Buying BTC in Nigeria enabled means that finally several people in Nigeria who are not financially included or unbanked can enjoy the financial freedom crypto brings. Fiat is popular and circulates well in the country and Africa as it is the most popular means of exchange the poor and the deprived have access to. Recently, there have been chances to buy BTC has been emerging in Nigeria in response to interest and demand.

Buying BTC in Nigeria is made possible by Yellow Card, a startup that provides a platform for interested clients like tech-savvy Nigerians the opportunity to buy Cryptos online using various means. Clients could purchase Bitcoin through bank transfers, and ATMs.

Clients with fiat currencies also can get to purchase Cryptos from Yellow Card shops as they only have to buy a yellow card voucher with 16 digits and convert it in their mobile app.

The startup only provides Bitcoin core, and Dash currently but soon will add Bitcoin cash and Tether to the list of coins it provides.

Chief Brand Officer at Yellow Card, Munachi Ogueke said more of the demand they attend to are from clients with bank accounts who move a lot of money but then the cash option is also thriving well. He reveals that the firm currently is working on expansion within Lagos, the capital city of Nigeria and Abuja, the county’s Federal capital.

Financial exclusion in Nigeria

With the possibility of buying BTC in Nigeria, several people who are financially excluded would be able to enjoy the financial freedom attached to decentralized digital money if they can access cryptocurrencies.

 The West African country has a potential market for cryptocurrency as more than 123million people in the country have access to the Internet one way or another. However, after half of the country’s population, estimated at 200 million remains unbanked or underbanked. Reportedly, only 40% of Nigeria’s population has bank accounts according to the World Bank.

Also, the 2018 Global Finance Index reports that 1 out of every 10 unbanked Nigerian gets their salaries in cash alongside 4 million who are internet-enabled. Additionally, over 14million unbanked Nigerians farmers who sell their produce for fiat are also internet-enabled. These figures pose a remarkable development chance for cryptos that require just a working handset and not necessarily internet-enabled as required by Cointext.

Also in Nigeria, many crypto brokerages and trading platforms operate like Quidax, Luno, Alphabits, etc.

Buying BTC in Nigeria: country gets first Bitcoin ATM

Apart from the other methods of buying BTC in Nigeria, the giant of Africa now has a working Bitcoin ATM as only a few teller devices that support crypto exist in the African continent. Blockstale, another Nigerian startup managed to deploy in Dazey Lounge & Bar in Lagos Nigeria’s first Bitcoin ATM (BATM).

The BATM was made in China but designed purposely for Africa considering certain security and safety issues in Nigeria. However, Blockstale Chief Executive, Daniel Adekunle, said that they are working on setting up more BATM in Nigeria and other neighboring countries.

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This post was last modified on March 10, 2020 3:04 am