Many African consumers are fed up with the status quo of local currencies and existing payment platforms — and believe crypto could be the answer.
Nigeria News
Nigeria is seventh most populous country, and most populous in Africa. Nigeria also has the largest economy in Africa, with more than $500 billion of nominal gross domestic product. The Word Bank considers Nigeria to be an emerging market and is widely seen as a perspective economy. Still, it ranks 152nd in the Human Development Index and has a large variety of problems regarding the lack of education, organized crime and human rights. Bitcoin is legal in Nigeria, but the Nigerian SEC, or Securities and Exchange Commission, warned citizens about cryptocurrency investments being risky and sometimes even fraudulent. However, the Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria have plans to adopt cryptocurrency technology and have several sub-committees working on implementing blockchain into governmental insurance and financial services.
- Explained
- News
by Helen Partz
Nigeria-based Satowallet has allegedly performed a $1 million exit scam as users have been unable to access their crypto since April.
- News
Keith Mali Chung — co-founder and president of African blockchain firm Loopblock Network — has returned almost $80,000 worth of Bitcoin mistakenly sent to his w...
- Analysis
Blockchain technology is finding real-world utility across Africa via public-private partnership agreements in solving some of the continent’s burning issues.
- News
by Aaron Wood
A prominent Nigerian politician has called for a formal legal framework for cryptocurrencies and blockchain technology so the country is not left behind.
- Analysis
Lagos has an interest in crypto, but adoption is slow, with many only considering Bitcoin as an alternative means of receiving foreign payments.
- News
Paxful Inc. has been accused of defrauding Nigerian investors out of millions of dollars worth of crypto through arbitrary account closures.
- Analysis
From Venezuela to India, crypto is being increasingly used in times of economic crisis.
- Sponsored
Blockchain lottery operator Quanta moves to reap the benefits of Nigeria’s gaming fever.
- News
The Nigeria Deposit Insurance Corporation’s director defined Bitcoin’s disintermediation and fintechs as “critical concern to the corporation.”
- News
The presidential candidate of Nigeria’s leading opposition party promises to regulate cryptocurrency if he wins the elections in February.
- Analysis
Bitcoin and blockchain tech are ripe for mainstream adoption in Africa, where the population is well positioned to embrace the innovative technologies.
- News
An executive at Nigeria’s Deposit Insurance Corporation has warned citizens away from crypto, citing a lack of backing in any “physical commodity”
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by Guest Author
Entrepreneurs in emerging markets can benefit from a new generation of democratized and tokenized investments in private companies thanks to ICO strategies.
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