₦airaland Forum

Nigerians ain't there problem after all..

Foolish people, when u were supposed to join forces against bandits attacking your land, you're there fighting one another. Who knows if it's brother attacking brother when we all thought Fulani herdsmen were the ones killing farmers.

Kk

I guess it won't be there till the time of exam

We plenty

Wetin he wan go talk there? Baba the Traveller

Adeshina the proverbial fly

Can bubu fits in this kind of meeting.? Wetin he wan talk there?

Sent xrp from luno roqqu. Didn't deliver

VI

Madeu:
Where's Ikeja study centre located?

How can I set stop loss on luno?

How does virtual exam looks like? Anyone ever done it?

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An update for Nigerian crypto users from Luno CEO, Marcus Swanepoel
Marcus Swanepoel
Back to blog

26 MAY 2021 • 4 minute read

Dear friends & customers in Nigeria



I know there’s still a lot of uncertainty and frustration due to recent local crypto developments and I wanted to personally shed some more light on it.



We’ve been the leading crypto company in Nigeria for over five years now, giving millions of Nigerians the opportunity to become part of the new crypto economy.



You’ve seen us on billboards across Lagos, we’ve run tons of events, and we are taking steps to work with regulatory bodies to help create a pragmatic regulatory framework to support crypto in Nigeria.







As many of you will know, on 5 February, the Central Bank of Nigeria (CBN) announced that all banks and payment service providers should stop supporting crypto companies. This has meant customers of Luno (and other cryptocurrency platforms) have since been unable to withdraw or deposit funds.



To be clear, it’s not Luno blocking your money. Local Nigerian banks process deposits and withdrawals on our behalf. Until the banks and payment providers are authorised to work with crypto platforms again, we cannot process withdrawals and deposits through them.



This doesn’t mean there aren’t options, and we are actively working towards a solution. We’re evaluating every option very closely to make sure we don’t impact the industry negatively or put our customers and their funds at risk. Luno has over 3 million customers in Nigeria, and we need to put their interests first.



Peer-to-peer (P2P) systems, for example, have been widely discussed as an alternative to release these funds. However, P2P trading comes with risks to consumers from scammers and also offloads our regulatory risks onto you, our customers. We want to make sure these risks are much lower. We don’t want regulators to come after our customers for transgressing any laws. We want to make sure you can buy and sell cryptocurrency just as safely and easily as before.



Our customers rightly want to be able to withdraw their money and I can assure you we’re working round the clock to make that happen. So what are we doing to change things?



We are negotiating day and night with the relevant stakeholders in Nigeria to get them to collectively work with the government to find a solution that works for everyone. This includes the CBN and other crypto platforms, and allowing people to withdraw is the main priority.


We’ve intensified our regulatory lobbying, sharing our significant expertise and experience in dealing with regulators around the globe to bring pragmatic regulations to the NG market. This includes the SEC, who have been more positive in the past and even released a position paper in 2020.


We've been working with payment processors to find alternative ways to return naira back to customers.


These are not necessarily overnight fixes, but I do know we will eventually get it resolved. Why? Firstly, because crypto is becoming so strategically important for every country – in the long run, no one can afford to ban it. But more practically, because we have been here before.



As some of you may remember, in February 2017 Luno’s bank account was frozen by the authorities. It took 4 months, but eventually, we regained access and secured the right outcome for our customers. Our team never gave up and Luno and our customers emerged stronger than before.



In Malaysia, regulatory uncertainty also resulted in the blocking of customers’ funds for many months. We worked with the government and Malaysia ended up with a fully regulated crypto market, where we are now the only major company operating under that license. In the end, with a lot of effort by our team on the ground, everything was resolved, everyone was happy, and the market is thriving - not just for Luno, but also other crypto companies. Malaysia went from no withdrawals to being one of the most forward-looking countries in the world when it comes to crypto. But it took time.



I wish we could get these results overnight in Nigeria, but as you know, these things can take time, especially when it’s such a political and emotive issue. We move incredibly fast internally, but unfortunately, many things that need to happen are not controlled by us. Both our local Nigerian team and our global team across multiple offices are trying their best to push things forward as quickly as is humanly possible given the circumstances.



What I can say is that we always end up with positive outcomes for our customers. And while many of you will be very upset about the experience, please also know that Luno is the only crypto company in the world with a track record to resolve these issues. We’re not just saying it, we’ve done it before in other countries, and we’re going to do it again in Nigeria.



As mentioned many times before, we are in it for the long run. When the dust has settled, you will see many crypto companies leave Nigeria or be asked to stop operating because they are not licensed properly, and your capital will be at risk again - but Luno will still be there for you and your families.







We are going to come out of this stronger Nigeria. If I know one thing from my friends in Nigeria, it’s that you’re a resilient bunch, and together we’re going to do this. There is light at the end of the tunnel. Please support us in helping all of us get there.



In the meantime, rest assured that we are exploring all the options at our disposal to ensure we give you, our customers, access to your money.



Marcus

Company updates
Avatar Marcus Swanepoel
AUTHOR
Marcus Swanepoel
Marcus is the co-founder and CEO of Luno. Twitter: @marcswane. Previously, Marcus worked for Standard Chartered in Singapore and before that 3i and Morgan Stanley in London. He holds an MBA from INSEAD, is a qualified Chartered Accountant and a CFA charterholder. He is a South African citizen and a Singapore Permanent Resident.

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When will luno adopt P2P make I comot my small change wey remain

She be dangote babe?

Which coin is the best to buy at the moment?

Can I buy doge now or wait to buy if it's likely gonna come down soon?

Pls, Is it advisable to invest in Tron guys?

Roqqu

Surebaba01:
Hello guys
Apart from binanace which other cryto wallet offers Doge in their wallet in Nigeria

Make he pay survival fund before he travel oooo

Why did Garba said we were going to be shocked when they they have no intention of making the trial public. If yahoo boys can be paraded before trial, sponsors of bokoharam should be paraded too as they're the worst evil in our society

All is vanity but I covet it

Their service delivery is below average. If you need urgent attention, find elsewhere to go. Let me reserve my comment for now.

Can this guy just keep quiet?

What is IMAN?

That your friend should be arrested. Ole

daddytime:
Got the message below from a friend but told him I wasn't interested. Should anyone here be interested do let me know and I'll hook you guys up.

http://nmfbloans.nmfb.com.ng

[19:54, 25/03/2021] Anayo: When you fill each person please get the application reference and other infos stated above
[19:54, 25/03/2021] Anayo: CBN grant....apply for#1m and get 500k.
[19:54, 25/03/2021] Anayo: Indicate if you are interested
[19:54, 25/03/2021] Anayo: 50-50 sharing formula with the consultants
[19:54, 25/03/2021] Anayo: Send the reference number to me

1. Yes

pluzo:
Guys please i have two questions

1. Are Lagos based people actually getting calls cos non of my employees have..


2. Are they also calling the one off takegrant people. The guys to collect 50k once.. E dakun

Got callled

Na mouth

Good to see it wasn't turned to abandoned project. Nice one

Yes

mrvocalprowess:
Can someone please answer? Lagos study center specifically. Can exam clearance still be done? It's urgent!

The stress involved would discourage u.