Around the globe, cryptocurrency is gaining momentum, people are trading with digital currencies and more countries are adopting them. Although cryptocurrency is becoming increasingly popular in Nigeria, its strongest supporters are mostly the cybergeeks and upper middle-class citizens. This leaves more than 40% of Nigerians excluded from cryptocurrencies. However, cryptocurrency holds tremendous potentials for the poor and marginalized in Nigeria.
Cryptocurrencies hold a lot of advantages to people isolated in villages, improvised urban communities or people lacking access to banking infrastructure or credit. With cryptocurrency, the poor can reduce the excess remittance fees, get greater access to financial aids, combat inflation and even acquire loans without the need for huge collateral.
Cryptocurrencies Can Give Better Banking Access to the Marginalized
A lot of Nigerians still lack access to bank facilities. With a population of 196,116,623 million people, only 33,951,113 have a Bank verification number. However, a total of 170 million registered sim cards exists in the country. While cryptocurrency wallets can be held on mobile phones, banks despite having mobile applications will only allow you perform a complete transaction of sending and receiving money if you have a Bank verification number. With cryptocurrencies, people can get aids faster and get loans without third-party charges and huge collateral.
Cryptocurrency Can Help in Remittance and Combating Inflation
Africa is constantly plagued with unstable currencies. The Zimbabwean dollar has since lost its Value and the Nigerian Naira is constantly struggling against the USD. Despite the political and economic instabilities in the country, people are placing their trust in cryptocurrencies. Also, cryptocurrency makes Remittance easier as people in diaspora can send money to their poor family members without having to pay the excessive charges of most payment gateways.
What do you think about cryptocurrency transforming lives? Share your opinion with us in the comment section below.
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