Interview: Cryptocurrency activities need clear cut regulation and licensing – Tradefada

Seun Dania is the Founder and Chief Executive Officer of Tradefada,  an advanced and easy-to-use Nigerian cryptocurrency mobile application for buying, selling and exchanging Bitcoin. In this brief interaction with ITPulse’s team, he posited that the Covid-19 variants present opportunity for innovators to explore. He also disclosed that in 2022, Tradefada will be providing a staking platform where its customers can safely stake their crypto and earn yearly % returns. 

The year 2021 has come to an end, how will you describe the year as an entrepreneur?

2021 had its challenges and also came with several opportunities to innovate. With the uncertainties of COVID-19 variants across the globe, changes in govt regulations, policies etc. I saw it as an opportunity for innovation. In looking for the right solutions, the team at Tradefada worked tirelessly to ensure the best service delivery. Like every other year, 2021 has its own challenges. What are those identified challenges you think must be addressed going forward. In my primary industry, (blockchain and cryptocurrency) we faced a major challenge with the CBNs position on cryptocurrency trading. It is necessary that the subject of regulation is addressed as Nigeria is losing great talents and businesses to countries who have clear cut regulation and licensing regime for cryptocurrency activities.

What is your rating of Tradefada in 2021, especially among its competitors?

I will rate tradefada very high above the competition, as we all faced the same challenges from the CBN, it was a test for innovation.  In the course of the year, we at Tradefada sought out options for safe and compliant ways to do business, one of which is a cash voucher payment system which has come highly recommended and also doesn’t contradict the concerns of the apex bank.  We expanded our services to over 30 different countries, providing easy access to buy and sell crypto for various fiat currencies, from USD, GBP, RND, YEN, and so much more.  We also developed and launched a spot exchange where people can trade crypto-to-crypto in our bid to ensure the Nigerian populace do not miss out in the benefits that cryptocurrencies have to offer. This spot exchange also come with Mobile apps for iOS and Android.

I saw the Covid-19 variants as an opportunity for innovators to explore. In looking for the right solutions, the team at Tradefada worked tirelessly to ensure the best service delivery in 2021

2022 is here, what are the services and products Nigerians should expect from Tradefada?

In 2022, Tradefada will be launching a brand-new app focused on African countries. This will allow most Africans to partake and adopt cryptocurrencies from their mobile devices and web browsers. We will also be exploring the new waves in the crypto space i.e. Metaverse and NFTs. We will also be providing a staking platform where our customers can safely stake their crypto and earn yearly % returns.

What are your predictions for the Fintech ecosystem in 2022?

1. Africa is the present and future and as such, I see the fintech ecosystem getting more Foreign Direct Investments in 2022, more unicorns will arise from within Africa which will aid in the building of projects that will solve the insistent challenges face in Africa and across the world. As we continue to build in Africa, the rest of the world also views Africa as the emerging and future market which has the potential to yield higher growth rates than advanced Nations, thereby making Africa the go-to destination for higher yield investments.
2. More traditional banks will embrace fintech and provide better digital services.Financial institutions have long felt the pressure to both modernize their infrastructure and respond to changing customer demands and expectations. The obstacle for many is that they already face a complex array of urgent issues that constantly vie for management attention and investment. Customer expectations and preferences are redefining how traditional financial institutions deliver services. Legacy infrastructure is also a major stumbling block for financial institutions, some of which have been using the same mainframe systems for decades. Executives face frequent decisions about whether to allocate capital to keeping the lights on in the existing infrastructure or allocate it to digital development. One of the realisations from the COVID-19 pandemic is the fact that people can work virtually and be effective and efficient. Hence, to remain competitive in this constantly changing environment, transitioning from complex legacy technology environments to more agile operations, and creating more efficient compliance processes that fully satisfy evolving global and local regulations has moved fintech adoption to the top of the growth agenda for financial institutions.
3. The banks will also embrace Blockchain Technology and Cryptocurrency. Blockchain technology without a doubt has been well discoursed within the Bankers and the pros as we know outweigh the cons especially the significant reduction in the cost of doing business, ease of scale and  ability to limit theft/forgery. Building on the blockchain will provide the financial institutions the best foundation for further tech development.
4. Customers will be KING, as the fintech space expands, more businesses will start to focus on more customer-centric solutions. With more fintechs providing solutions aimed at solving day-to-day customer needs from Agri-tech, insure-tech, health-tech etc. every tech entrepreneur now needs to think about the customer first before launching a product. This will take the power away from the corporations and deliver it back to the customers. Fintech provides easier on and off-boarding than traditional services.
5. More stringent regulation will be seen within the space. As more fintech solutions are introduced, there definitely will be bad players within the space, the government will rise to the occasion to protect customers funds by providing frameworks for operating within the various fintech spaces. Lack of regulation permits for organizations to operate without being held to any industry standards.
6. Retailers will adopt cryptocurrency and E-Naira, increasing embedded finance thereby making it easier for consumers to complete checkout on their personal devices. As the crypto adoption rate increases, more and more retailers, e-commerce platforms have been getting requests from their customers to accept cryptocurrencies. Mastercard and Visa, two of the largest payment gateways have also working on crypto adoption. For retail businesses to stay relevant, they’ll need to adopt and embed cryptocurrency payments into their business models.

Africa is the present and future and as such, I see the fintech ecosystem getting more Foreign Direct Investments in 2022, more unicorns will arise from within Africa which will aid in the building of projects that will solve the insistent challenges face in Africa and across the world

In what ways does companies like Tradafada playing an active role in the digital economy space being championed by the federal government?

Tradefada as always ensured to engage with all industry stakeholders including the govt on how to best position Nigeria and take advantage of the digital economy. We have actively supported educational brands and sponsored conferences which are in the business of disseminating information to all. We are open to working with the CBN to achieve the full potential of the E-Naira, we believe that giving Nigerian’s access to crypto via the E-Naira will be a game changer for Nigeria with and all the volumes traded across peer-to-peer platforms.