HOT NEWS NIGERIA Nigeria Top in Africa Bitcoin P2P Lending 3 years ago Adeleye Awakan Post Views: 520 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. About Post Author Adeleye Awakan Author E-play Africa, sports betting reviews, thoughtful leardership articles in Africa gambling industry, marketing gaming platforms in Africa with strong networking relationship with gaming operators in Africa, Expertise in PR, marketing communication, and consultant on gaming in Africa. See author's posts Adeleye AwakanAuthor E-play Africa, sports betting reviews, thoughtful leardership articles in Africa gambling industry, marketing gaming platforms in Africa with strong networking relationship with gaming operators in Africa, Expertise in PR, marketing communication, and consultant on gaming in Africa. Facebook Twitter LinkedIn Email Print Tags: Binance, bitcoin, Nigeria Continue Reading Previous MultiChoice wants to raise exposure to Nigerian sports bettingNext BtoBet to power Oatbet sportsbook site in Nigeria More Stories EXPERTS NIGERIA Bandits funding terrorism through crowdfunding, betting platforms 2 days ago Samuel NIGERIA ONLINE Nigerian crypto fee hike invitation for crypto “big boys” 3 days ago Szarlot HOT NEWS ONLINE SOUTH AFRICA South Africa’s online casino industry in 2024 4 days ago Samuel BETTING NIGERIA Seun Kuti criticizes Nigerian elites over youths sleeping in betting shops 4 days ago Samuel EXPERTS NIGERIA How NLRC Plans to Regulate Gaming 7 days ago Szarlot BETTING NIGERIA Reps to organise public hearing on age limit for betting 1 week ago Samuel BETTING NIGERIA BetKing Renews Commitment To Ikorodu City FC 1 week ago Szarlot HOT NEWS ONLINE How has Cryptocurrency Changed the World of Casinos 2 weeks ago Samuel LOTTERIES NIGERIA Nationwide league signs N964m sponsorship deal, unveils technical partners 2 weeks ago Szarlot NIGERIA ONLINE Can Lagos become Africa’s gaming hub? 2 weeks ago Szarlot EXPERTS NIGERIA Africa Surges to Become Third Largest E-gaming Market With 186M Players 2 weeks ago Samuel BETTING NIGERIA PalmPay And BetKing Promote Responsible Gaming In Nigeria 2 weeks ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.