The cryptocurrency craze is dawning on Africa, a digital way to make payments ; swift transactions with less bulk and the ability to pay out whenever and wherever, upon the owner’s convenience. Online payment users in Nigeria are starting to take digital currencies more serious particularly bitcoin, which could be a solution to further ease Nigeria’s payments for the future and propel increased economic development.

Of course it is important for the required authorities to fully vet the ability of digital money to be secure in order to avoid users being scammed into losing their finances.The committee set up by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) will look into the possibility of adopting the technology.

Japan is a good example, having accepted Bitcoin as a legal currency in April and more countries have started considering the possibility of legalizing the cryptocurrency as a payment method.

Why legalize cryptocurrency

It is more resistant to wild inflation, devaluation, import policies, currency fixing and corrupt banks.

Cryptocurrency is a true floating currency whose value is determined by demand and supply.

The case for Nigeria’s banking system vis-a-vis cryptocurrencies

With the ever increasing number of mobile and internet users, business online is the way to go. Nigeria is lucky to have a relatively good banking system where online payments are possible with players such as Zenith bank, Citibank, Access bank being the core and card payment systems such as Mastercard, Verve and Visacard being the commonly used payment alternatives.

The goal is to combine the use of cryptocurrency with Nigeria’s online card systems and the question would be  – how can a crypto owner use his digital money on Nigeria’s card systems to transact with businesses ?

Dusupay live in Nigeria

Dusupay boosts functionality of businesses in Nigeria through connecting online clients with their businesses whereby the clients can now purchase using their cryptocurrency and businesses receive payments through the cards. Dusupay bridges the transactions by ensuring that the digital money of the customers can be converted and received by businesses on their card payment systems and vice versa when businesses are paying out to clients.

Leave a Reply