusu groups, recurring payments, international transactions in local currency and discounted airline tickets.
As Nigeria and Africa push towards deeper economic integration, industry analysts say platforms like Remita — reliable, scalable and largely invisible — are likely to play an even more critical role in shaping the continent’s financial future.
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