Almost a third of Nigerians either use or own cryptocurrencies according to a recent survey by the World Economic Forum (WEF) in collaboration with Statista, a leading resarch and analysis platform.
According to the survey, cryptocurrencies are mostly used for remittances due to the high cost of sending money across borders using conventional means in the country.
SEE ALSO: Central Bank of Nigeria Says it is ‘Not Comfortable with Crypto at this Time’
The use of crypto plugins to phone payment options among businesses was also identified as an increasingly popular use case of crypto in Nigeira, Africa’s largest economy.
Education and awareness in crypto in Nigeria seem to have paid off.
In an exclusive with Bitcoin KE, Senator Ihenyen, the President of SiBAN, the Blockchain Association of Nigeria, said:
“While the statistics is not so much of a surprise considering that Nigeria has remained on the top of the global chart for bitcoin searches on Google, it is amazing to see that crypto has become more common amongst Nigerians than other countries. This is good news to the Nigerian crypto community.
Crypto awareness has continued to grow in Nigeria, and it will continue to. Nigerians—particularly young people—are increasingly mobile, techy, and enterprising, and mobile penetration continues to improve in the country. While crypto wallet users and holders in countries such as Germany, Japan, and the US for example may expectedly have bigger crypto wallets, the statistics focuses on the level of crypto awareness. Nigeria’s crypto market is highly people-led especially with a vibrant P2P market.
On our path at SiBAN as a self-regulatory body in Nigeria’s emerging blockchain industry, we have designed The Baobab Tree to drive blockchain & crypto education in Nigeria through collaborations. This also includes capacity building. Recently, SiBAN secured partnership with Binance to train at least 100 Nigerians on blockchain development. We believe that to deepen growth and development, we must secure the future. Capacity building is key.”
– President, SiBAN
The latest report comes amidst a recent crypto regulation by the Central Bank of Nigeria requiring all banks and and deposit-taking firms to close accounts associated with crypto exchanges and individuals trading in bitcoin.
The above report further cements an earlier report by CoinMarketCap which showed that Nigeria was leading globally in youth crypto adoption largely fueled by a growing youthful population on the continent.
RECOMMENDED READING: Africa was Second Fastest-Growing in Youth Crypto Adoption with Nigeria Leading Globally, Says CoinMarketCap Report
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