Nigeria Top in Africa Bitcoin P2P Lending

Nigeria tops Africa peer-to-peer lending in 2020, reaching a peak monthly volume of around $25.8 million, followed by the other African giants South Africa and Kenya.

Nigeria’s increasing use of Bitcoin is a recent phenomenon which is now a norm in the crypto-verse, taking into consideration that in the past eight months, it leads the whole of Africa combined in transactional value of P2P payments overtaking South Africa that is known as the leading crypto usage in Africa. However, what seems surprising to a crypto expert is the amount Nigerians transact with Bitcoins P2P monthly, amid the current economic recession that Africa’s biggest economy is experiencing compared to other African countries.

According to the data retrieved from Usefultulips, a BTC analytic data provider, shows a significant amount of Nigerians use Bitcoin for peer to peer lending for their payments. The recent statistics revealed Nigeria leads Africa peer to peer lending in 2020, posting monthly p2p volumes of between 25.8 million dollars, followed by South Africa and Kenya, respectively, position about 8.2 million US dollars and 7.7 million US Dollars. Bitcoin, the peer to peer, is the exchange of Bitcoin between parties such as individuals without a central authority’s involvement. This means that peer to peer use of Bitcoin takes a decentralized approach in the exchange of Bitcoins between individual and groups.

According to one of Nigeria local news agency reported that Binance representative in Africa Damilola Odufuwa gave a critical insight on the role the world biggest crypto exchange Binance is having on Africa, particularly the Nigerian economy:

“Over the year, over 40, Africans have received free crypto education via Binance education program/event. Our last virtual masterclass had over 5000 attendees and thousands more watching on YouTube. A huge population of the attendees is Nigerians who are looking to acquire skills they can use to make money while underemployed at their “9-5″ and also for the many that didn’t receive a salary from their employees or lost jobs over the year,” – Odufuwa said.

Odufuwa also spoke on the need for more Nigerians to acquire skills around the crypto value chain, considering that it is now the modern lifeline of finance and business operations globally.

“The crypto industry is still a growing industry, so educating oneself about crypto and applying the skills you already have to jobs in the crypto industry could help some of the unemployed,” – she added.

In final words, a significant number of young Nigerians are acquiring skills on crypto to sustain and drive their income and livelihood, as it offers the safest, cheapest process of moving capital concerning other traditional means of payments in the country. However, the Covid-19 has changed how the young African population passive the financial sector and the high inflation of goods in the country, which many have experienced job loss.

Consequently, data from Goggle trends show Nigerians have been leading the pack worldwide in Bitcoin searches. A substantial number of people in Nigeria encounter crypto trading way back Ponzi scheme surface in the country. Many not new to trading crypto or Bitcoin use, so it is not a surprise; there is enormous interest in crypto. It is a testament to the fact that Nigerians truly love their Bitcoins.

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