Nigeria is Poised to Lead Blockchain Adoption In Africa

Adewale Bankole, President of the Bastiat Society of Nigeria has prognosticated that Nigeria will soon be the leading country when it comes the adoption of Blockchain/Cryptocurrency technology in Africa. Speaking to Core Media at the sidelines of the recent Nigeria  Blockchain Conference in Lagos, Nigeria, Adewale asserted that the Nigerian has always wanted to do things for himself/herself and these technologies make this urge possible on many levels.

“We Nigerians have always wanted to be freed of the state and have done things like private roads and gated communities for ourselves without government assistance,” he said. “Therefore it is no wonder Blockchain and its related technologies are being embraced at a faster pace here and we’ll take over the space in Africa sooner than later.”

No Major Obstacle 

When Core queried if there is any hindrance to the course of penetration, he explained there is no major hurdle at the moment that can derail the match. “It is an exciting time for any advocate of Cryptocurrency in my country since government opposition is the greatest threat, but in Nigeria, our central bank is solidly behind this innovative technology,” Adewale asserted.

To him, the major debilitating factor is when governments become a stumbling block. However, with the authorities endorsing the technology Nigeria has no excuse not to become the number one in the use of the technology. “Barriers like fear, uncertainty and doubts are easily overcome in a short while,” Adewale explained.

South Africa is the leading country in the use of Blockchain technologies in the so-called dark continent. The rainbow nation has got many successful Blockchain start-ups coupled with a thriving merchant adoption.

It is worth noting that there are more than 1000 merchants in South Africa who accept Bitcoin as a form of payment for goods and services. As matter of fact, any merchant who accepts PayFast, South Africa’s Secure Online Payment Gateway, can also accept Bitcoin.

At the moment one cannot go far with Bitcoin in the Africa’s most populous nation. In fact, there are no known merchants who accept Cryptocurrencies as payment, and, this is the huge difference South Africa makes when it comes to adoption, but Adewale who is also the Nigerian Ambassador for Humaniq says Nigerians are unperturbed and will be there in no time.

“Our focus is now geared towards pushing merchant adoption for payment for goods and services and there are more events lined up in the coming months,” he revealed. It is a matter of awareness and merchants will prefer Crypto to fiat and its related inconveniences of banking it.”

Adewale was also confident that his country’s population is an advantage for them to become the market leader. Currently, Nigeria’s population is estimated to be almost 200 Million people.

It is really enthralling time for Blockchain Technology in Nigeria but can the country dislodge South Africa as the leader on this front? Core Media will constantly update you about developments coming out of the continent.