GTCO Financial Results

Regulatory Overview - Nigeria 2021 The Central Bank of Nigeria (CBN) directs lending institutions to obtain borrowers' credit report from credit bureaus as part of their due diligence Q1 process in granting loans. CBN directs banks to open dollar bank accounts automatically for customers to facilitate remittances. CBN prohibits deposit money banks (DMB), non-banking institutions and other financial institutions from trading and dealing in cryptocurrency. CBN extends discounted interest rate for its intervention facilities by 12 months. CBN introduces "CBN Naira 4 Dollar" scheme to provide Nigerians in the diaspora with cheaper and more convenient means for remittances to Nigeria. CBN and Nigerian Communications Commission (NCC) announce a flat rate fee of N6.98 per transaction for USSD services. CBN launches a new forex repatriation scheme known as RT200 FX Programme (Race to US$200 billion in FX Repatriation) anchored on reaching a goal of US$200 billion in non-oil exports to improve FX repatriation over the next 3-5 years via non-oil exports revenue. CBN launches the digital currency project of the naira; e-Naira. CBN commences the Implementation of Basel III; the third set of regulations of the Basel Accord to guide reporting for Banks and will run concurrently with the existing Basel II for six (6) months period. Global financial markets transition from using LIBOR -the interest rate benchmark used in pricing - to Secured Overnight Financing Rate (SOFR). Q4 " " " " CBN plans to include sugar and wheat to the list of commodities banned from accessing foreign exchange (FX) from the official market. CBN licenses 10 additional International Money Transfer Operators (IMTO). CBN removes N379/USD rate from its website and makes NAFEX the default exchange rate, signalling gradual harmonisation of rates. CBN sets new capital requirements of N2 billion for Fintechs. CBN sets new standard and regulatory framework for non-bank acquirers. CBN halts FX sale and issuance of new licenses to Bureau De Change (BDC) operators, directs DMBS to sell FX directly to customers. CBN warns micro-finance banks (MFBS) against wholesale and FX transactions. President Buhari signs the Petroleum Industry Bill (PIB) into law, weeks after the Senate approved it. CBN directs DMBS to publish the names and BVN of customers who engage in fraudulent FX practices. CBN appoints Bitts Inc. as technical Partner for its proposed digital currency project; e-naira, set to be launched in October 2021. Q2 Q3 09

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