Add Row
Add Element
Add Element
  • Channel
    • VIRTUAL EVENTS BILLBOARD
    • CONFERENCES & CONVENTIONS
  • Featured
    • THE VORTEX VISIONARY VIEW
    • African Changemakers
    • Future of Africa
    • Sustainable Africa
    • Women Vortex
    • Vortex Global Pulse
    • Habitat Trails
    • InterContinental Issues
    • Intracontinental Currents
    • #FUTURE FEATURE INVITATION
June 17.2025
2 Minutes Read

Why Are Nigerians Risking Everything on CBEX Despite Warnings?

CBEX cryptocurrency investment in Nigeria, person viewing transactions on phone.

Nigerians Continue to Bet on CBEX, Despite Warning Signs

In a twist of fate, the CryptoBridge eXchange (CBEX) has resurfaced two months after freezing withdrawals for thousands of users. Instead of shutting down, it has ingeniously morphed its operations via various domains, evading regulation while attracting a trusting user base amid ongoing warnings from Nigeria's financial authorities.

The $100 Verification Fee: A Desperate Gamble

In a latest effort to recover their funds, users are now being asked to pay a $100 “verification fee” as a prerequisite for accessing their frozen balances. Previously, the fee was tiered based on account balance. This shift reflects CBEX's agile strategy to keep users engaged despite regulatory interventions. As per the platform's communications, paying this fee comes with promises of renewed access to trading capabilities—fueling users’ hopes of reclaiming their investments.

Regulatory Response: A Game of Cat and Mouse

Despite ongoing efforts from the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) to warn citizens against engaging with CBEX, the allure remains strong. Users are motivated by the prospect of not just recovering their funds, but actively generating income through CBEX’s dubious trading signals, which often rely on user participation for success.

Why Do Nigerians Still Trust CBEX?

In the face of desperation, many Nigerians remain embroiled in the CBEX cycle, hoping that they will see returns on their payments. Regrettably, this scenario reinforces a troubling trend where individuals put faith in risqué financial schemes during times of economic difficulty. As said by one user in a Telegram group, "It’s better to try and recover something rather than lose it all, right?" This sentiment captures the psyche of risk-takers among our urban youth who turn to technology as their salvation.

The Future of Crypto in Nigeria: What Lies Ahead?

As more Nigerians remain entranced by CBEX's promises, the importance of financial literacy grows. Educational initiatives are crucial in equipping potential investors with the knowledge needed to navigate the stormy seas of cryptocurrency. The evolving landscape will benefit from entities that can offer real support, guided by ethical practices rather than empty promises. In doing so, we might cultivate a more stable and informed investor class capable of capitalizing on genuine opportunities in the fintech landscape.

The narrative surrounding cryptocurrency exchanges such as CBEX highlights the urgent need for a proactive regulatory framework. Only then can we ensure responsible investment and safeguard the hard-earned resources of individuals across Africa.

Tech & AI Disruptors

9 Views

0 Comments

Write A Comment

*
*
Related Posts All Posts

Inside Lagos' Gig Economy: The Life of Food Delivery Riders

Update Riding the Wave of Lagos' Gig Economy In the bustling streets of Lagos, a revolution is underway, fueled by the rapid rise of food delivery apps like Chowdeck. For 33-year-old Goodnews, each day is intertwined with uncertainty and opportunity as he navigates busy streets on his scooter. What was initially a shot at a dream job in writing has turned into a relentless pursuit of daily bonuses as he races against the clock to fulfill customer orders. The Reality of Gig Work In a city where traffic can be unforgiving and the weather unpredictable, Goodnews shares an honest sentiment: "Every order is a gamble against the weather, the roads, and the unexpected challenges that come with the job." Despite the risks, the flexibility of gig work attracts many young professionals, giving them control over their employment. This flexibility, however, comes at a cost. The absence of job security exposes riders like Goodnews to exploitation, as they have to grapple with the demands of an increasingly competitive delivery market, which lacks regulation and safety measures. The Voice of the Riders Reporting from the vibrant neighborhood of Yaba, journalist Mo Isu spent time with Goodnews and a cohort of Chowdeck riders, revealing a collective story of resilience and ambition. Each rider's ambition serves as a reminder of how gig work provides crucial lifelines in the absence of more stable job opportunities. Yet, it also raises pressing questions about fairness and working conditions. As Ngozi Chukwu from TechCabal highlights, Chowdeck is seen not just as a service but as an essential productivity tool for young professionals aiming to balance work and life in an ever-increasingly demanding environment. Charting the Future of Work in Africa As Nigeria continues to lead the charge in Africa's tech transformation, the rise of platforms like Chowdeck showcases how the gig economy is reshaping job landscapes. In a nation where traditional jobs are hard to come by, delivery riders have emerged as both a necessity and a symbol of adaptability for countless individuals. However, the need for regulation and ethical standards in gig work is becoming more critical as app-based job platforms expand, making conscious consumerism and awareness of worker rights essential for a truly equitable future. Goodnews dreams of one day transitioning to a career that fulfills his passion for writing. His story encapsulates both the struggles and aspirations of a new generation navigating Lagos' bustling streets, highlighting the need for improved conditions in the gig economy. As gig work becomes increasingly prevalent, it’s crucial for stakeholders to advocate for ethical practices, ensuring that the promise of convenience does not overshadow the rights and welfare of those who provide it.

Discover How HabariPay's 12-Fold Profit Growth Is Reshaping Fintech in Africa

Update HabariPay’s Impressive Growth Story In a remarkable leap, HabariPay, the fintech startup under Guaranty Trust Holding Company (GTCO), has reported a staggering 12-fold profit surge, reaching ₦4.02 billion ($2.70 million) in the first half of 2025. Such phenomenal growth is rare and positions HabariPay as Nigeria’s most profitable bank-backed fintech, notably outperforming Access Bank’s Hydrogen and Stanbic IBTC’s Zest. Understanding Digital Payments in Africa Founded as a super-app in 2018, HabariPay transitioned to focus on digital payments in 2022. The platform's extensive services include a payment gateway, e-commerce tools, and various transaction methods, including virtual accounts and USSD. This versatility has positioned HabariPay to tap into Nigeria's booming digital payments landscape, which is being driven by an increasing mobile phone user base and a growing reliance on online financial transactions. HabariPay’s Competitive Edge Despite its impressive growth, HabariPay still represents a small fraction of GTCO's total profits. However, its trajectory indicates a promising future fueled by the rise of airtime vending and merchant services, enabling it to compete against larger players like Flutterwave and Paystack. The focus on enhancing merchant services with seamless mobile transactions may further bolster its market position. Future Trends for Fintech in Africa CEO Eduofon Japhet is optimistic about the company’s expansion potential. As mobile transfers evolve, the goal is to streamline these payments further, making them as user-friendly and accessible as traditional card transactions. A concerted push towards increasing Point of Sale (PoS) terminals supports broader access to their services across Nigeria’s growing merchant network. Implications for Investors For investors in the fintech space, HabariPay’s expansion signifies a vital trend in Africa’s digital finance sector. With automation trends accelerating alongside increasing demands for digital financial services, HabariPay stands as a firm example of the transformative potential within African startups. Engaging with such a rapidly growing entity may yield significant returns as its user base expands further into different regions.

Lengo AI: Enhancing Visibility for Nigeria's Informal Shops with AI

Update Unlocking the Hidden Market: Lengo AI’s Mission to Transform Retail in Nigeria In the vibrant corridors of Lagos, nearly one million informal shops brim with an array of household essentials, yet they remain invisible to major consumer giants. These local retailers are the backbone of many neighborhoods, but for international brands like Coca-Cola and Unilever, mapping them has proved challenging. Why does this matter? Informal shops can account for a staggering 90% of food sales in Sub-Saharan Africa. However, the lack of visibility into these markets complicates marketing strategies and supply chain logistics. Artificial Intelligence Reshaping Traditional Business Models Lengo, a pioneering start-up based in Lagos, is on a mission to bridge this gap using artificial intelligence. Founded in 2022, Lengo is part of the Google for Startups Accelerator: AI First program, aiming to provide much-needed market insights for fast-moving consumer goods (FMCG) companies in Nigeria and beyond. According to Max Smith, CEO of Lengo, the existing data is often scarce and unreliable, leading to misguided business decisions. Lengo aims to directly address these challenges by leveraging cutting-edge AI technology. A New Approach to Retail Visibility Initially rooted in Senegal, Lengo identified a goldmine of informal retailers that went unrecorded by established databases. With innovative tracking methods that blend AI and digital tools like Google Street View, Lengo efficiently recognizes and maps these stores. Their sophisticated system not only identifies shop types but also assists in onboarding shop owners through platforms like WhatsApp, making the process seamless and efficient. Growing Networks Through Local Engagement By tapping into existing networks, Lengo encourages shopkeepers to connect with peers, integrating community-driven growth into their model. This strategy is proving fruitful; referrals from shopkeepers are now accounting for 30% of Lengo’s growth. As these informal shops are mapped and engaged, they become integral to the data ecosystem Lengo is building. The Bigger Picture: A Call for More Data Integration Large FMCGs still fail to reach vast swaths of Nigeria’s informal sector. Lengo’s insights highlight this staggering discrepancy and signal an urgent need for greater integration and understanding of informal retail environments. Without precise data, brands risk losing valuable insights into market demand and distribution channels. Ultimately, Lengo AI’s efforts are sparking a data-driven transformation in Nigeria’s retail landscape. As technology evolves, so does the opportunity for entrepreneurs and brands alike. The future is bright for those harnessing the power of artificial intelligence and data in Africa. It is essential for stakeholders to recognize this growth trajectory and invest in tech solutions like Lengo while supporting local economies — it’s a win-win scenario. Keep an eye on Lengo AI as it leads the charge in illuminating the Nigerian retail sector!

Terms of Service

Privacy Policy

Core Modal Title

Sorry, no results found

You Might Find These Articles Interesting

T
Please Check Your Email
We Will Be Following Up Shortly
*
*
*