Bitcoin

Why Bitcoin Closed Out Best in January Since 2013

Published

1 year ago

Why Bitcoin Closed Out Best in January Since 2013

Bitcoin was introduced in 2009 by an anonymous developer, Satoshi Nakamoto. Then, there was no price for it since no one wanted to buy it. However, it gained value on October 12, 2009, when a Finnish developer, Martti Malmi helped Satosh work on Bitcoin for $5.02. This made the value of a Bitcoin $0.0009.

Over the years, Bitcoin has increased its value which has earned it the position of the most well-known cryptocurrency in the world and the largest cryptocurrency by market capitalization. The popularity of Bitcoin has given rise to the development of many other cryptocurrencies. Though these cryptocurrencies attempt to replace Bitcoin as a payment system, they are also used as utility or security tokens in other blockchains and emerging financial technologies.

Monthly Returns of Bitcoin From January 2013 to February 2023

The table below shows Bitcoin’s monthly returns from February 2013 to February 2023.

Source: CoinGlass

From the table, It can be noticed that February, 10 years ago had the best monthly returns, with a mindblowing price increase of 61.77%, followed by 2021 (36.78%). It is only in 2014 and 2020 that bitcoin ended the month at -31.03% and -8.6% respectively which is a lower price valuation than it entered. However, Bitcoin closed out best since its creation in January 2023.

Bitcoin Closes Out Best January Since 2013

Bitcoin had it very rough in 2022 in terms of price, as the industry deteriorated amid a collapse in price. This led to a lot of negative predictions for the year 2023. Despite this, all critics were proved wrong in January, with Bitcoin increasing its U.S. dollar value by almost 40% amid weakness in the U.S. dollar. Thus, making January 2023 the asset’s best-performing January since 2013 when it surged 51%.

As of November 2022, bitcoin prices fell below $16,000 for the first time in about two years. Meanwhile, it traded above $46,000 on January 1, 2022. As such, it finished 2022 with a 65% drop.

In the first week of the new year, Bitcoin was standing below $17,000. However, a drastic change in asset value finally broke above that coveted line on January 9 and has been increasing since then. It experienced a sudden increase by double digits and charted a 5-month high at $24,000 in the past weekend and managed to close the month at around $23,000 – a 39.66% increase, according to CoinGlass. This January was the best month for Bitcoin since October 2021 (39.93%).

Why Bitcoin Closed Best in January 2023?

According to Markus Thielen, the head of research and strategy at crypto services provider Matrixport, to date, Bitcoin is up +40%, with +35% of those returns occurring during U.S. trading hours with 85% contribution of the rally associated with U.S.-based investors. This is a clear signal that U.S. institutions are buyers of Bitcoin right now. He also notes that institutions are not only buying Bitcoin spots. Rather, there is a consistent trend of high premiums for perpetual futures which he interpreted as an indication that faster institutional traders and hedge funds are actively buying the recent dip in crypto markets.

How Will Bitcoin Fare in the Future

In view of Bitcoin’s spectacular January ending, opinions on how Bitcoin will fare is a debate among market analysts. Market analysts are keen to see what will happen around the Fed rate hike decision on Feb. 1 as the event could affect the monthly success significantly and Bitcoin price action can change tack altogether soon afterward.

While waiting for the Federal Open Market Committee (FOMC) Meeting and Jerome Powell’s speech, Bitcoin hit $24,196 from its $23,000 range early hours of Thursday, showing a rising trend in the Cryptocurrency market. Despite the speculations and predictions on the FOMC meeting, the outcome of the meeting has no effect on the Bitcoin one-month bullish chart.

FOMC intends to achieve maximum employment and inflation at the rate of 2 percent over the longer run by raising the target range for the federal funds rate to 4-1/2 to 4-3/4 percent. It also anticipates that increasing the target range will be appropriate to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. The Committee will reduce its holdings of Treasury securities, agency debt, and agency mortgage-backed securities.

Contrary to some opinion, the outcome of the FOMC meeting on the Crypto Industry as predicted by some market analysts will not drive the market to red as Bitcoins don’t consolidate much with inflation signals and the Federal Reserve raised interest rates by 25bps. Hence, the reason Bitcoin and other crypto are up right now.

More from my site

Bitcoin

Binance expands crypto access in West and Central Africa with mobile money integration

Published

2 months ago

Christopher

Binance expands crypto access in West and Central Africa with mobile money integration

This new service currently supports only BUY transactions, further simplifying the entry point for new crypto users in these regions

Binance (www.Binance.com), the world’s leading blockchain and cryptocurrency infrastructure provider continues to drive innovation and expand access to cryptocurrency in Africa, now allowing users in Benin, Cameroon, Ivory Coast, Democratic Republic of Congo (DRC), Togo and Senegal to purchase crypto directly through mobile money payments enabled through local partnerships.

This new functionality further strengthens Binance’s commitment to providing simple and secure access to cryptocurrency for users across the continent, reinforcing the platform’s vision of financial inclusion.

Samantha Fuller, Spokeswoman for Binance says “We remain focused on advancing financial inclusion and delivering user-friendly solutions for crypto adoption across Africa. This expansion into West and Central Africa is a significant step in our mission to increase crypto adoption, providing millions of people with more direct access to the global digital economy”.

This new service currently supports only BUY transactions, further simplifying the entry point for new crypto users in these regions, while providing them with a reliable and secure platform to acquire digital assets.

How to buy crypto:

Log in to your Binance app and select [Add Funds] from the homepage.
Choose your local fiat currency you wish to use by selecting the currency in the top-right column.
Follow the instructions to complete your crypto purchase.
Distributed by APO Group on behalf of Binance.

About Binance:
Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralisation and infrastructure solutions, and more. For more information, visit: https://www.Binance.com

Risk Warning: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser before investing. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.

BANKING

How To Become A MoniePoint POS Agent

Published

1 year ago

softchris4ol

How To Become A MoniePoint POS Agent

MoniePoint POS offers a handy way to handle financial transactions wherever you are. It can perform various transactions including money transfers, withdrawals, deposits, bill payments, and more. Getting a POS machine is now quite simple, requiring minimal or no initial investment, and is highly lucrative. MoniePoint stands out as one of the top financial service providers offering top-notch POS services: “How To Become A MoniePoint POS Agent.”

Getting a Moniepoint POS machine is considered as a wise business choice as you stand to gain a considerate amount of income with very little capital. If you are wondering how to get Moniepoint POS machine, then you are in the right place. In this article we will discuss about the requirements and procedures involved in getting a Monie Point POS Machine.

About Monie Point POS

Moniepoint POS is a financial product from TeamApt, a leading Fintech company in Nigeria, which started in 2019 as a platform for agent banking. Over time, the company has grown into a versatile business solution, supporting many small businesses in Nigeria with services like multi-channel payments, credit, insurance, and financial solutions for agents and banks. What’s important to know is that MoniePoint is fully licensed by NDIC and has PCI DSS certification, ensuring your card data’s safety. MoniePoint is changing the way we carry out financial transactions, emphasizing security, efficiency, and customer-focused financial services.

How To Become A MoniePoint POS Agent

How to Become a MoniePoint Agent

If you’re interested in becoming a Moniepoint Point of Sale (POS) agent, follow these steps:

Start by visiting the official Moniepoint website at https://moniepoint.com/
Complete the registration form designed for Moniepoint agents and submit your information.
Confirm your email address and phone number. Within 48 hours of registration, an agent from MoniePoint will contact you.
The agent will provide you with guidance on the necessary procedures. Once you’ve fulfilled the requirements, they will officially designate you as an agent.
Finally, log in to the MoniePoint POS dashboard to access and manage your account.

Documents Required to Register as a MoniePoint POS Agent

To become a MoniePoint POS Agent, you’ll need to provide specific documents as part of the registration process. These documents include:

A verified business license or CAC documents (for registered businesses only).
Your Bank Verification Number (BVN).
Proof of your residence, such as a PHCN bill.
Your bank account number.
An official identity card, which can be a National ID, Voter’s card, or any other nationally recognized identification card.

How to Get a MoniePoint POS

To obtain a Moniepoint POS, follow these steps:

Go to the official Moniepoint POS website
Create a business account by signing up and entering the required details
Inside your account, find the option to request a POS machine. Click on “Add a new POS” and adhere to the provided instructions.
Deposit funds into your account and complete the payment for the machine, which amounts to N21,500
Your POS device will be delivered to your location within 48 hours

What are the POS Charges for MoniePoint?

Compared to other service providers, MoniePoint offers one of the lowest and possibly the most affordable POS charges in Nigeria. These charges are determined by the number of transactions conducted and are not tied to a specific bank, unlike some other POS services. The standard charge for all banks in Nigeria is a fixed N20.

However, for withdrawals up to N4,000, the fee is a mere N6.2, but this fee increases as the withdrawn amount increases. Moniepoint does not impose additional bank-related fees, setting it apart from many other POS service providers.

Here’s a breakdown of the charges:

Moniepoint charges 0.5% of the transaction amount for withdrawals ranging from N1 to N20,000.
For transactions exceeding N20,000, a flat fee of N100 applies.
Transfers through Moniepoint incur a fixed charge of N20.

For data charges and TV subscriptions, Moniepoint POS offers the following commission rates:

MTN: 3% commission
Glo: 4% commission
DSTv: 2% commission
GOTv: 2% commission
PHCN (electricity): 2% commission
9Mobile: 4.5% commission
Airtel: 4% commission
Star Times: 2% commission

Benefits of Becoming a Moniepoint Agent

Becoming a MoniePoint agent in Nigeria comes with several benefits that make it a great choice:

Quick Payments: MoniePoint ensures you get your earnings without delay with instant settlements.
Lucrative Commissions: Moniepoint offers some of the best commission rates in the country, along with low service charges, which is why over 200,000 merchants have joined. You can be next.
Outstanding Customer Support: Moniepoint has a top-notch customer support team ready to assist you. They’re just an email or WhatsApp message away and respond promptly.
Reliable Network: Moniepoint’s dependable network keeps your POS devices working consistently. This is crucial to prevent business loss due to poor or no network signal.
Multiple Transaction Channels: MoniePoint provides various options for your financial transactions, including a mobile app, debit cards, smart POS, and regular POS machines. It gives you flexibility and convenience.

Conclusion

Becoming a MoniePoint POS agent is a smart move with a host of benefits. You’ll enjoy prompt payments, generous commissions, top-notch customer support, and a reliable network. With multiple transaction channels, you have the flexibility to serve your customers efficiently. As you embark on your journey as a MoniePoint POS agent, you’re not just joining a platform; you’re joining a community of successful agents and entrepreneurs. The potential for growth and success in the POS business is limitless. So, seize this opportunity, and you could be on your way to a rewarding and profitable venture as a MoniePoint POS agent.

Frequently Asked Questions

What’s the cost of a Moniepoint POS machine?

MoniePoint offers its POS machines to eligible merchants for a lease fee of ₦25,000, provided they meet the daily transaction target of ₦20,000.

What transactions can I perform with the MoniePoint POS machine?

Cash withdrawal
Fund transfer
Airtime purchase
Utility bills payment

What are MoniePoint POS Usage Rules?

Moniepoint POS Usage Guidelines:

Ensure a minimum of four daily deposits.
Maintain a daily transaction value of at least ₦70,000; failure to meet this requirement may result in the withdrawal of the POS machine.

How can I update my MoniePoint POS machine?

To update your Moniepoint POS machine, follow these steps:

Navigate to the home screen on your POS terminal.
Locate and open the “AppMarket” application.
Find the Moniepoint POS option.
Select “Update.”
Once the update is downloaded, click “Confirm” to install the update.

How can I contact MoniePoint?

You can contact Monie Point through any of the following means:

Office Address: 2 Wole Ariyo St, Lekki Phase 1, Lagos, Nigeria.
Phone: +234 814 150 0017 (Whatsapp only)
Email: support@moniepoint.com
Facebook: https://web.facebook.com/Moniepoint/
Instagram: https://www.instagram.com/moniepoint/
Twitter: https://twitter.com/moniepoint

BANKING

How to get Union Bank Loan

Published

1 year ago

softchris4ol

How to get Union Bank Loan

In pursuing your financial goals access to finance can be a huge hindrance to the success of achieving your financial dreams and goals. Securing a loan often helps to make a difference and serves as a catalyst to help you achieve personal and business financial goals. Union Bank is a renowned financial institution with a long-standing history in Nigeria, and will help you with a wide range of loans to help you achieve your financial goals be it personal or business: “How to get Union Bank Loan.”

In this guide, we’ll discuss Union Bank, how to get a loan from Union Bank, the steps to getting a loan from Union Bank, the benefits of Union Bank loans to customers, the types of loans offered by Union Bank, and the cons of Union Bank loans of any. If you want to get that loan to sort your financial needs from Union Bank then read on to learn how to go about it!

About Union Bank

Union Bank is a very trusted financial institution in Nigeria with a long history of serving the banking public of Nigeria, the bank was established in the year 1917 and has a rich of providing several types of financial and banking services and transactions to generations of Nigerians and for more than ten decades.

Union Bank has continued to develop and innovate throughout its over 100 years of existence to serve the needs of its millions of customers. Union Bank has a mission to deliver simpler, smarter banking solutions that empower its customers to achieve their financial goals, by offering a portfolio of banking services to individuals, SMEs, and commercial and corporate clients.

How to get Union Bank Loan

Does Union Bank Give Loan

Yes, Union Bank provides a variety of loans it is categorised into three main loan groups, payroll Loans, digital loans, and non-payroll loans. These loans are designed according to the purpose they are meant to achieve for the applying customers.

Types of Loans Offered By Union Bank

Union Bank offers a wide variety of loans depending on the needs of the loan applicants. The Union Bank loans are classified into three major broad categories and we’ll look at these loans according to their categorisation by Union Bank. The major categories of loans provided by Union Bank are:

Payroll Loans
Digital Loan
Non-Payroll Loans

Payroll Loans

The payroll loans offered by Union Bank are loans made available to salary earners who have their salary account domiciled with Union Bank. There are amazing bouquets of loan products designed for salary earners under the payroll loan category at Union Bank. These payroll loans offered by Union Bank come with cash-back rewards for customers who take a loan lasting for up to 2-5 years and repay such loans on time. The payroll loans available at Union Bank included:

Personal Loan: This is a loan designed for personal use for individuals to sort out financial needs. This loan serves as a quick cash option for persons with immediate financial needs, you can get this loan up to a maximum of 15 million Naira, with repayment time of up to 5 years maximum.
Salary Advance: This salary is designed for salary earners with their salary account domiciled with Union Bank, this loan allows you access to funds up to 50% of your monthly salary. This loan is given to customers as an overdraft and is meant to last for a maximum repayment period of 12 months at competitive rates.
Back-to-school Finance: This is a loan that is designed to help parents and guardians pay for their ward’s school fees instantly. This loan must be used for school tuition fee payment and nothing else.
Older Citizen Loan: This loan is designed to help pensioners enjoy a relaxed life during their retirement, this loan helps pensioners pension to work for them. With this loan you can get up to 10 million Naira maximum to finance any personal project you have dreamed of, this loan has a repayment period of 5 years.
UnionFlexi Loans: This loan is designed for high-annual salary earners to help Union Bank customers meet their financial goals. This loan is available to you if you earn at least 30 million Naira per annum, you can get access to up to 50 million Naira in loan approval with this loan.
Mortgage Loans: This loan is designed for salary earners who wish to build or buy a home or any other real estate of their choice. This loan provides you with a convenient financing option for purchasing the home of your choice, with a flexible repayment schedule over 15 years. This loan is provided at an interest rate of 16% minimum per annum and 19% maximum per annum. You can get access to up to 150 million Naira with this loan type over 15 years.

Digital Loan

This is a loan provided by Union Bank through its digital banking platforms, it is a loan available to salary earners with a Union Bank account through the Union Bank digital platforms. This loan and its application process saves you stress while providing you the financial needs. The payday loan is the only digital loan offered by Union Bank currently.

Payday Loans: The payday loan is designed to provide salary earners with much-needed finances to attend to their financial needs and pay back the loan within a month. This loan can provide you with up.to 50% maximum of your monthly salary without the need for collaterals. You can apply for this loan through the UnionMobile App or by dialling the USSD code *826*41# after which you will be required to follow the other prompts.

Non-Payroll Loans

This is a type of loan that is given to businesses and business owners who are not on a salaried income. This loan is provided to all sorts of businesses regardless of your business size. This loan is designed to help businesses expand and upscale.

Self-Employed Loans: This loan is designed to provide access to funding up to ₦5 million to help run the daily operations of large-scale businesses in any location across Nigeria. This loan has a clean-up cycle of 90 days.
Self-Employed Revolving Overdraft: This loan provides access of up to ₦5 million to large-scale businesses to facilitate the day-to-day operations of the business in any location across Nigeria. This loan has a clean-up cycle of 60 days. This loan has a tenor of six months.
Cash-backed Loans: This loan is designed for customers with an investment portfolio with Union Bank, this loan can be used to attend to your personal financial obligations or business expansion and upscaling needs. This loan is backed by your investment with the bank.

Union Bank Loan Interest Rate

Union Bank offers loans at interest rates that are competitive with the market rates. Customers wishing to request a loan from Union Bank should expect interest rates ranging from 1% to 19% per annum or more depending on the loan type.

Union Bank Loan Eligibility

The different types of loans provided by Union Bank have their eligibility requirements without which you will not be allowed to get a loan approval from the bank. The various Union Bank loans and their eligibility requirements are listed below:

Personal Loan

You need to have your salary account domiciled with Union Bank
You need to earn a minimum monthly salary of ₦15,000
Your salary account must have been domiciliated with Union Bank for at least 1 month

Salary Advance

Your salary account must be domiciled with Union Bank
You have to earn a minimum monthly salary of ₦15,000
Your salary account must have been domiciliated for at least one month with Union Bank
You can only get a maximum loan amount of 50% of your salary

Back-to-School Finance

You must show evidence of school fee bill to the bank
The loan can be 3 monthly tenured for termly fees payment or 12 monthly for session school fees payment
Your salary account must be domiciled with Union Bank
Your salary account must have been domiciled with Union Bank for more than one month

Older Citizen Loan

Your pension account must be domiciled with Union Bank
Your pension account must have been domiciled with Union Bank for at least one month
Your minimum monthly pension must be at least ₦10,000

UnionFlexi Loans

You must earn at least 30 million Naira per annum to be eligible for this loan
Your salary account must be domiciled with Union Bank
Your salary account must have been domiciled with Union Bank for more than one month

Mortgage Loans

You must be between 21 and 65 years
You must have a minimum monthly salary of N250,000. Your spouse’s salary can also be considered if you are married
Pictures of the property
Receipt of copy of the registered title (C of O, deed of assignment, deed of conveyance, or right of occupancy) to property backed by power of attorney or duly attested court affidavit
Land survey
Valuation report (to be conducted by the bank)
6 months’ account statement (minimum 1 month with Union Bank)
Offer for sale of property from a reputable vendor/agent
Instruction to debit your account for Legal search, equity contribution, valuation, perfection, comprehensive insurance cost, and management fees

Payday Loans

You need to have an account with Union Bank
Your salary account must be domiciled with Union Bank
Your salary account must have been domiciled with Union Bank for at least three months

Self-Employed Loans

You must have an average credit turnover of ₦500,000 per month
You must have been with the bank as a customer for at least six months
You need to be a working large-scale business

Self-Employed Revolving Overdraft

You must have an average credit turnover of ₦50,000 per month
You need to have an average net turnover of ₦10,000 per month

Cash-Backed Loan

You must have an investment portfolio with Union Bank
You need to have target savings accounts with the bank (e.g UnionKorrect, UnionFlex etc) CASH BACKED APPLICATION FORM – TSPs
You need to have cash-backed investments with the bank

Union Bank Loan Application Process

The application for any of the Union Bank loans is done through the use of the Union Bank loan application form portal at Union Bank loan application. This loan application form is meant for the loan applicants to fill out accordingly depending on the type of loan the applicant is requesting.

Benefits of Union Bank Loan

Union Bank loans come with several benefits depending on the category of Union Bank loan you’re applying for. Some of the main benefits of the Union Bank loans are:

Personal Loan

The loan tenor is long and gives space for repayment without strain, especially for low-income salary earners
The maximum loan amount is reasonable at 15 million Naira given the maximum repayment tenor attached to the loan

Salary Advance

With this loan, you will have access touch needed funds to sort your financial needs while waiting for your salary to be paid
With a minimum salary of ₦15,000, you can access the Union Bank salary advance loan
This loan is given as an overdraft to customers at an interest rate that is competitive

Back-to-School Finance

You will get access to much-needed funds to help you offset school fees for your wards
This loan ensures you do not strain on the payment of school fee obligations

Older Citizen Loans

This loan helps older citizens achieve their post-retirement financial dreams and goals
The loan repayment period is spread out to up to 60 months (5 years)

UnionFlexi Loans

This loan is suited for executing large projects by large corporations and individuals with very high annual salary earning
This loan has a competitive repayment period of 60 months repayment period
You can get up to a maximum of 50 million Naira with this loan

Mortgage Loans

You get access to a substantial amount of funds to get the home of your dream
With this loan, you can get access to other personal loans while using the residential property as collateral
The repayment time for this loan is long and affords customers time to be able to repay the loan without defaulting

Payday Loans

This loan provides you access to quick cash to settle your financial problems
Payday loan helps you get access to up to ₦500,000 subject to 50% of your monthly salary from Union Bank without any collateral

Self-Employed Loans

This loan provides your business with daily operations financing funds up to a maximum of 5 million Naira
With this loan, your business will not suffer from a shortage of daily operational funds

Self-Employed Revolving Overdraft

This loan helps provide small-scale businesses with daily operational funds to run their business provided the business meets the eligibility requirements of the loan
You can get up to a maximum loan amount of 5 million Naira

Cash-Backed Loan

You can access up to 80% of your investment with Union Bank in loans through cash-backed loans

Cons of Union Bank Loan

Union Bank provides affordable loans to customers with plenty of benefits, the Union Bank loans also have a few downsides some of which include:

You can only get a loan tenor of 12 months with the Union Bank salary advance loan
You cannot get more than 50% of your salary as a loan for the Union Bank salary advance loan
You cannot get the salary advance loan if your salary account is not domiciled with Union Bank
The self-employed loan has a very short loan tenor and clean-up cycle that may put businesses in jeopardy of defaulting on loans

Conclusion

Getting a loan from Union Bank guarantees you good rates and a substantial loan amount even if you’re a low-income earner. This is because the personal loan offered by Union Bank has a maximum repayment term of up to 5 years and you can access the personal loan if you earn up to ₦15,000 minimum as your monthly salary. If you wish to request a loan, Union Bank is the bank to go to, because you are assured of affordable interest rates, favourable repayment time, and reasonable loan amount consideration. See