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Weekly Crypto Overview: WiCrypt Appears to be the First Blockchain Startup to Get Full Support From Nigeria Government.

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In this weeks crypto weekly overview, the seed funding of WiCrypt, a blockchain startup in Nigeria appears to be the most discussed topic. Reasons being that it’s the only blockchain startup to get seed funding from Nigeria Government. 

Central Bank of Bahamas to Issue Central Bank Digital Bank Currency under the initiative Project Sand Dollar. 

The Central Bank of Bahamas (CBOB) is set to issue her digital version of the Bahamian dollar in the Exuma district.

According to an official press release, the CBOB will launch her Central Bank Digital Currency pilot project on Dec. 27, 2019. The project aims to make achieve financial inclusion and avoid discrimination in financial services. 

The Central Bank Digital Currency is being developed under the initiative called Project Sand Dollar. This will be the Bahamas’ first digital currency.

WiCrypt is the First Blockchain Startup to Get Seed Funding From Nigeria Government.

Nigeria Communication Commission, NCC, just released the final list of 25 technological innovators at a three-day Innovation Competition and Exhibition. WiCrypt, a blockchain startup came second. 

WiCrypt got a 2 million seed funding from the Nigeria Government, making it the first blockchain startup to get government’s support. 

The first winner, Qatalog is a learning contact firm in Lagos. Qatalog got three million seed funding while Phaheem Pharmaceuticals Ltd from Kano State also got one million seed funding. With WiCrypt on the winning the second runners up. 

Central Bank of Nigeria (CBN) Reduces Bank Charges.

The reduction in Bank Charges came in three categories including electronic transfers, ATM withdrawals and card maintenance charges.

Transfers below N5000 naira has been reduced from N52.50 naira fee charge to N10.00. Transfers from N5001 naira to N50,000 wil now get a N25.00 naira bank transfer charge. Electronic transfers above N50,000 naira will get N50.00 naira charge.

The ATM withdrawals charge will be reduced from N65.00 naira to N35.00 naira. The ATM withdrawal charge will be effected after more than three withdrawals using another bank ATM within a month. 

Moreso, the card maintenance fee by banks on savings account and current account holders has been reduced. Savings account holders will be charged N50.00 naira quartely against the previous N50.00 naira monthly charge. 

Current account holders will no longer be charged N50.00 naira for card maintenance. Current account holding will not be harged for card maintenance onwards.

According to CBN this new policy will help achieve financial inclusion and strengthen the financial service of the country. 

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