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South Africa’s crypto companies are being forced to migrate due to a lack of regulation

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5 years ago

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The biggest cryptocurrency fraud that took place in 2020 was a rude awakening for South Africa’s regulator and not everyone is waiting to see how it all plays out. As major financial hubs such as Singapore rewrite laws and regulations to entice crypto firms, and the United Kingdom government faces calls to start embracing virtual currencies, South Africa’s rapidly growing transactions say they are being forced to relocate their headquarters refers to speculation. About potential state regulation.

A lack of monitoring and restrictions on marketing to potential consumers are to blame for the dissatisfaction. Revix, a Cape-Town-based company that specializes in currency bundles, is relocating its headquarters to the United Kingdom and establishing a second site in Germany to support its expansion. Luno is Africa’s largest digital currency platform, with offices in London and Singapore.

In an interview, Sean Sanders who is a Revix Chief Executive Officer noted that South African regulators have been very sluggish in regards to regulation in the industry, and that leads to firms going overseas. In an unregulated environment, a consumer is entitled to be skeptical of their platform. With Elon Musks’ investing $1.5 billion and billionaire hedge-fund managers endorsing the currency, digital currencies are becoming increasingly popular on a daily basis. Bitcoin reached a high of more than $58,000 last month before reversing some of its gains, establishing itself as a hedge against inflation risk just as concerns about price pressures grow.

The recent year has been very important and challenging for the crypto-industry and the friendly regulatory framework in South Africa created a good environment for the companies to operate in the country. However, the lighter regulations resulted in troubles for not only brokerage companies that provide people with service, but for the crypto betting companies in South Africa who are now concerned about their activities as well. However, in a watershed moment for the sector, a suspected Ponzi scam in South Africa may have led investors to lose up to $1.2 billion in the world’s most renowned cryptocurrency.

Scam of the Year

Mirror Trading Holdings was put into contractionary territory and blockchain experts have since called it the world’s greatest crypto crime of the year. The company is said to have amassed over 23,000 bitcoin from investors, and its CEO is said to have gone to Brazil. Earle Loxton, CEO of Digital Currency Index, a company he founded with the help of former FirstRand Ltd. CEO Michael Jordaan stated that South Africa has a terrible history of pyramid and Ponzi scams, and crypto was the natural new structure for this. Regulation is welcomed by honest operations because it allows their clients to invest with trust, particularly at the organizational level.

South Africa may frustrate its entrepreneurs, but it is viewed as a forerunner in the industry in comparison to the rest of the continent since authorities and businesses are collaborating on suggestions. Plans to regulate the industry in Nigeria have been put on hold until operators create a bank account in the West African country. According to Brandon Topham, head of compliance at the Finance Sector in South Africa, the goal for South African authorities is to improve consumer rights rather than corporate security. In the next two months, he expects more offers.

Regulatory momentum

South Africa’s main banks have all endorsed regulatory attempts to establish a framework for crypto belongings, but their approaches to sector players are currently divided. Standard Bank Group Ltd has not prohibited crypto-asset businesses from all of the operations while FirstRnad’s first national bank has no financial connections with digital forex or dealers, according to emailed responses.

According to Sanders, South Africa’s crypto businesses find it difficult to remote on Facebook and Twitter since they are unregulated. As a result, their growth possibilities are hampered. The claims that the lack of policy has harmed South Africa’s revenue collection function, since relocating head offices necessitates paying tax in many nations.

According to Luno CEO Marius Reitz, the lack of a legislative framework had made it impossible for crypto platforms to maintain bank accounts. As a result, buyers will find it extremely difficult to purchase Bitcoin using their local fiat currency. There are indications that things are moving to the correct path. The regulator has issued draft regulations that would allow crypto assets to be classified as financial products. However, Sanders warns that doing so risks overlooking crypto’s novelty appeal.

South Africa appears to be going the other way as some of the more advanced market pioneers and innovators in this space. It appears that authorities are being laid by applying hundred-year-old securities laws to the innovative bitcoin asset class.

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NEM Insurance celebrates IWD 2026 with pledge to sustain support for women endeavour

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7 days ago

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March 16, 2026

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NEM Insurance Plc – the number one motor insurance provider in Nigeria, in a vibrant commemoration of the 2026 International Women’s Day (IWD), has reaffirmed its dedication to fostering an inclusive environment that empowers women to excel in their endeavours.
Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.
Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.
“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”
The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.
Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.
Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.
“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”
To mark the occasion, the leadership outlined several key pillars of support:
Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.
Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.
Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.
The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.
Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.
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Nigeria: Profit-Taking Persists as NGX Dips Marginally by 0.2%

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7 days ago

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March 16, 2026

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Trading on the Nigerian Exchange (NGX) closed slightly lower on Wednesday as profit-taking in selected equities continued to weigh on the market, dragging key performance indicators into negative territory.
Market data showed that the benchmark All-Share Index (ASI) declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large and mid-cap stocks.
Consequently, market capitalisation shed N107.57 billion, settling at N125.75 trillion. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.
The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent, alongside Dangote Cement Plc, which slipped by 0.6 per cent.
Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.
Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc and HMC Allied Plc.
On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with 10 per cent losses each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc and SCOA Nigeria Plc.
Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.
Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.
Activity level on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13 billion in 58,792 deals.
This represents a decline of 8.61 per cent in volume, 5.18 per cent in value and 9.31 per cent in the number of transactions compared with the previous trading session.
Wema Bank Plc emerged as the most actively traded stock by volume and value, accounting for 106.36 million shares worth N2.75 billion.
Analysts said the cautious mood in the market reflects continued portfolio rebalancing by investors following the strong rally recorded earlier in the year.
They noted that trading may remain mixed in the near term as investors react to corporate earnings releases and macroeconomic development.
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Wema Bank Admits 10 Startups into Hackaholics 2026

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7 days ago

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March 16, 2026

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Wema Bank has admitted 10 Nigerian startups into the 2026 edition of its Hackaholics Accelerator Programme as part of efforts to strengthen innovation, entrepreneurship, and sustainable business growth in the country.
The 10 cohort selected startups for the 2026 edition such as; Farmslate, Ploy, Stocmed, Feest , Varsityscape, MamaAlert, Sane, Cyclex, Kieva and Loocomo were drawn from the top performing finalists of Hackaholics 6.0.
The Hackaholics Accelerator, a selective growth programme under the bank’s Hackaholics platform, is designed to help promising startups reinforce their business foundations while preparing them for scalable growth and investment readiness.
Wema Bank said the programme represents a strategic expansion of its support for innovators, moving beyond ideation and competition to hands-on startup development after six years of driving innovation through the Hackaholics initiative.
According to Wema bank, the accelerator provides founders with structured mentorship, industry guidance and access to networks required to transform innovative ideas into viable and scalable businesses.
Speaking at the programme, Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the accelerator demonstrates the bank’s commitment to supporting founders beyond the early stages of innovation.
He noted that Hackaholics has evolved from a competition into a platform that showcases Nigeria’s entrepreneurial potential and technological creativity. Where he explain that the second edition of the accelerator focuses on helping founders transition from ideation to building sustainable business capable of long trem projects .
“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,”Oseni said.
Oseni stressed that the startups selected are representing some of the most promising solutions emerging from the Hackaholics ecosystem, and the back remain committed to helping them refine their business models, strengthen their operational foundations, and scale their impact.
Also speaking at the program , Wema Bank’s Chief Transformation Officer,Mr. Babatunde Mumuni, said the accelerator would guide founders through a structured process aimed at strengthening their operations and positioning them for sustainable growth.
As part of the programme, startups founders will participate in intensive training sessions facilitated by industry experts across key areas of business growth. Facilitators include Wema Bank executives such as Chief Transformation Officer, Babatunde Mumuni; Head of Strategy and Investor Relations, Femi Akinfolarin; Head of Data Transformation, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Oluwatoyin Adetunji. While External facilitators include Managing Director of Impact Hub Lagos, Idowu Akinde; Managing Director of B4B Partners, Napa Onwusa; startup advisor and scout, Onaopemipo Dara; Google for Startups mentor, Rosemond Phil-Othihiwa; Head of Growth at Africhange, Tega Ogigirigi; and startup advisor and mentor, Ademola Adewuyi.
The Hackaholics Accelerator is also supported by Wema Bank’s broader innovation ecosystem, including IDEAx Labs, the bank’s innovation and venture platform, and its corporate venture programme focused on enabling startup growth through partnerships, infrastructure and access to capital.
Since its launch in 2019, Hackaholics has grown into one of Nigeria’s leading youth innovation platforms, attracting more than 15,000 applicants and supporting hundreds of digital solutions across multiple sectors.
Through the initiative, Wema Bank said it has disbursed more than $400,000 in funding to young innovators and startup founders nationwide.
Previous participants such as Feegor, Myitura and Bunce have emerged from earlier editions of the programme, highlighting the accelerator’s focus on nurturing growth-ready companies. Meanwhile the 2026 edition builds on this progress by supporting startups as they transition from innovation to sustainable business growth.
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