Lagos Nigeria Looks To Crypto For Payments

Lagos Nigeria Crypto Payments

Lagos Nigeria Looks To Crypto For Payments

Lagos Nigeria Crypto Payments

According to data from Google Trends, Lagos, Nigeria is the number one city based on the volume of online searches for Bitcoin (BTC). This data indicates a high level of interest among the city’s approximately 21 million people but it has yet to equate to tangible adoption of the emerging trend of technology.

“Lagosians” who are aware of the existence of Bitcoin see the top-ranked cryptocurrency as a substitute for the United States dollar.

Payment companies like PayPal do not allow Nigerians to receive money transfers from abroad which is necessitated  by the notoriety of internet fraudsters in the country while other companies that offer such services charge high.

This is making the city’s growing freelancing community turn toward cryptocurrency payments. Many of the youth in the city, having battled with underemployment or unemployment, have sought to try their hands outside the traditional working environment.

The National Bureau of Statistics (NBS) reports that Nigeria’s unemployment rate rose to above 23 percent in 2018. In a city like Lagos, many young university graduates can be seen making a living as freelancers, offering services from copywriting to website design and even computer programming.

Given that many of their clients are based abroad, there can be issues with receiving payment for the work done. However, with a BTC wallet and a plethora of local exchange services, these freelancers can receive payments easily from clients spread across the globe.

Apart from freelancers, business owners are also using Bitcoin, as well as other crypto-focused platforms, as substitutes for foreign currency and banks.

Victor Alagbe, the Chief Operating Officer (COO) and Blockchain Strategist at OneWattSolar, an energy startup looking to leverage blockchain technology in boosting renewable energy adoption across Africa, in a message to Cointelegraph, said:

“I see crypto taking up a strong position in the remittances space. It’s often cheaper, less stressful (in terms of documentation) and faster to send and receive crypto. Many younger folks in the diaspora are now leveraging crypto to send money back home. Some techies working remotely are also getting paid in crypto.”

Nigeria has over 100 million active internet subscriptions.

45 Comments

  1. Hello there! This post couldn’t be written any better!Reading through this post reminds me of my good old room mate!He always kept chatting about this. I will forward this article tohim. Pretty sure he will have a good read. Manythanks for sharing!

  2. I’d should test with you here. Which isn’t one thing I normally do!I get pleasure from studying a puut upp thazt cann makke individuals think.Additionally, thanks for allowing me to comment!

  3. I do agree with all of the ideas you’ve presented in your post. They are really convincing and will definitely work. Still, the posts are very short for starters. Could you please extend them a little from next time? Thanks for the post.

  4. Heya i’m for the first time here. I came across this board and I find Itreally useful & it helped me out much. I hope to give something back and help others like you helped me.

  5. Hi there, just became aware of your blog through Google, and found that it is really informative. I?m gonna watch out for brussels. I will be grateful if you continue this in future. Numerous people will be benefited from your writing. Cheers!

  6. คลิปหลุด เว็บโป๊ใหม่ คลิปหลุดนักศึกษา สาวน่ารัก คลิปโป๊ javhubpremium ไลฟ์สด mlive หนังโป๊มาใหม่ทุกวันคลิปหลุด

Leave a Reply

Your email address will not be published.