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Startup - November 24, 2021

How are Nigeria Cryptocurrency Platforms still Gaining Dominance Despite the Ban?

Nigeria has come a long way with the usage of cryptocurrency platforms. Despite the ban by the Central Bank of Nigeria in February this year, Cryptocurrency platforms in the country are still thriving. 

The adoption of cryptocurrency in Nigeria has risen steadily since the ban in February. A survey conducted one month following the government’s ban indicated that 32% of Nigerians utilise digital currency. In May, Chiananalysis, a blockchain research company, reported that Nigeria had received $2.4 billion in cryptocurrency. The sector is thriving in the face of adversity due to the new ways people have used to buy cryptocurrencies in Nigeria and continue crypto-trading.

One includes peer-to-peer platforms for people to buy crypto with Naira straight from the exchange on P2P sites. Instead, you buy it from another person. The P2P deal is merely a marketplace that connects buyers and sellers.

Another way is cross-border transactions. The ban has no effect on the usage of cryptocurrency for cross-border transactions which  financial institutions do not support. Cross-border transactions were already one of crypto’s benefits over the naira before the ban, and the restriction has had little or no effect on them.

In Nigeria cryptocurrency platforms are raging with dominance despite the ban. With platforms like Patricia, Quidax and Busha  that create seamless processes for crypto transactions. Recently, Busha, the Nigerian cryptocurrency exchang,e acquired $4.2 million in venture capital to expand across Africa.

More on Busha

Busha is a cryptocurrency platform that allows users to purchase, trade, and manage their cryptocurrency portfolios through a simple mobile app. The platform helps you accept payments online locally or globally.

The firm has been scaling across Nigeria, and has now raised a seed round of $4.2 million to expand its market position across West Africa and other parts of the continent.  Jump Capital led the round, which included investors such as Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and others. 

 “Our immediate mission is to onboard the next one million Africans into the crypto economy. We have seen the significant difference in financial freedom that crypto can make in the lives of our over 200,000 users, and we are very motivated to extend this to more people on the continent,” said Michael Adeyeri, co-founder and chief executive officer (CEO) at Busha.  

READ MORE: South African Tenants Can Now Earn on Deposits Using Cryptocurrencies

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