Fitch affirms Coronation Merchant Banks rating at B- – Nairametrics

Fitch affirms Coronation Merchant Banks rating at B- – Nairametrics

With Nigerians increasingly turning to cryptocurrencies as a means of hedging against both the pandemic’s effects and the Naira’s volatile streak, the country’s leading crypto exchange has announced record daily new users alongside further efforts it has undertaken to improve customer experience. Naijacrypto is the country’s flagship crypto exchange and continues to make significant strides in the fintech market with an aim towards introducing novel blockchain solutions to revive Nigeria’s embattled economy. Following a key partnership with innovative SME lender Monify, the company has introduced an instant deposit feature, listed new currency pairs, formally unveiled its crypto debit-card, launched an affiliate program to provide opportunities for businesses and individuals in the blockchain space, as well as opened the doorway for entrepreneurs to launch their projects by crowdfunding via IEOs.

The exchange’s instant deposit feature allows users to deposit and withdraw fiat and cryptos within minutes. Enabled by the partnership with Monify, the feature facilitates the processing of transactions at a fraction of the time required for regular deposits and withdrawals, saving time as well as improving transactional efficiency and customer convenience.

Furthermore, as it strives to meet a wider variety of needs for the broader crypto market, the exchange has recently added new currency pairs. Significantly, amidst the Naira’s current slump, the listing of USD-based stablecoins such as BUSD provides a safe haven for merchants and individuals who may need to hedge against the Naira’s volatility and protect themselves from market uncertainties.

The Naijapay debit-card, which is powered by Verve, offers users the possibility of withdrawing funds directly from their crypto-wallets via regular payment/withdrawal mediums such as ATMs, POS terminals and e-payment systems. Heralded as a game-changing innovation in the Nigerian fintech market, this feature represents a massive stride towards the mainstreaming of crypto payments in the country and guarantees both transactional efficiency and lower costs for users.

Moreover, looking beyond its current partners and customers, the company’s affiliate program seeks to expand services to individuals and businesses interested in some of the opportunities on offer within the blockchain subsector. These entail referral programs for individuals, specialized transactional enablement on the exchange for crypto merchants, and a rich variety of B2B partnerships certain to boost businesses in the aftermath of the pandemic.


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Lastly, just as businesses scramble for investors amidst the reeling economic climate induced by the pandemic as well as a variety of factors, Naijacrypto has opened the doorway for entrepreneurs to take advantage of crowdfunding opportunities uniquely available within the blockchain space. Globally, over $1.7B was raised in 2019 via Initial Exchange Offerings (IEOs). These are an exchange-based variation of ICOs which offer greater security, transparency and accountability to both customers and investors. In the future, IEOs are expected to play a prominent role as the go-to mediums for crowdfunding projects in the fintech sector. Forward-thinking organizations may consider this an ideal opportunity to raise funds and jump-start projects that have been stifled by current circumstances.

In the near future, Naijacrypto has outlined plans to roll out further enhancements on its current services as well as new projects such as its academy which aim to educate its users and the general public on the fundamentals of blockchain technology and cryptocurrencies. Driven by an innovative organizational philosophy, the company’s recent spate of successes underscores its core belief that socio-economic challenges can only be overcome via outward thinking and dynamic solutions.


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