Menu

Bank

00d34f6a-afdb-building

ADF approves $16m for Youth Entrepreneurship Bank

, , ,

Abuja, July 23, 2023: African Development Fund (ADF), the concessional lending arm for the African Development Bank (AfDB) Group, has approved $16 million for the creation of a Youth Entrepreneurship Investment Bank (YEIB) in Liberia.

A statement issued on the AfDB website said the fund was approved to unleash the business potential of young Liberians.

According to the AfDB Group Country Manager for Liberia, Benedict Kanu, approximately $16 million has been allocated to finance this strategic initiative.

Kanu said the initiative was meant to target youth-led micro, small, and medium enterprises in Liberia’s burgeoning agribusiness and allied sectors.

“The YEIB is anticipated to support over 30,000 youth-led businesses during the next 17 years. “The YEIB will be the initial catalyst for developing a financial ecosystem for youth entrepreneurship in Liberia, which is currently non-existent.

“By creating 120,000 direct and indirect jobs and unlocking approximately $500 million in additional lending, it can lay the groundwork for future, potentially more profitable investments.

“The YEIB is a long-term investment with a significant impact on job creation and financial inclusion,” he said.

According to Kanu, Liberia’s youthful population, accounting for over 60 per cent of its citizens, is experiencing high unemployment meaning many young people do not get the opportunities they deserve.

“With about 45 per cent of its youths not involved in employment, education, or training, Liberia is facing daunting youth employment challenges.

“With notable implications for social cohesion, fragility, and resilience,” Kanu added.

He said a primary cause of this was the absence of adequate financial literacy, education, and entrepreneurial skills.

“ The micro, small, and medium enterprises that are vital contributors to Liberia’s economic growth are particularly the hardest hit, with up to 90 per cent failing within the first year of operation.

“The bank project will help mitigate these issues by providing financial and non-financial services for young entrepreneurs, ensuring inclusion, reducing vulnerabilities, and preparing for long-term sustainability.

“The establishment of a YEIB in Liberia will enhance institutional stewardship and oversight of the youth entrepreneurship ecosystem, thus helping to drive economic growth and development,” he added.

Also, the AfDB’s Financial Sector Development Acting Director, Ahmed Attout, said the inauguration of the YEIB project in Liberia was a landmark moment.

“Fostering youth entrepreneurship is at the heart of our mission.

“The YEIB project is a testament to this commitment; an investment in our youths is an investment in Africa’s future.

“And beyond finances, the project is about capacity building, promoting innovation, and empowering our youths to drive economic transformation,” Attout said.

The Liberia presents numerous opportunities for investment, especially in the agriculture sector which engages about 70 per cent of the population.

Also, sectors such ad Information Technology, renewable energy, and light industrial manufacturing offer promising avenues for investment.

The implementation of the YEIB will be carried out in close collaboration with a range of key stakeholders, including the government, commercial banks, and micro, small, and medium enterprises.

Stanbic-IBTC-Holdings-Plc

Tribunal imposes N120m fine on bank over failed transaction

Abuja, July 13, 2023: The Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja on Thursday imposed a fine of N120 million against  Stanbic-IBTC Bank over the bank’s failure to complete a transfer request for a customer.

In a split decision of two to one, the tribunal convicted the bank for contravening the provisions of Section 130(1)(a) of the FCCP Act, 2018 and Section 5(2)(8) and (9) of the Central Bank of Nigeria Regulation on Instant Interbank Electronic Transfers.

The tribunal said the fine was imposed due to the bank’s failure  to comply with the 10 minutes or at most one hour mandatory timeline for failed transfers to be reversed as provided by Sections 154 and 155 of the FCCP Act, 2018.

The lead judgement delivered by Hon. Sola Salako-Ajulo also ordered the bank to pay the claimant, Mr Clement Osuya, the sum of N1 million as cost of filing the action.

“The tribunal holds that in as much as the defendant (IBTC) failed to comply with the two instructions of the claimant to transfer the sums of N500,000 to another account in Access Bank, as no transfer took place at both times, defines that the defendant breached the banker-customer contractual relationship between the two parties,” Ajulo said.

 The tribunal, however , refused to award the sum of N5 million to Osuya as compensation on the grounds that he failed to prove any injury he suffered as a result of the failure of service delivery by the bank.

Hon. Ibrahim Yakubu concurred with the verdict of Salako-Ajulo while the presiding judge, Hon. Chuma Mbonu disagreed and gave a minority judgment.

Mbonu in his minority judgment held that the tribunal lacked the jurisdiction to entertain the petition.

According to him, the tribunal has the powers of appellate jurisdiction and not of original jurisdiction and he consequently struck the suit out for lacking in merit.

Osuya had filed a petition against the bank  challenging the failure of the bank on two occasions to transfer the sum of N500,000 from his IBTC account to his Access bank account.

He claimed that the money was for the payment of school fees for his children.

He told the tribunal that on Sept. 8, 2022, he filled out a form under NIS Instant Payment option for a transfer of the sum of N500, 000 to his Access Bank account.

He held that whereas the money, on both occasions left his IBTC account as the account was debited,  it never arrived his Access bank account because it was not credited.

Osuya told the tribunal that reversal on the first transaction was done after 24 hours while that of the second transaction was reversed after 72 hours.

He further alleged that this neglect of duty of care by the bank caused him trauma, embarrassment and a dent in his reputation as he was forced to collect a loan.

The bank, through its counsel, Mr Marcel Osigbemhe had blamed the failure of the transaction on the third-party NIPS service.

Osigbemhe, in a brief remark, expressed his displeasure over the judgment, saying he wondered how his client could be convicted when there were clearly no charges brought against it.

Counsel to the claimant, Ms Deborah Solomon, for her part thanked the Tribunal for the well-considered judgment.

The fine is to be paid into the tribunal’s remitta account.

unity bank

Unity Bank posts impressive performance

, , ,

Unity Bank Plc recorded sustained improved performance in its first quarter of 2023.

In its unaudited financials for first quarter 2023, the bank stated that it recorded a Profit After Tax of N1.04 billion, a 21 per cent growth against N869.2 million it earned in the corresponding period of 2022.

Its gross earnings for the quarter was put at N15.9 billion, a 17 per cent growth from N13.6 billion generated in the corresponding period of 2022.

Mrs Tomi Somefun, Managing Director/Chief Executive Officer, Unity Bank Plc, said that the bank would remain laser-focused on its strategic choices and key growth drivers to push all the indices and elevate growth to double-digit territory.

“The performance posted for Q1’23 in terms of the PBT, gross earnings, and other key indicators are strong reinforcement of adequate measures being adopted and a testament of our resolve to sustain and equally improve upon the fundamental initiatives adopted to strengthen growth throughout the course of the financial year.

“Since late 2022, the bank has begun significant investment in technology and innovation in line with its strategic pursuits to win in the retail space with our focus on digital and lifestyle banking, dynamic product development, and accelerated onboarding.

“As part of our transformation journey, we will double down on these investments in the coming months in order to achieve our aspirations of significantly reducing customer pain points and simplifying customer experience.

“We will increase the rate of customer acquisition; expand the frontiers of partnerships; and ultimately develop new and sustainable income lines for the Bank,” she said.

Somefun said that the bank would further give attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and brand visibility as it expands the range of products and services to meet the evolving needs of its esteemed customers.

She said also that the bank’s focus on building back momentum had continue to reflect in the key performance indicators despite economic headwinds and volatilities that characterised the operating environment in the 2022 financial year.

“There are highs and lows as we look at the gross earnings, with 13.7 per cent growth, increase in liquid assets by 7.5 per cent and deposits recording moderate growth of 1.6 per cent, while maintaining steady growth in profitability.

“Overall, the financial statement thus threw up both strong and less optimal points which inform the outlook for our business”, she said.

A major highlight of the financial year ended Dec 2022, is the growth in total comprehensive income, which rose by 262.1per cent to N1.2 billion from N744 million in the corresponding period of 2021.

The bank grew Profit Before Tax (PBT) by N1.1 billion, while Profit After Tax stood at N941.4 million.

With the loan book sustaining an expansion by 7.5 per cent to N289.4 billion from N269.3 billion within the period under review, the interest and similar income consequently witnessed significant growth rising 7.5 per cent to close at N48.9 billion compared to N43.2 billion in the corresponding period of 2021.

Similarly, income from fees and commissions recorded significant growth, rising by 25.7per cent to N7.68 billion from N6.1 billion within the period under review.

More so, deposits from customers saw marginal growth, increasing by 1.6 per cent to N327.4 billion from N322.2 billion in the corresponding period of 2021 as the bank pushes for deeper penetration of its retail footprint with the rollout of products targeting different segments of the market.

banks-Nigeria

Why Islamic Development Bank is focusing on tackling poverty – Official

,

The Islamic Development Bank says that it is focusing on tackling poverty, building resilience and driving a green economy in member countries as part of efforts to boost the post-COVID-19 recovery process.

Abdikadir Abdi, Senior Regional Communication Specialist in the bank, said this on Monday when members of the Communication Department of the financial institution visited the News Agency of Nigeria (NAN) in Abuja.

The visit was led by the Director of Outreach and Communication of the bank, Dr Thamer Baazeem.

According to Abdi, the bank is committed to empowering people in order to create a sustainable future for them.

” Islamic banking is not a commercial bank, but we are a socio-economic and development institution like the African Development Bank.

” We promote socio-economic projects and programmes in member countries,’’ he said.

Abdi said that part of the bank’s vision was to promote the economic aspirations of people in member states in the area of education, health and environment.

The communication specialist said that the bank’s goal also include giving dignity to human beings and bringing nations together to stimulate their economic growth.

Earlier, Baazeem said that they were in NAN to seek partnership in order to properly educate Nigerians on the activities of the bank.

“ We are here to build relationship with important media houses in Nigeria; we are here to discuss potential areas of partnership.

“Africa is a continent full of resources but the misrepresentation always comes when Africa is mentioned.

” Our role is to disseminate the right news to the world, focusing on the area where we want development,’’ he said.

Responding, the Managing Director of NAN, Mr Buki Ponle, said partnering with the agency would be mutually beneficial to both institutions.

“We believe you would be an effective partner; over the years, your effectiveness has resonated in infrastructure development.

” We as communicators need to tap into such to help the future of humanity just as your moto implies.

“ You exist in 57 countries and also have effects on them; I hope you will expand, reaching out to touching lives because that is the essence,’’ he said.

Ponle said that NAN was open for consultations and partnership in development communications as well as all aspects of sustainable development.

“We started operation in 1978, our core objective is to report objectively and link Nigeria with the global community.

” We have been doing that and our watch word is credibility.

“When you talk to NAN as the largest provider of news content in Nigeria, you talk to everybody.

“That is our power which lies in what we give out to our subscribers and other stakeholders because of the credibility of our stories, ” he said.

food products

Nigeria hopeful of lift of ban on agro products by EU, US

, , ,

The Federal Government has expressed the hope that the ban on Nigeria agricultural commodities by the European Union, United States of America, will be lifted.

The Minister of Agriculture and Rural Development, Dr Mohammad Abubakar, said this during the briefing by the Standing Inter-Ministerial Technical Committee (SIMTC) on Agro Zero Reject Initiative on Thursday in Abuja.

The SIMTC was inaugurated on Feb. 28, 2021, with the mandate of ensuring that the ban by European Union (EU), on export of Nigerian beans was lifted and that Nigeria never again suffer any reject on her agro commodities in the export market.

It would be recalled that in 2015, the EU banned importation of Nigerian beans on account of containing high level of pesticide, considered harmful to health.

The minister made the statement based on the current effort of the committee to ensure Nigerian agricultural produce were accepted at the international market.

Abubakar, after being briefed by the SIMTC, said Nigeria’s potential on agricultural commodities export was huge, adding that the Nigeria Integrated Export Control Plan (IECP), should be put together meticulously.

 “There is no doubt that Nigeria cannot realise its potential unless we do the right thing; work together first of all, and also realise and understand dealing with other agencies, private sector and governments across the world.

“It is not an easy task doing export business, there are a lot of regulations, and unless you start by putting your own home well, you will not be able to work outside.

“If we want to make headway we must come down and learn to work with one another, and that really needs to be done to achieve success.

“It is not about trading but getting Nigeria out of being banned from Europe, America and other countries.

“We should have seamless export transaction. We will do what it takes to do the right thing,” the minister said.

He commended the inter-ministerial committee  for working hard to put the document (Action Plan) together.

Abubakar also lauded development partners for ensuring the document was  put together whereby it would lift the ban on Nigeria’s agricultural commodities export.

Earlier, the Director, Federal Department of Agriculture (FDA), Mr Abdullahi Abubakar, said the essence of the SIMTC, which was inaugurated on Feb. 28, 2021, was to ensure that the ban by the EU on export of Nigerian beans was lifted.

 Also that Nigeria never, again, suffer any reject of our agro commodities in the export market,” he said.

“Before the ban, several unheeded notifications were sent to Nigerian authorities.

“To lift the ban, EU wanted Nigeria to control her export and provide substantial evidence that the necessary food safety requirements and protocols are put in place,” he said.

He said the IECP is a 5-year action plan to all the Sanitary and Phyto- Sanitary (SPS) agencies and critical stakeholders.

“Also, to provide substantive guarantee required by EU that the SPS bodies in Nigeria put Food Safety protocols in place in line with the International Standard.

“Few private companies have agreed to key into the implementation of the pilot Action Plan that would get the ban on our beans lifted and pave way for admitting Nigeria produce for export,” he said.

Fidelity-Bank

Fidelity bank gets approval to acquire Union Bank UK

, ,

Fidelity Bank Plc on Monday said it had entered into a binding agreement to acquire 100 per cent equity stake in Union Bank UK Plc.

In a corporate filing at the Nigerian Exchange Ltd. (NGX)on Tuesday, the bank said the Central Bank of Nigeria (CBN) had issued ‘No Objection’ to its proposed acquisition of the bank, which commenced London operations in 1983.

The notice signed by Fidelity Bank’s Company Secretary, Ezinwa Unuigboje, said the transaction was still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.

The bank said the acquisition was part of its expansion drive to expand and be able it to deliver it services to in such that it would exceed the needs of its growing clients.

It noted, “Union Bank UK commences operations from the heart of the city of London in 1983 to provide competitive banking services including personal banking, trades finance, treasury management and structured trade and community finance which offers to individual and corporate clients.”

Commenting on the agreement, Mrs Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer, Fidelity Bank said, “This transaction aligns with our strategic plan of expanding our services touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients.

“The diverse bouquet and business model of union Bank UK offer a compelling synergy and we hope to build on the existing capacity to create a scalable and more sustaining service franchise that will support the wider ecosystem of our trade businesses and diaspora banking services.

List-Of-Banks-In-Nigeria

Premium Trust Bank enters Nigeria’s financial sector

Premium Trust Bank has joined the list of licensed commercial banks in Nigeria with the unveiling of its flagship branch at Trans Amadi in Port Harcourt, Rivers.

With the latest addition, the number of commercial banks licensed by the Central Bank of Nigeria (CBN) increased to 24.

Speaking at the inauguration, the Managing Director and Chief Executive Officer of Premium Trust Bank, Emmanuel Emefienim, said the bank would offer high-speed service delivery to customers.

He said the bank was delighted to begin operation in the nation’s deposit money banking industry considering the millions of discerning customers it hopes to serve across the country.

“So, customers now have more options to make the kind of choice that will suit their businesses – with benefits to us; the customers, banking industry and the economy at large.

“We have realised that while all banks talk about and offer the same kind of service, the difference is in the execution of service.

“Talk is always cheap but the speed of execution is something that will speak for Premium Trust Bank in the industry.

Emefienim said the bank would leverage its advanced technology platforms to deliver speedy and world-class service to her customers.

“We are going to be deliberate about this, considering that we know the people and market; we have the experience and understand the environment and business.

“Secondly, we will sit with our customers, extract from them what their specific needs are, and then, co-create solutions towards meeting those needs.

“Consequently, customers will be part of the process, and after engaging with them, we will proffer solutions and come up with products that are tailor-made to solving the problems,” he added.

The managing director said a plan was already underway to open five additional branches in the next 60 days, followed by 16 new branches across the country before the end of 2022.

According to him, the bank will roll out its digital platform in the 22 branches it will inaugurate before the end of December, to reach millions of unbanked Nigerians.

“We are confident that Premium Trust Bank will become a household name in Nigeria – known for our preference for every discerning customer within the next five years,” he expressed optimism.

aa60bf99-access-bank-limited

Access Bank eyes top 5 positions in Africa

The Group Managing Director, Access Bank Plc, Dr Herbert Wigwe, says the bank aims to become one of the top five in Africa by 2027.

Wigwe told journalists in Lagos on Tuesday that the bank, which had risen to the top position in Nigeria, planned to become one of the most respected on the continent.

“We’re like number 12 on the continent today and we hope to be close to number five by 2027,” Wigwe said.

He said the bank had never failed to meet its aspirations in terms of growth in its 20-year history.

Wigwe added that the bank’s projection for 2027 would be pursued aggressively and be met.

Wigwe said the projection would see the bank regionalising its presence on the continent with regional offices in Ghana, Nairobi, Botswana, South Africa and Nigeria.

He said that the company, after 20 years, was moving to another level, creating a much more diversified institution.

Wigwe said that Access was moving to a Holding Company, with the bank as one of its subsidiaries in line with the changing times in which it aims to be Africa’s inspiration to the world.

“Banking is changing at a faster pace than we can imagine,” Wigwe, who is transiting to Group Managing Director/Chief Executive Officer of Access Holdings Plc said.

According to him, technology is changing all things.

He said that anyone that failed to change with the trends would suddenly wake up one day to find out he had no business anymore.

Wigwe said the bank was creating strong digital technology in line with its growth to ensure efficient service delivery.

He said that the bank would continue to support the government in making the economy better, just as it played a major role in the formation of CACOVID to intervene at the height of the pandemic.

Access Holdings Plc had on Monday announced board changes at its banking subsidiary, Access Bank Plc.

This is contained in a statement signed by Mr Sunday Ekwochi, the Group Company Secretary.

The statement said the board appointed Mr Roosevelt Ogbonna as the Managing Director/Chief Executive Officer of the bank.

It said that the appointment underscores the effectiveness of the Group’s robust succession planning arrangement and follows the appointment of the incumbent, Wigwe, as the Group Managing Director/ Chief Executive Officer, Access Holdings Plc.

It also announced the appointment of Mr Victor Etuokwu as Deputy Managing Director, Retail North and Mrs Chizoma Okoli as Deputy Managing Director, Retail South.

It noted that the three appointments had been approved by the Central Bank of Nigeria, effective May 2, 2022

It also announced the resignation of Mr Adeolu Bajomo as Executive Director, Information Technology and Operations, with effect from Sept. 30, 2022, following his decision to pursue other personal interests.

Commenting on these developments, Mr Bababode Osunkoya, the Chairman of the Board said: “the new appointments reflect the robustness of our leadership succession plan and our decision to considerably strengthen our retail business while harnessing the potentials of SMEs and financial inclusion towards the attainment of group’s strategy.

“The appointees have been selected based on their exceptionally rich, professional, academic, and corporate board experiences, which are all relevant to the needs of our board.

“We are deeply convinced that their skills will no doubt continue to add significant value to our bank’s quest to become Africa’s Gateway to the World.”

e26dab08-godwin-emefiele

Emefiele pushes for more women in top management in banking sector  

Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN),  said that the bank had issued gender-mandated regulations to pave way for gender diversity and inclusiveness at the top management levels in the banking industry.  

Emefiele made the disclosure at a webinar hosted by the Deputy Governor in charge of Financial System Stability (FSS) Directorate, Mrs Aishah Ahmad, as part of activities to commemorate the 2022 International Women’s Day at the CBN office in Abuja.  

The webinar had the theme: “Gender Equality Today for a Sustainable Tomorrow”.  

The governor said that the bank had since surpassed the affirmative action with 32 per cent of the total workforce being female.  

Emefiele also said that the CBN had issued a policy that required a minimum of 30 per cent of female representation on boards and 40 per cent at the top management level in the banking industry.  

This, he said, was similar to the national financial inclusion strategy, recommending increasing female staff of microfinance banks to 30 per cent.  

He said that the bank had been using the gender diversity model as part of the criteria for approving the membership of boards of institutions under its regulatory purview, geared toward increased representation of women in the industry.  

He explained that such gender mandates were necessary to breaking the bias in the Nigerian banking industry, stressing that eight out of the 23 bank CEOs, representing 35 per cent, were women which was way above the global average.  

He said in recognition of the significance of empowering women to be part of the solution to the climate change crisis.  

He also said that the campaign theme for 2022, (#BreakTheBias) aimed to raise awareness on the persistent bias and discrimination in communities, workplaces, schools and the society in order to create a “gender equal world” that would be “diverse, equitable and inclusive”.  

Emefiele added that the bank, under his watch had demonstrated its commitment to diversity and inclusiveness by designing and implementing a wide variety of initiatives, programmes and interventions to promote entrepreneurship, reduce poverty, generate employment and deepen financial inclusion for women.  

“Females have benefitted hugely from the bank’s intervention programmes, such as the Agribusiness Small and Medium Enterprise Investment Scheme (AGSMEIS) and the COVID-19 Targeted Credit Facility (TCF).  

“Specifically, out of N134.67 billion disbursed to 37,273 AGSMEIS beneficiaries, as of January 2022, 33 per cent (N44.1 billion) went to 12,511 female beneficiaries.  

“Similarly, out of N349.51 billion disbursed to 712,442 total beneficiaries under the TCF, 45 per cent which was N159.21 billion went to 330,128 female beneficiaries,  

“The MSME Development Fund (MSMEDF) was designed to allocate at least 60 per cent of the fund to women and women-owned enterprises of which 60.3per cent of the of 229,579 beneficiaries are women.  

” Furthermore, out of the 211,306 financial statements currently registered in the collateral registry, 92,091, representing 43.6 per cent were female borrowers,” Emefiele said.  

Citing reports to support claims about gender parity in the workplace, among other issues bordering on discrimination, Emefiele said that CBN recognised the positive impact of gender parity on the economy, achieving the SDGs and climate targets.  

He also noted that women had been disproportionately affected by both the COVID-19 pandemic and the effects of climate change, hence, the bank was using the 2022 IWD as an opportunity to celebrate women who were in the frontline of the twin-crisis.  

He said the bank was taking strategic actions in areas of recruitment, retention, succession planning, and return-to-office work arrangements to address the gender gaps, even as he declared that the CBN had since surpassed the affirmative action with 32 per cent of the total workforce being female.  

“It is only by unleashing the full potential of women to participate fully in the economy that we can strengthen growth, eliminate poverty, create jobs and respond effectively to the mounting global challenges, from the pandemic to climate change,” Emefiele said.  

Earlier, Mrs Aishah Ahmad, Deputy Governor, Financial System Stability, expressed appreciation to the Governor and other Deputy Governors for their constant support toward women and their wellbeing.  

She said that remembering the day was an opportunity to celebrate women for their progress, achievements and contributions to the society.  

Ahmad urged that age, ethnicity, religion and other biases be broken for women to realise and fulfil their full potential without which a sustainable future would not be achievable.  

Mrs Elsie Awadzie, Second Deputy Governor, Bank of Ghana, challenged women to change the narratives in their minds and break the biases they had created against themselves.  

She urged them to support, believe in one another and mentor one another to lift up one another.  

She stressed the need for women to consciously and intentionally seek alliances when necessary and cultivate meaningful relationships toward mutual respect and consideration.  

She, therefore, urged every woman to be the light that others seek to follow, adding that “it takes boldness, courage, sheer resilience and excellence to succeed as a woman in the 21st century”.  

Ms Comfort Lamptey, the Representative of UN Women to Nigeria and ECOWAS, urged women to strive to achieve a healthy work-life balance.  

According to her, passion and commitment are key attributes for success in any endeavor.  

The Special Adviser to the CBN Governor on Sustainable Banking, Dr A’isha Mahmood, thanked the Governor and deputy governors for their support toward the success of the programme, noting that the IWD celebrations had over the years evolved to being a day for appreciation, respect and recognition for the women folk.  

She added that creating a more equal world today was a collective responsibility and a foundation on which a sustainable tomorrow could be built.  

Lao-Govt-Suspends-Approval-For-New-Commercial-Banks

Lao central bank issues licences for cryptocurrency exchange platforms  

Lao central bank, the Bank of the Lao PDR (BOL) on Wednesday issued licences authorising two companies to trade in cryptocurrencies.  

The companies are the Lao Digital Assets Exchange (LDX), a joint venture between the AIF Group and the Phongsupthavy Group, and Bitqik, a subsidiary of the Simuong Group.  

Local daily Vientiane Times reported that LDX and Bitqik are now the only licensed and regulated institutions in Laos that can offer full brokerage and trading services in cryptocurrencies and other digital assets, both within Lao and the region.  

The two trading platforms are expected to provide full services in April, in full compliance with the regulations of the BOL in terms of cybersecurity and client protection, to ensure the seamless and secure use of digital assets.  

The Governor of the Bank of the Lao PDR, Sonexay Sitphaxay, said the central bank had put a lot of time and resources into the regulatory and legal tender process.  

Sitphaxay said the government was working with the business community and government-related agencies to ensure that investors are protected and are confident about using licensed cryptocurrency exchange platforms in Laos.  

The bank has also put in place measures to mitigate risks to the economy that may arise from the trade in crypto assets.  

BOL will work closely with the two licensed exchange platforms and monitor their activities to protect investors and improve the existing regulations, according to the report.  

Load More