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Last updated on February 11th, 2020 at 08:29 am

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This week’s crypto round-up shows that the Fintech Industry in Nigeria is growing on a good scale encouraging foreign investment in the country for Fintech startups.

One of the laudable reports this week shows that the Fintech industry in the country, particularly Fintech startups has attracted over $670 million in five years with over 130 percent increase in 2019. 

The report suggests that startup and particularly fintech startup growth in Africa increased to over $1 billion with Nigeria ranking first, followed by Kenya and South Africa. This shows that the Fintech Industry in Nigeria and Africa can see a greater growth in the future. 

One of the biggest grants offered in a competition to a tech startup in Nigeria is the Smartbag blockchain pionner grant. Temie, the smartbag blockchain pioneer received $250,000 which is around N90 million naira. 

A Court in New York denies US SEC request to make Telegram shows it’s ICO bank records

U.S. Securities and Exchange Commission had requested that Telegram reveals its bank ICO bank. The issue was fowarded to a court in New York requesting the ICO records be revealed. 

The Court in New York rejects the request made by U.S SEC putting to halt the long fight between SEC and Telegram. SEC has been trying to find out how Telegram used the $1.7 billion raised during its Initial Coin Offering in 2018. 

Telegram though will still have to prove that its ICO bank records comply with foreign data privacy laws. Telegram said that it will take up to seven weeks to prepare the review report or data.

Nurucoin Scam: Capital Markets Authority Kenya Investigates Nurucoin CEO Following Charges of Irregularities in Collecting Funds from Investors.

Isaac Muthui is the CEO of Nurucoin and a pastor of the Church Blaze Group Limited. Isaac Muthui is currently facing charges relating to claims that Nurucoin scam has defrauded investors of over KES 2.7 billion. 

Nurucoin Scam is undoubtedly the largest cryptocurrency scam in Kenya aside Dunamiscoin scam in the same country. 

There was a Joint Statement on crypto scam and ponzi schemes in East Africa following too many crypto scam reports. This was before the Dunamiscoin scam report following the Nurucoin scam. 

Moreso, the Siban Scam alert feature introduced by Stakeholders in Blockchain Association of Nigeria to help fight crypto scam like cryptstone scam in Nigeria.

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By Tony Chimdiuto

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