How Nigeria can use crypto companies to its advantage
Update: 2024-05-02
Description
Our guest on today's podcast is Ray Youssef, CEO, NoOnes. We discuss Nigeria's recent clampdown on Binance and crypto and what happened with his last company, Paxful.
But before that, we highlight a few stories from this week.
- BuuPass acquires QuickBus
- CBN stops Moniepoint, Kuda, OPay from opening new accounts
- MTN Nigeria records first loss since 2021 IPO
Link to Insight of the Week: https://intelpoint.co/insights/mtn-nigeria-recorded-its-first-loss-in-2023-since-its-initial-public-offering/
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Timestamps
00:00 - Intro
00:21 - Recap of the news
03:16 - Thoughts on the clampdown
08:10 - Did P2P really cause the fall of the naira?
12:21 - Did Binance make money from P2P?
14:44 - Is the Nigerian government justified in going after Binance?
17:29 - The real numbers for crypto in Nigeria
20:11 - Consequences of the clampdown
23:57 - The real crypto scammers
25:26 - The double-edged sword of licencing requirements
28:36 - NoOnes' role
32:28 - The importance of P2P
35:15 - What went wrong with Paxful
38:09 - How NoOnes will redeem the Paxful failure
39:24 - Possible challenges for NoOnes
43:32 - Outro
Useful links
- Kenyan BuuPass acquires QuickBus to expand to Nigeria and South Africa
- CBN stops account openings for Kuda, Moniepoint, OPay
- Q1 2024: MTN Nigeria's userbase sinks, loses ₦656.4 billion in foreign exchange
This episode was produced by Ogheneruemu Oneyibo
Email us your feedback at podcast@techpoint.africa. Visit www.techpoint.africa/ for more stories.
Music - Beach by MBB -
https://www.youtube.com/watch?v=dEnQ8dHwDSk
Find us on Twitter, Facebook, Instagram, and TikTok @TechpointAfrica
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