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[OPINION] For Enduring Democracy in Africa - Emeka Anyaoku
Today, democracy has become the practice or an aspiration in many countries across the world. To speak briefly about its origin, it was in the ancient Greek city state of Athens in 508 BC that the statesman, Cleisthenes, reformed the constitution of the city state by transferring power from the hitherto ruling oligarchic aristocracy to the citizens of the city. Although President George Washington of the United States of America who lived from 1732 to 1799 is commonly described as the father of modern democracy, it was Abraham Lincoln who lived from 1809 to 1865 who gave us the definition of modern democracy in its now universally accepted form as “the government of the people, by the people, and for the people”.
As a background to my remarks on the colloquium’s theme, Democracy in Africa, I would like to tell the story of my role in the promotion of democracy in Africa where there are now 21 African countries in the 56-member Commonwealth of nations. On my election as Commonwealth Secretary-General in 1989 in Kuala Lumpur by the Heads of Government of the Commonwealth, I pledged to them that my primary mission would be: to make the organization a potent force for promoting democracy and human rights; to in the words of the great Indian Prime Minister Jawarhalal Nehru bring a healing touch to conflicts between and within Commonwealth countries; and to strengthen technical cooperation for development among member countries.
At the beginning of my tenure as Secretary-General in 1990, there were 10 non-democratic member countries which were under either one-party or military rule. But when I left office in 2000, only 2 members were non-democratic, these were the absolute monarchy in Swaziland now known as Eswatini, and Pakistan where General Musharaff had taken over in a military coup d’etat in November 1999.
As Secretary-General, I took several initiatives to promote multi-party democracy in Africa. I succeeded in persuading after long conversations Presidents Kenneth Kaunda in Zambia, Kamuzu Banda in Malawi, Albert Rene in the Seychelles, and Arap Moi in Kenya to move from one-party ruled State to a multi-party democratic State. In the case of Kenya, I at his request sent the late Professor Ben Nwabueze to go and help Kenya to adapt their constitution from a one-party to a multi-party constitution. And I also had a long discussion with the Head of State, Jerry Rawlings, before Ghana held the elections that transited moved it from military rule to multi-party democracy in January 1993.
Perhaps, the most notable was my seminal role in South Africa’s transition from apartheid to democracy. Early in 1991, with the mandate of Commonwealth Heads of Government I went to discuss with the last white President of South Africa, Mr F W de Clerk, how the Commonwealth could help him in the conference he had proposed of his government and the anti-apartheid political parties after releasing Nelson Mandela from prison. Thereafter, I sent six Commonwealth statesmen and women to the conference when it opened at Kempton Park in Johannesburg on December 1, 1991.
And when the deliberations were threatened by violence following the massacre at Boipatong by the apartheid police of four ANC stalwarts, I went to South Africa to negotiate a peace accord which was signed by the President and leaders of all the political parties and thereafter sent six Commonwealth senior representatives whose presence helped to douse the violence. I organized a contingent of Commonwealth police men and women to go to South Africa and assist the South Africa police force which had been accustomed mainly to confronting anti-apartheid protesters and opponents in learning the techniques of community policing. A team of Commonwealth electoral experts also went to assist the South African Electoral Commission in organizing the elections.
Overall, I visited South Africa many times during the almost two-year duration of the conference at Kempton Park including on 17th November 1993 when it concluded at 3.30 am with agreement on the holding of elections and installation of a non-racial democratic government. I still remember vividly the quite emotional occasion of Nelson Mandela swearing the oath of the first democratically elected President of the Republic of South Africa at which many in the audience including my wife shed some tears.
The South African Government doubly honoured me for my role. First by giving me the rare honour of addressing their joint Parliament in 1995, and secondly by conferring on me South Africa’s highest honour for foreigners, The Supreme Companion of O R Tambo (Gold). In 1997, I convened a meeting of the Heads of the then 19 African member-countries of the Commonwealth minus Nigeria whose membership had been suspended following General Abacha’s execution of Ken Saro-Wiwa and his colleagues despite personal pleas from President Nelson Mandela and myself, to discuss the state of democracy in their countries and the challenges they faced.
It emerged from the discussions that the first challenge faced by democracy in Africa which applies particularly to Nigeria is the management of diversity. African countries are largely the creation of European powers at their Berlin conference of 1884/85 where they arbitrarily lumped in individual countries ethnic nations that had existed separately for centuries.
The management of diversity is a common challenge to democracies across the world. The diverse countries that have succeeded in remaining united political entities have been those who operate true federal constitutions which are based at the national level on equity, justice and inclusiveness, while at the subnational level on adequately devolved powers for tackling the challenge of development and internal security. Examples of such countries are India and Canada.
On the other hand, the record shows that diverse countries which failed to manage their diversity through true federal constitutions have disintegrated sometimes after internal conflcts. Examples of such countries are Yugoslavia which disintegrated into seven independent countries, Czechoslovakia, and nearer home in Africa, Sudan.
In several African countries there are tensions among different religious and ethnic groups. In some countries like the Democratic Republic of Congo, South Sudan and Central African Republic there are ongoing conflicts arising from such tensions. The horrific genocide that occurred in Rwanda in 1994 remains the worst example of the consequence of failure to successfully manage a country’s diversity.
The management of diversity remains the biggest challenge to our democracy in Nigeria. As I have said on many occasions, our current 1999 constitution is, in my strongly held view, ill-fitted to address it. The wisdom of Nigeria’s founding fathers in agreeing the essentials of our 1960/63 constitution which addressed the country’s diversity, is the only answer to the country’s current lack of credible sense of national unity, the wide-spread insecurity, and the under-performing socio-economic development.
Another challenge identified by the African leaders at the 1997 meeting on democracy was the operations of some foreign non-governmental organizations and agencies in their countries. Here in Nigeria there have been plausible allegations supported by foreign commentators such as the recent remarks by the US Congressman Scott Perry regarding the use of USAID funds to support the Boko Haram, and the leader of the South African mercenaries allegedly brought into the country by President Jonathan to help in the fight against Boko Haram, as well as pronouncements by African scholars including the widely acknowledged Professor P.L.O. Lumumba, of the destabilizing and nefarious activities of some non-government actors in the country.
With the recent military coup d’etats in Guinea, Mali, Burkina Faso and Niger, Africa remains vulnerable to returning to the 1960/70 period when the anti-apartheid author Ruth First in her book, The Barell of a Gun, told the story of a United States Secretary of State who said that he could not recall the number of times when he was woken up at night to be informed of yet another coup in an African country whose name sounded like a typographical error.
And finally, I would like to mention another challenge to our democracy here in Nigeria. It is the nature of our politics and the conduct of our politicians. Our political parties are not, as they should be, organized on ideological basis; they are organized essentially as instruments for capturing political power. And our politicians in their conduct are largely motivated not by a desire to render service to the people, but rather by self-aggrandizement and self-enrichment.
To conclude, I would like to stress that it is only through thriving democratic governance that Nigeria and the other African countries will rid the continent of internal conflicts and lack of socio-economic development which are the biggest impediment to Africa’s ability to change the Eurocentric narrative of Africa and the black race- a narrative that sustains racism and the looking down on Africans by other races. I believe that Nigeria, given its well-known attributes, has a special responsibility in changing this narrative.
•Excerpts of the speech by Chief Anyaoku, a former Commonwealth Secretary-General, at Emeka Ihedioha’s 60th birthday colloquium in Abuja
[OPINION] Sixty Support Groups Hold Solidarity Rally In Support Of Governor Soludo's Re-election Bid - Christian ABURIME
In a massive show of support, sixty support groups, comprising 120 members under the umbrella of All Soludo Support Groups (ASSG), have endorsed Governor Chukwuma Soludo's bid for a second term.
The groups presented a whopping thirty million naira to the Governor at the International Convention Centre, Awka, to support his re-election campaign.
Governor Soludo, overwhelmed by the gesture, revealed that there is a consensus among community leaders, APGA stakeholders, youths, and students alike, urging him to run for a second term.
He attributed this consensus to the visible developments and projects executed by his administration, which has positively impacted the lives of Anambra residents.
The Governor reiterated his commitment to sustaining the vision of "One State, One People, One Agenda," prioritizing the needs of ndi Anambra and executing projects that have transformed the state. The Governor, thereafter, expressed his profound gratitude to all the support groups as well as their leadership
The Cordinator of the All Soludo Support Group, ASSG, Mr. Chinedu Nwoye, flanked by other conveners, pledged to support the governor in fulfilling his manifesto and vision for the state.
Unanimously, they expressed their profound satisfaction with the sterling achievements of the administration saying that they did not make a mistake by supporting the Governor’s first term in office.
This development comes on the heels of a similar endorsement by Anambra State students, who contributed two million naira to support Governor Soludo's re-election bid. The Soludo Vanguard, a grassroots support group, has also mobilized support for the governor's re-election campaign.
Pensioners lament non-implementation of N32,000 hike
The Nigeria Union of Pensioners, South-West Zone on Thursday lamented the failure of the government to implement the N32,000 pension increase across board for the pensioners as directed by President Bola Tinubu last year September.
President Tinubu was said to have given the directive at the commencement of payment of 70,000 new minimum wage to also ensure that the pensioners were not excluded.
The Public Relations Officer of the union, Dr Olusegun Abatan raised this concern while addressing the press during the zonal meeting of the pensioners held in Abeokuta on Thursday.
Abatan said that among the six South-West states, only Governor Seyi Makinde of Oyo State has implemented a part of this pension increase, paying N17,500.
Abatan said the Oyo government has equally completed plans to be paying N2bn every month for payment of pensions and gratuities adding that this kind gesture has brought lots of reliefs for the pensioners in the state.
The pensioners spokesman has therefore called on other state governments to follow the good example of Gov Makinde and prioritise making life more rewarding for the pensioners in their old age.
He disclosed that “The are two circulars from the office of income and wages in 2024, the first one being a 20 per cent pension increase from January 2024, which has not been done by virtually all the state governments except Oyo State.
“In September 2024, the Commander-in-Chief of the Federal Republic of Nigeria, President Bola Tinubu, also gave a directive for the pensioners to have N32,000 added across board to their pensions based on the new minimum wage of N70,000.
“I,however regret to tell you that many of our States in the Southwestern have not done this. At the same time we want to thank the Governor of Oyo State for raising the minimum wage for pensioners to 25,000 and for factoring other pension increases such as the 33%, consequential adjustments of 2019, 20% of January 2024 pension increase, though he did not pay N32,000 as directed by Mr President but he gave us N17500.
“The pensioners in Oyo State have had a serious leap from their pensions that I make bold to say that the Oyo State pensioners are the highest paid in the federation aside from the federal pensioners. We thank him for this.
“Regrettably, the Federal government that said the N32,000 should be given to the pensioners across board has also not implemented fully this directive, so we are appealing to the Pension Transitional Arrangement Directorate to please get this implemented for the retired workers”.
Abatan also begged for the Federal Government’s intervention over the inability of pensioners banking with the failed Heritage Bank to access their funds for the past one and a half year.
The pensioners’ leader said that this unfortunate incident has brought lots of anguish and agony to the affected members of their association.
Abatan also praised the Southwestern government for its support for the pensioners and urged them to please attend to their other demands to make their retirement enjoyable and worthwhile.
ensioners Lament Non-Implementation of Tinubu’s N32,000 Pension Increase.
[Punch]
‘Bad idea’ for 2030 World Cup to have 64 teams, says UEFA
UEFA president Aleksander Ceferin said on Thursday it would be “a bad idea” for FIFA to expand the World Cup to 64 nations for the 2030 tournament.
The 2026 edition in the United States, Mexico and Canada will already see the format increase from 32 teams to 48.
But the head of the Uruguayan football federation, Ignacio Alonso, suggested further expanding the tournament at the last FIFA Council meeting in March.
Football’s global governing body said it “had a duty to analyse” the proposal, which European chief Ceferin denounced at UEFA’s congress in Belgrade.
“It’s maybe even more surprising for me than for you. I think it’s a bad idea,” Ceferin said.
“I think it’s not a good idea for the World Cup itself and it’s not a good idea for our qualifiers as well, as you know.
“So, I’m not supporting that idea. I don’t know where it came from. It’s strange that we didn’t know anything before this proposal at the FIFA Council.”
The 2030 World Cup will be played in three continents, with Portugal, Spain and Morocco the main hosts.
There will also be three matches in South America — in Argentina, Uruguay and Paraguay — to celebrate the centenary edition. The inaugural World Cup was held in 1930 in Uruguay.
That decision paved the way for Saudi Arabia to hold the 2034 event.
[Vanguard]
LASU's Star Student: Isioma Nwosu Graduates with Stellar 4.93 CGPA
Miss Isioma Sybil Nwosu, a Biochemistry student, has emerged as the overall best-graduating student of Lagos State University (LASU) for the 2023/2024 academic session, with a Cumulative Grade Point Average (CGPA) of 4.93.
The announcement was made by the Vice Chancellor, Prof. Ibiyemi Olatunji-Bello, during a press briefing on Thursday, marking the beginning of activities for the 28th Convocation ceremony.
Prof. Olatunji-Bello expressed pride in LASU's role in producing market-ready graduates equipped to make significant contributions nationally and globally.
The Convocation ceremony will feature a series of events, including a staff sports competition, special Jumat and thanksgiving services, a coconut-breaking ceremony, and a lecture titled "Patriots, Citizenship, and National Ownership: The Imperative of Collective Responsibility for Nigeria's Future."
The lecture, scheduled for April 8, 2025, will be delivered by the Honourable Minister of Education, Dr. Maruf Olatunji Alausa, with Dr. Abdullahi Umar Ganduje, National Chairman of the All Progressives Congress, as chairman of the occasion.
A total of 971 diploma students, 8,711 first-degree students, and 2,235 postgraduate students will graduate during the ceremony.
The university will also confer honorary doctorate degrees on Brigadier General Buba Marwa (Rtd.) and Otunba Olufemi Olusegun Pedro, while elevating Prof. Joseph Abayomi Olagunju to the rank of Distinguished Professor.
Prof. Olatunji-Bello highlighted LASU's achievements under her administration, including full accreditation of 43 courses, collaborations with local and international institutions, and rankings as the best state university and leading university in Sub-Saharan Africa.
The 28th Convocation ceremony will conclude on April 10, 2025, with the award of Doctorate Degrees (PhD) and the conferment of distinguished professorships and honorary doctorate degrees.
[OPINION] MultiChoice tariffs: View from Canada - Seun Bisuga
I moved to Canada three years ago and encountered many surprises. One of the biggest was the high cost of pay television services and their billing models.
During my time as a journalist at TheNEWS Magazine, I consistently advocated for the implementation of a pay-per-view billing model. I frequently expressed my frustration with price increases by MultiChoice, the service to which I subscribe. I believed I had the right to watch only what I wanted, whenever I wanted. Choosing what to watch and when sounds like a good option until that option is actually available to you.
Living in Canada now, I’ve found it frustrating that I don’t have access to the wide variety of channels that MultiChoice provides without paying a hefty price. To watch major sports events like the Premier League, Serie A, La Liga, Bundesliga, Champions League, and significant boxing matches, you need to subscribe to three different providers: Fubo, DAZN, and TSN. However, even your subscriptions do not necessarily cover the biggest fights.
To clarify, after paying your monthly or yearly subscription for DAZN, you would need to pay an additional $79 (Canadian) to watch the Usyk vs. Fury fight. This bout is available exclusively on pay-per-view and is not included in your regular subscription. In Nigeria, I was able to watch many big fights live on DStv at no extra charge, but that option is not available in my current location.
Many people have to rely on alternative methods to watch major fights, and these options often come with costs that may be a little less steep, but steep all the same. When I moved to Canada, I started to realize that in Nigeria, I had access to live sports at a much lower fraction of the price I currently pay. Here’s why: I had two active MultiChoice subscriptions and believed I didn’t need a local subscription in Canada. I was informed when I arrived that the cost of watching soccer matches (as North Americans refer to football) could be financially overwhelming.
As a savvy Nigerian, I told my friends that I would avoid their expensive subscriptions by continuing to watch DStv. However, I soon realized that I couldn’t access DStv due to geolocation restrictions. You might suggest using a VPN, but I tried that, and it’s easier said than done. While chatting online is manageable, streaming satellite TV is a different story. I also experimented with IPTV, but I’m not a fan of the lag. There are times when a goal would have been scored or a red card shown before the live TV feed is restored. Additionally, I would to keep Livescore handy to stay updated on everything happening in the game. That was not the way I wanted to watch football.
I had no choice but to rely on match highlights, but I wasn’t satisfied because watching live football is what I grew up with. Did I mention how much it costs to subscribe to Fubo, DAZN, and TSN? Fubo is about $85 per month, DAZN costs $30, and TSN is $10. It’s not always better on the other side, as you can see. And before you start asking how much the minimum wage is here, the television service providers here do not ask how much.
Pay up or jog on. Simple.
Even with monthly or yearly subscriptions, there’s no guarantee that you’ll get access to major matches or fights. For instance, to watch the English FA Cup matches, you will need a monthly subscription with Rogers that costs $108. If you’re not a dedicated football fan, you might wonder why you should pay such a high price. That’s a valid question, but the same applies to those who enjoy movies or shows.
I realized that it’s more convenient to have everything in one place and at an affordable price. It’s important to note that the prices mentioned are not fixed. If inflation occurs, many businesses, including pay television service providers, tend to raise their prices.
I realized that my perspective was unrealistic while I was at home. Whenever fuel prices rose or the naira depreciated, leading other businesses to increase their prices, I found myself joining in the criticism of MultiChoice if they raised their prices. I don’t understand how I became so misinformed to believe that adverse economic conditions affecting the prices of groceries and food would not similarly impact pay television prices. I have participated in mocking and complaining about MultiChoice’s price increases, but I now see that they are an easy target.Many people living abroad often reach out to friends and family to ask how they plan to watch major fights because their subscriptions do not cover them. The tradition of watching games and fights in pubs and bars is not solely about wanting to socialize; it’s also financially motivated. Spending $50 to enjoy a match with others who share a passion for the sport can be a more economical choice than paying $79 to watch it alone at home with no additional perks.
In a bar or pub, you can buy a beer or two and enjoy some chicken wings for around $50 while watching the game. Although this adds an extra expense, many people are willing to pay for the experience. Comfort comes at a price. I once told a friend that traveling abroad for a visit is completely different from living abroad and having to manage the bills.
MultiChoice offers many channels for free; take CNN as an example. While it comes with most bouquets in Nigeria, it is not included here. Unless you’re okay with watching outdated news, old shows, and old movies, you won’t be able to watch CNN or Fox News on your regular bouquet.
Consider Amazon Prime. There are movies and shows available on Prime that require a separate subscription, even if you already have a Prime membership. The same applies to Disney+. To access Paramount, AMC, Apple TV+, Crave, Starz, and others, you need additional subscriptions.
When I was at home, I found pay television much easier to navigate compared to my current situation. Many Nigerians abroad would agree that MultiChoice provided us with the most convenient and relatively affordable options to access hundreds of channels in one place.
Looking back at what I paid then versus what I pay now, I appreciate the value of the services MultiChoice offers at their price point. I’ve gained a better understanding of this. Sometimes, when we have easy access to these things, we tend to take them for granted until we try something different. The idea that “it’s greener on the other side” is often misleading.
As for the content posted on social media, I choose not to comment; people are entitled to portray their lifestyles however they wish.
This is my opinion, but a poll among Nigerians living abroad would likely reveal that many share the same view about MultiChoice and its pricing. Where I am, I following, through traditional and social media, how Nigerians are yearning for pay-per-view, which they do not understand, and telling themselves that pay television services abroad cost the same as three bottles of beer back in Nigeria. It is not so. Ask around, as Mr. Macaroni would say.
Bisuga, a former correspondent of The NEWS Magazine, writes from St John’s, Newfoundland and Labrador, Canada
3 Reasons Bitcoin Is Still the Smartest Long-Term Hold in Crypto
In a sector packed with assets that arrive on Monday and hit zero by Thursday, Bitcoin (CRYPTO: BTC) stands on its own as a cryptocurrency that's practically guaranteed to survive and possibly even thrive over the long term. That makes it the smartest coin to buy and hold, and the longer your investing timeline is, the better it looks.
Let's examine three reasons that's the case.
1. It's immune to inflation
One of the core pillars of Bitcoin's long-term investment thesis is that it's designed to maintain its purchasing power relative to fiat currencies. You've probably heard something along those lines before, but let's take a moment to really unpack it.
Fiat currencies are issued by governments. Governments tend to cumulatively issue more and more currency over time, which is normal, necessary, and expected. But that means fiat currencies have a tendency to lose their purchasing power in the long run as the amount of money in circulation rises.
Bitcoin, on the other hand, has a finite supply: There can only ever be 21 million Bitcoins in circulation (about 19.8 million already circulate). Of that new supply, only tiny fractions of Bitcoin are mined in any one week. And, as the difficulty of mining new coins only increases over time, it becomes harder and harder to meet the existing level of demand for it with the creation of new supply, creating a durable upward pressure on the coin's price.
In contrast to fiat currencies, Bitcoin thus has a mechanism, escalating scarcity, to become more valuable over time rather than less. It can't be printed like fiat currency can, nor can its total supply be tinkered with like it can be with many other cryptocurrencies. So even over the course of decades, it has a clear runway to keep growing, even without a lot of new demand.
2. It isn't going to be replaced by another coin
Bitcoin isn't the only cryptocurrency that's marketed as a long-lived store of value. Nor is it the least volatile of its competitors in that category; stablecoins are technically cryptocurrencies, and their price rarely moves at all because they're pegged to the value of a fiat currency, such as the U.S. dollar. But Bitcoin isn't about to be replaced by stablecoins, nor any altcoin competitor.
It's market cap is more than $1.6 trillion. Even the largest stablecoin, Tether, is only valued at about $143 billion. Litecoin, an altcoin that was once branded as "digital silver" in comparison to Bitcoin's positioning as "digital gold," is only worth about $6.4 billion. There's simply no other asset in the crypto sector that's as large, old, and reliably in the spotlight as Bitcoin.
That means when institutional investors look to allocate some of their vast capital to cryptocurrency, which they're currently doing in large numbers, they're not going to bother with the smaller fish because they won't be able to buy or sell at the scale they need without moving the price of the underlying asset. Therefore, their capital will flow in large part to the established winner of the sector: Bitcoin.
3. Its stewards are extremely meticulous
Contrary to popular belief, Bitcoin is still in active development. There's a relatively small staff of highly motivated developers that, in conjunction with the nonprofit Bitcoin Foundation and groups of miners, determine the advancement of the coin's technology via a laborious and ultimately democratic process.
But, unlike other cryptocurrencies, the tech development roadmap is not exactly intended to turn heads. Instead, it's meant to avoid breaking anything that works, and to only take action when it's necessary to protect the coin from a technical threat or value-limiting technical constraint. For an asset that investors look to for value preservation over time, that's exactly the right perspective. Furthermore, the fact that decisions about the coin are made collectively, and proposed changes to it are analyzed comprehensively before advancing into development, means that the odds of major blunders are low.
The same can't be said of any of Bitcoin's peers, even if they're able to offer flashier technical specifications like faster transaction times, or a roadmap that's packed with in-demand features for developers. For investors, that makes the asset exceptional, and, as long as Bitcoin's excellent governance model lives on, it's a big contributor to the thesis for long-term holding.
[The Motley Fool ]
Regulation, openness, and a modern platform needed for legacy banks to embrace cryptos
Emirates NBD is tapping into the UAE’s booming crypto scene by integrating a cryptocurrency trading service into its Liv X digital banking app. With crypto app downloads in the UAE increasing by 41% to 15 million in 2024, according to AppsFlyer, the Emirates NBD group is leveraging its established reputation and the country’s favorable regulatory environment to capitalise on surging local interest and demand for cryptocurrency trading.
GlobalData 2024 Financial Services Consumer Survey
GlobalData’s 2024 Financial Services Consumer Survey shows the UAE is among the top countries for cryptocurrency ownership, with 44% of consumers holding crypto, an increase from 37% the year before. Meanwhile, the percentage of crypto holders who actively invest in the asset grew from 83% to 91% over the same period.
Several factors have driven this surge in demand. Dubai’s Virtual Asset Regulatory Authority (VARA) has positioned itself ahead of the curve in crypto regulation globally, as it issued its comprehensive virtual asset framework back in 2023 to foster innovation in cryptocurrencies within a safe regulated environment. The UAE recognised early on that regulation could provide the credibility that the crypto industry has struggled to establish elsewhere, the credibility that has since propelled Dubai to the status of global crypto hub.
In response, a number of Web3 companies globally (primarily from India) started setting up shop in Dubai to leverage the regulatory environment for new crypto product and solution launches. Amid the influx of new crypto players, Emirates NBD holds a significant advantage with its latest trading solution.
GlobalData Competitor Benchmarking Analytics
As the UAE’s second-largest main banking provider with a 17% market share, as per GlobalData’s Competitor Benchmarking Analytics 2024, it benefits from strong customer trust. UAE incumbents enjoy record-high levels of consumer confidence, with customers more likely to turn to their primary bank for financial support than in almost any other market.
The Emirates NBD group made a strategic move in the digital banking era by launching Liv Bank in 2017, creating the country’s first digital-only bank. It leveraged this separate digital-native platform to stay ahead of innovation with the introduction of novel features such as a gamified reward structure, and lifestyle tools and benefits.
At the same time, Liv is backed by 60 years of the Emirates NBD group’s established brand legacy, which induces trust among the wider population, even for some of the newest and potentially riskier financial trends, such as cryptocurrency trading. The UAE is now creating a blueprint for traditional financial institutions’ crypto adoption journey that is being made possible by the proactive and timely regulation of the industry, combined with legacy institutions’ openness and willingness to innovate and cater to the modern banking customer’s demand.
To avoid falling behind on a trend that is now undoubtedly here to stay, Western banks and regulators need to take note and acknowledge and cater to the population’s crypto interest with urgency.
Blandina Szalay is an analyst, Banking & Payments, at GlobalData
"Regulation, openness, and a modern platform needed for legacy banks to embrace cryptos" was originally created and published by Private Banker International, a GlobalData owned brand.
[GlobalData]
Bitcoin Faces Potential Slide to $71K Amid Impact of Trump Tariffs on U.S. Economy
Bitcoin (BTC) is under significant pressure following President Donald Trump's announcement of new trade tariffs, raising concerns among investors about a potential decline to $71,000. According to Charles Edwards, founder of Capriole Investments, the crypto is experiencing "very high risk" conditions due to these tariffs.
On April 2, Bitcoin's value dropped nearly 8.5% in response to the tariff announcement, contrasting sharply with the S&P 500, which managed a slight gain of 0.7% on the same day. Edwards highlighted that the uncertainty surrounding U.S. business expectations is reminiscent of previous economic downturns observed in 2000, 2008, and 2022.
He noted that the Philadelphia Fed’s Business Outlook Survey has fallen below 15 for the first time since early 2024, a level indicative of severe market sentiment.
In his latest market analysis, Edwards cautioned that if tariffs exceed current expectations, it could lead to heightened volatility in Bitcoin's price. While acknowledging that the survey data can sometimes provide misleading signals, he urged caution, particularly if the tariff situation escalates or corporate profit margins begin to decline.
Capriole Investments has identified $91,000 as a critical resistance level for Bitcoin, suggesting that a daily close above this mark could signal a bullish trend. Conversely, if Bitcoin fails to hold above this threshold, a decline to the $71,000 range may trigger a substantial rebound.
Market analysts are also monitoring trends in U.S. liquidity, as the Federal Reserve has started to ease tight financial policies. This shift could bode well for crypto, with predictions of an influx in the M2 money supply potentially supporting a price recovery in Bitcoin as early as May.
[CoinMarketCap]
4 Cryptocurrencies To Buy in April 2025 — And Why
Since President Donald Trump’s reelection, the crypto market has been nothing but a wild ride. Cryptocurrencies soared to all-time highs and then plummeted. This volatility has left investors unsure of which digital currencies to invest in.
However, these four cryptocurrencies are showing strong potential and are worth adding to your portfolio this April.
Bitcoin
Bitcoin remains the undisputed king of crypto. With the increasing institutional adoption and Trump’s executive order to establish a strategic bitcoin reserve, bitcoin is more than just a speculative investment. This regulatory clarity could unlock a wave of institutional capital, driving bitcoin’s demand and long-term value.
Another major green light to buy bitcoin is the halving cycle, which happens roughly every four years, with the last one in mid-April 2024. This means the supply of bitcoin will continue to decrease in the coming years and may send the price higher.
With all these catalysts and the current dip, there’s no better time for investors considering adding bitcoin to their portfolios.
Ethereum
Ethereum, the world’s second largest cyrptocurrency, has tumbled more than 50% from its all-time highs. Is it worth buying the dip? The support from the Trump administration is one of the major factors to buy ethereum.
“Like it or not, if the Trump administration can light a fire on the cryptocurrency side of things, ethereum could potentially be a big beneficiary, and the value could increase significantly,” said John Foard, CFP and co-founder of Crown Advisors. “It’s slightly a speculative play, but worth a small allocation to see what happens.”
Solana
Solana’s current price of about $130 is down nearly 30% over the last year, presenting a buying opportunity for investors willing to take the risk.
“Solana dominates decentralized exchange volumes, surpassing ethereum, and is gaining institutional interest, with potential ETFs pending for SEC approval. It’s still a behemoth in the cryptosphere with no plans of slowing down growth,” said Utkarsh Ahuja, founder and managing partner at Moon Pursuit Capital.
And if solana ends up being held by the U.S. government in its national crypto reserve, this could be one of the catalysts to skyrocket the coin’s value. Plus, the meme-coin heist that happened in mid-February that tanked solana’s value could open room for more serious projects in DeFi and growth segments like infrastructure for operating AI agents.
XRP
XRP rebounded following Trump’s win and has since been on the watchlist of many investors. The good news is that it recently scored a major win after the SEC dropped its lawsuit against unregistered securities. This alone has made XRP an attractive investment, as banks and payment providers can now explore XRP’s fast, low-cost transaction capabilities without the fear of legal repercussions.
Beyond the legal win, ETFs are another catalyst that could propel XRP’s price even higher. As of March 12, nine asset management firms had already filed applications with the SEC to launch ETFs holding XRP, a move that would bring in more institutional capital into the market. If approved, these asset managers will buy XRP in large quantities to offer their ETFs, which could boost demand and price.
[BankingRates]