Luno restructures to deepen Nigeria’s cryptocurrency market

Luno, a leading global cryptocurrency company with presence in Nigeria has announced plans to restructure their services in Nigeria, because of concerns about the consumers’ limited knowledge of cryptocurrency and how it works.

In 2017, cryptocurrency in Nigeria made headlines after Nigeria appeared twice in second place on Google as the country that searched for Bitcoin and peer-to-peer transactions in digital currency globally.

Since then, many investments and investors have flooded the market, which has led to increased surveillance of space by financial regulators.

The Central Bank of Nigeria (CBN) said it is currently studying the market to develop a regulatory framework that will protect each player, but continues to warn financial institutions not to adopt a market policy.

Although CBN’s position has not affected demand in the market, it may have contributed to poor consumer awareness, as many are trading Bitcoin for profit and not otherwise; because they understand the crypto market.

Luno’s Country Manager in Nigeria, Owenize Odia, said at a press conference held in Lagos; “We welcome regulation of the crypto-currency space in Nigeria. It is good for the entire market around the world, as it would build trust in both buyers and investors. We know it would eventually come, hence we self-regulate in order to protect our customers.”

Odia added that cryptocurrency education would also benefit the market because it would guarantee people a knowledge-based approach. The regulation will also strengthen collaboration in space, as banks will be free to collaborate with stock exchanges and other stakeholders for market growth.

This would also help to reduce the growing incidence of cybercrime, involving cryptocurrencies, as the market has been inundated with reports of victims of Internet fraud that could have been avoided if the victims had been better equipped.