African Entrepreneurs Turn to Blockchain to Serve the Unbanked Local Population

March 12, 2020 5:37 PM UTC

In Nigeria, a portion of the population is becoming accustomed to accepting digital currencies (mainly BTC, ETH, and BCH). The growth of crypto has increased as Nigerians living abroad are utilizing digital currencies to transfer remittance. Many crypto traders are operating in the country to support a rising crypto enthusiasm.

According to a recent survey, more than 10 million Africans have access to the internet, providing a vast opportunity for crypto to grow. However, having internet access doesn’t solve the day-to-day problems of Nigerians. To purchase cryptocurrencies, investors should have bank accounts or credit cards as most of the exchanges operating in the country don’t accept cash trades. Yet, the World Bank reports that more than 150 million remain unbanked in the country.

New Platform to Increase Bitcoin Adoption 

As a vast number of Nigerians don’t utilize banking facilities, there is a hurdle for crypto to reach its full potential. Various entrepreneurs in the country are scrambling to address this market inefficiency and reap the subsequent rewards. 

Yellow Card, a blockchain-based platform, is providing an opportunity for Nigerians to buy BTC with Naira, without bank access. While any investor can purchase cryptocurrencies by transferring money through banks and credit cards, the unbanked can visit Yellow Card shops for cash trades.

Currently, the platform only allows the purchasing of Bitcoin Core and Dash, but soon investors will be able to purchase BCH and USDT. CEO of Yellow Card, Munachi Ogueke, has pushed that the platform seeks to serve the unbanked in other African countries. Entrepreneurs like Ogueke are paving the way for blockchain’s ability to offer financial instruments to the unbanked. 

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