Can Nigerian Businesses Start Accepting Cryptocurrency as a Payment Option?
Posted On July 28, 2022
The rise of cryptocurrency in Nigeria is not new. In fact, Nigeria has been a purposive location for the crypto market despite the Central Bank of Nigeria’s crypto ban. Regardless, Nigerians have continued to adopt cryptocurrency at a massive scale.
How Popular Is Cryptocurrency In Nigeria?
According to the Chainalysis report in 2021, it was revealed that the crypto market in Nigeria grew by 1200 per cent in one year. In the same year (2021), it was also revealed that Nigerians traded an estimated 316.9 billion Naira ($763 million) worth of Bitcoin, with over six(6) million crypto transactions and 16,000 transactions per day on Paxful alone. The peer-to-peer crypto trading platform said that Nigeria was the number one country on its platform that year.
As of late 2021, it was reported that about 34% of the Nigerian population had traded cryptocurrency in the last 6 months. These reports place Nigeria among the top countries globally in terms of crypto transactions. The numbers are big and don’t seem to stop or reduce despite the crypto ban in Nigeria .
Cryptocurrency has not been accepted as a legal tender yet in the country and as known, the Nigerian government is very unfriendly to crypto and its transactions. However, crypto experts believe that the country has to be cautious about its take on cryptocurrency and call off the ban for the betterment of the country.
“Nigeria may one day accept cryptocurrency as a legal tender, and if so, it should be now!” Experts say.
What Does Accepting Cryptocurrency As A Payment Method Mean For Nigeria and Its Businesses?
While banks and other financial institutions are prohibited from transacting in cryptocurrencies in Nigeria, crypto has not yet been deemed illegal but it is unregulated. Due to a serious threat to the nation’s financial system, the Central Bank of Nigeria ordered all commercial banks and lenders to cease all cryptocurrency-related transactions and operations last year. Given that over 50 million people in Nigeria use cryptocurrencies, the country’s ban on them has a significant negative impact on the country’s youth. Many cryptocurrency trading platforms in Nigeria were shut down during this time and businesses that accept cryptocurrency as payment methods were affected. Numerous bank accounts that were suspected of dealing in cryptocurrencies, as well as their funds, were also closed.
Any bank transaction that references “crypto,” “bitcoin,” “P2P,” or any other crypto-related phrases will be locked away alongside the account.
Certain countries have accepted cryptocurrency as a form of payment such as El Salvador, the Central African Republic, the United States of America, the United Kingdom, Canada and many others. This acceptance gives brands and businesses reliable, fast and safer means to trade and secure funds effectively. By accepting cryptocurrency as a payment method in Nigeria, brands and businesses in Nigeria can reduce the cost of transaction processing, protect their businesses from excessive chargebacks, expand the market and cater to consumer preferences.
How Can Businesses In Nigeria Accept Cryptocurrency As A Payment Method?
I mean, cryptocurrency is a revolutionary way of expanding the market and cryptocurrency is booming in the country. It is indeed a wise investment for business owners to adopt cryptocurrency as a payment option for their customers.
But how can your business accept cryptocurrency without having to risk your business or face certain challenges you are prone to. The transaction speed, costs, limitations or having to pick from a large pool of platforms to convert the crypto to fiat are among the many issues Nigerian businesses face with cryptocurrency.
How To Convert Cryptocurrency To Cash In Nigeria
The crypto community keeps innovating and unique measures have been taken to curb these issues. The best way for businesses in Nigeria to accept cryptocurrency as a payment method is using The Breet App . Breet is an OTC cryptocurrency exchange platform that enables individuals and businesses to instantly convert their cryptocurrency to cash money if they merely want to accept cryptocurrency and get a flat equivalent of their coin. With Breet’s over-the-counter approach, you may avoid the headache of repetitive charts of the cryptocurrency market and monotonous explanations of what and how cryptocurrency works. Without using peer-to-peer trading or a third-party agent, Breet enables users to safely convert and withdraw their crypto coins into actual money easily.
With Breet, you may exchange and withdraw your cryptocurrency without using a third-party agent or peer-to-peer trading. You can have cash in your hand in less than five(5) minutes with just one click.
You may sell bitcoin in Nigeria with Breet at the snap of your finger. The fact that businesses may now accept cryptocurrencies as payment choices without making their clients wait hours to confirm payment is a fantastic benefit all by itself.
Breet is unrestricted as well. There are no additional fees, including processing, receiving, or withdrawal fees. Breet has never been charged. For many Nigerian cryptocurrency dealers, Breet’s free usage eliminates their problem with expensive and irregular fees.
On Breet, there is no cap on the amount you can deposit or withdraw. Before you may withdraw, you don’t need to have enough cryptocurrency to equal roughly 10,000 Naira. With Breet Exchange, you may even withdraw as little as 1,000 Naira.
Breet is easy, cost-free, and accredited. Before accepting that Breet is, perhaps, the best crypto trading platform in Nigeria right now, there isn’t much sugarcoating to say. The Breet app’s stellar reviews provide compelling proof.
So, what are you waiting for?! Start accepting cryptocurrency as a payment method today for your business and expand beyond the traditional market.
Get started by downloading Breet App on Google Play Store or Apple App Store.
Hoping into the crypto market as a business means you have a lot to learn, be sure to follow reliable cryptocurrency blogs and news to always remain relevant on the page. And… There we go, Breet makes cryptocurrency easy and business owners happy!