What is SiBAN? – All You Need to Know About the Nigerian Blockchain Association

Today’s post is centred on SiBAN – Nigeria’s Blockchain Association.

SiBan is simply an acronym for Stakeholders in Blockchain Technology Association of Nigeria.

It is a self-regulatory body with the mission of growing the cryptocurrency and blockchain industry in Nigeria.

After reading this post, you will find out what SiBAN is all about and how it works.

Without much ado, let’s get to it.


Post Summary

This part contains the layout of all that will be discussed today.

It includes:

For convenience, if you will want to peruse through any of the listed subheadings, simply click on it.

Happy reading!


What is SiBAN?

What is SiBAN?

SiBAN, as mentioned earlier, is an acronym for Stakeholders in Blockchain Technology Association of Nigeria.

SiBAN is a self-regulatory body and was founded by stakeholders in Nigeria’s blockchain. 

It was launched in 2018 and has Paul Ezeafulukwe as its President.

It is located at SiBAN Community SiBAN House 7 Kafi Street, Alausa, Ikeja, Lagos, Nigeria.

Since its inception, SiBAN has not failed to keep the crypto niche in Nigeria safe.

This it does by intervening timely in cases concerning registered members of the organization.

In a bid to serve Nigerians better, it introduced SiBAN Scam Alert as a way of curtailing the activities of scammers.

Now, individuals can report scam sites to SiBAN and it will be rebroadcasted on its network.

The scammer’s details will then be published in SiBAN Blacklist. This we can see in the case of Inksnation, the promoters of Pinkoin. 

Moreso, SiBAN seeks to educate the public about blockchain and cryptocurrencies through awareness campaigns.

It also produces a bi-monthly newsletter called Pizza which features news on the crypto niche in Nigeria and generally across Africa.

That’s it on ‘What is SiBAN’.

Moving on, let’s see why this organization was created in the first place.

Find out below.


Why Was SiBAN Created?

Following the number of crypto-friendly countries in Africa, we can infer that the blockchain technology is one of the biggest opportunities for the African continent.

Nigeria, Africa’s biggest country, is counted among the biggest players in the globe with a vast number of exchanges and a Bitcoin ATM.

As such, there was an influx of many scam sites all parading as the real deal.

SiBAN was created to sanitize the Nigerian crypto-verse by doing the following:

  • promoting its adoption by both private and public bodies
  • supporting players in the space
  • educating users and members of the public about the blockchain technology
  • ensuring consumer protection and safeguarding against scams
  • working with regulators to help maximize the untapped potentials of the blockchain

Having seen why SiBAN was formed, let’s go see how to become a member of SiBAN and help keep the Nigerian crypto-verse neat.


How to Become a SiBAN Member

The registration exercise to become a member of SiBAN for the year 2020 was announced on 20th March.

Registration is open for all membership categories with various membership benefits attached.

To become a member, you will have to register with SiBAN. The instructions on how to do that are as follows:

  1. The membership registration process is a 2-step registration process:
    • application form and payment for membership
    • KYC submission
  2. To complete number 1, go to this page.
  3. When done with number 1 above, you will receive a confirmation email from the SiBAN Membership Desk next Saturday.
  4. Click on the link in the email to complete and submit your KYC form online.
  5. After submitting your KYC form, it will be reviewed by the SiBAN Membership Desk.
  6. Then a confirmation email containing a link to join SiBAN’s exclusive group for registered members only will be sent to your mail.

Congratulation! You are now a bona fide member of SiBAN.

NB: While preparing to register, take note of the following:

  • Payment is required to be made in any of the following cryptocurrencies: Bitcoin, Beam, Dash, EOS, and Ethereum.
  • To become a registered member, completion of the two-step process is mandatory. Ensure that you complete the two steps.
  • Ensure that your evidence of payment is properly documented. Submit to the SiBAN Membership Desk through the membership application form.
  • The payment of membership application fee is non-refundable and irreversible.
  • Membership application is not automatic but subject to verification and review.

Get more information about this here.

I mentioned ‘Membership Categories’ earlier, right?

In this next section, I am going to discuss that in earnest.

Just scroll down.


SiBAN Membership Categories, Type of Node, and Fees

Find details about them in the table below.

CategoryTypes of PersonsTypes of
Node
Membership
Fees
1.UndergraduatesStudent Node4,000NGN
($10)/year
2.NYSC CorpersCorper Node6,000NGN
($15)/year
3.EnthusiastsEnthu Node8,000NGN
($20)/year
4.ExpertsXpert Node12,000NGN
($30)/year
5.Traders, Merchants,
and Miners
Trader Node
Miner Node
14,000NGN
($35)/year
6.Corporate BodiesMaster Node40,000NGN
($100)/year
7.Digital Asset
Exchanges
Xchange Node40,000NGN
($100)/year
8.Professional
Bodies
Pro NodeDonations
accepted
9.Virtual Assets
Regulators
Governing NodeDonations
accepted
10.Educational and
Research
Institutions
Edu NodeDonations
accepted
11.Honorary
Members
Honour NodeDonations
accepted
12.Non
Governmental
Organization
NGO NodeDonations
accepted

How Do I Contact SiBAN?

You can reach the team via the following channels:


Frequently Asked Questions

How can I make payment?

Payments are made in cryptocurrencies; no fiat currencies accepted.
The membership fee can be paid to any of the following cryptocurrency addresses.
– Bitcoin: 3CUhusoj1BXwHsDbACL5qe3BLrm1zQt384
– Ethereum: 0xfd2d6f3b73f6bc3fd8eb95a3579ab3b10042426b
– EOS: sibanaccount
– Dash: Xy6o7WhKVRyvGGrJdDZ5zA2WjGXULjPfuA
– Beam: 68199afcb0682f4468d3d1e675880970b5fc1f0a9dae63319523afd0bf9ba9f704

Do I become a SiBAN member by merely filling the registration form and submitting?

No, please.
When you submit your application, it will be reviewed by the SiBAN team before approval is sent.
Until you are approved, you are not a member yet.


Conclusion

Here is the last part of our review.

So far, we have seen and learnt all about the Nigerian Blockchain Association.

Before you go ahead with your comments or questions, let me know your thoughts on these:

Considering the benefits involved, will you be registering with SiBAN? What category will you go for?

If you are a member already, what has been your experience as a SiBAN member?

What more do you think the Nigeria Blockchain Association should be doing to fight scam in the Nigerian crypto-verse?

Let me know what you think in the comment section below. There too, you can drop your comments and questions(if any).


Read more about the Blockchain Technology in these posts:-

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