Can Nigerian Companies Begin Using Cryptocurrency As A Form Of Payment?
Nigeria’s adoption of cryptocurrency is nothing new.
Nigeria has actually been a handy location for the cryptocurrency market despite the Central Bank of Nigeria’s ban on cryptocurrencies. Despite this, Nigerians keep embracing cryptocurrencies widely. But before I delve into how Nigerian businesses can use crypto as a payment method, I will explore the use of crypto in Nigeria.
What Percentage Of Nigerians Use Cryptocurrencies?
According to the Chainalysis report for 2021, the Nigerian cryptocurrency industry increased by 1200% in a single year, although there was a slight decline in 2022, crypto increased by only 16%. In 2022, Nigerians exchanged cryptocurrency for an estimated Naira 18 billion (US$39 million) in the same year, with more than 4 million crypto transactions and 9,000 daily transactions on Paxful alone. South Africa and Nigeria were the top countries on the peer-to-peer cryptocurrency trading network in the whole of Africa in 2022, according to the report.
By the end of 2022, it was estimated that 30% of Nigerians had exchanged cryptocurrencies. According to these reports, Nigeria is one of the top nations in the globe for cryptocurrency trading, ranking at the 11th position. Despite Nigeria’s prohibition on cryptocurrencies, the numbers are strong and don’t show any signs of stopping or decreasing.
The Nigerian government has a poor reputation when it comes to cryptocurrencies and their dealing.
However, according to cryptocurrency experts, it is in the nation’s best interests for the country to pay attention to cryptocurrencies and remove the prohibition. A day may come when Nigeria will recognize cryptocurrencies as legal tender. If so, it needs to happen right away!” a professional exclaims.
What Do Cryptocurrency Payment Acceptance Policies Imply For Nigerian Businesses?
Although cryptocurrency trading is not yet regarded as illegal in Nigeria, banks and other financial organisations are not allowed to process crypto transactions. The Central Bank of Nigeria ordered all commercial banks and lenders to halt all cryptocurrency-related transactions and operations last year due to severe threats to the nation’s financial system.
In Nigeria, where more than 50 million people use cryptocurrencies, the country’s ban has had a very negative effect on the youth of the nation. Many cryptocurrency trading platforms in Nigeria were shut down during this time, which had an impact on companies that take cryptocurrencies as a form of payment. A number of bank accounts thought to be used to trade cryptocurrencies were also blocked.
Your account will also be blocked for any banking transactions that contain the terms “crypto,” “bitcoin,” “P2P,” or any other word associated with cryptocurrencies.
Some countries, including El Salvador, the Central African Republic, the United States, the United Kingdom, and Canada, allow cryptocurrency payments. This approval provides brands and companies with a dependable, quick, and private way to conduct profitable trade and safeguard funds. Nigerian brands and businesses can cut transaction processing costs, guard against excessive chargebacks, extend their market, and satisfy customer preferences by accepting cryptocurrencies as a form of payment there.
How Can Companies Accept Crypto As A Payment Method In Nigeria?
Therefore, cryptocurrencies are a novel method to grow the market, and they are extremely popular in Nigeria. Using cryptocurrency as a method of payment for customers is undoubtedly a wise investment for company owners.
But how can a company take cryptocurrencies without endangering them or encountering the particular difficulties they encounter?
Transaction speed, costs, limitations, or the requirement to select from a variety of platforms for converting cryptocurrency to fiat currency are just a few of the issues that cryptocurrency companies in Nigeria are currently facing.
How To Convert Cryptocurrency To Naira
Breet app is the best way for companies in Nigeria to accept cryptocurrencies as a form of payment. Breet is an OTC cryptocurrency exchange platform that enables people and businesses to immediately transform cryptocurrencies into cash when they accept them and want to get a set number of coins in exchange. Breet’s over-the-counter strategy eliminates the stress of monotonous cryptocurrency explanations and repetitive market charts. Without the use of peer-to-peer transactions or third parties, Breet enables users to safely and quickly convert and withdraw cryptocurrencies into real money.
With Breet, you can trade and withdraw cryptocurrencies without the assistance of intermediaries or P2P trading. You can get cash in less than five minutes with just one keystroke. With Breet, you can immediately sell bitcoin in Nigeria. It is a huge benefit in and of itself that merchants can now take cryptocurrencies as a form of payment without making customers wait hours for payment confirmation.
No extra fees, such as processing, receiving, or withdrawal costs, are incurred. You can deposit and withdraw an unlimited quantity of money using Breet. It is advised as a business owner that you complete the Breet KYC(Know Your Customer) policy available on the app.
Breet is simple, cost-free, and accredited. Breet is one of the best cryptocurrency trading apps in Nigeria right now, and the positive Breet app reviews are strong support for this claim. There isn’t much else to say. What exactly are you seeking? Start accepting cryptocurrencies as a form of payment for your company immediately to reach markets outside of traditional ones.
To get started, download the Breet app from the Apple App Store or Google Play Store.
When a business enters the cryptocurrency market, there is a lot to learn. Maintain the relevance of crypto by reading reputable cryptocurrency websites and news in Nigeria. And… Crypto is made simple with Breet, making company owners happy.
