Nigeria is the leader in Africa’s peer-to-peer lending in 2020, with a high monthly volume of around $25.8 million. It is followed by the two African heavyweights, South Africa and Kenya, and then by the rest of the world.
Nigeria’s increasing use of Bitcoin is a recent phenomenon that has now become the norm in the crypto-verse, considering that in the past eight months, it has surpassed South Africa as the leading crypto user in Africa in terms of transactional value of peer-to-peer payments, which is considered to be the leading crypto user in Africa. In contrast, what seems shocking to a crypto specialist is the quantity of money that Nigerians trade with Bitcoins on a monthly basis, despite the present economic slump that Africa’s largest economy is undergoing in comparison to other African nations.
In accordance with data gathered by Usefultulips, a Bitcoin analytic data source, a considerable number
of Nigerians utilize Bitcoin for payments, particularly for peer-to-peer lending, according to the statistics. New data revealed that Nigeria will be the leader of Africa peer-to-peer lending in 2020, with monthly volumes between 25.8 and 77.2 million dollars, followed by South Africa and Kenya, with monthly volumes between 8.2 million and 7.7 million US dollars, and respectively ranked second and third, respectively. Bitcoin, also known as peer-to-peer trade, is the exchange of Bitcoin between parties such as people without the participation of a central authority. This implies that the peer-to-peer usage of Bitcoin adopts a decentralized approach to the exchange of Bitcoins between individuals and organizations when it comes to the use of the cryptocurrency.
Binance spokesperson in Africa Damilola Odufuwa provided a key insight into the impact the world’s largest cryptocurrency exchange, Binance, is having on Africa, namely the Nigerian economy, according to a local news agency in Nigeria.
“Over the course of the year, over 40 Africans have benefited from free cryptocurrency instruction provided by the Binance education program/event.” We had over 5000 people participate in our previous virtual masterclass, with many more watching on YouTube. According to Odufuwa, a large proportion of the participants are Nigerians who are seeking skills they may use to earn money while underemployed in their “9-5′′ employment, as well as for the many who have not received a payment from their employers or have lost their positions throughout the course of the year.
Odufuwa also remarked on the need of more Nigerians acquiring skills in the cryptocurrency value chain, given the fact that cryptocurrency is now the modern lifeblood of banking and company activities throughout the world.
She said, “Because the crypto sector is still in its early stages, educating oneself about crypto and using the talents you currently have to employment in the crypto industry may be able to assist some of the jobless.”
In conclusion, a substantial number of young Nigerians are learning cryptography in order to support and drive their income and livelihood, since it provides the safest and most cost-effective method of transferring cash in comparison to other conventional ways of payment in the nation. However, the Covid-19 has altered the way in which the young African population passively participates in the financial sector and the high inflation of products in the nation, as a result of which many have lost their jobs.
As a result, according to statistics from Google Trends, Nigerians have been in the forefront of Bitcoin searches around the globe. A significant number of individuals in Nigeria have come into contact with cryptocurrency trading after the first Ponzi scam was discovered in the nation. Many people are not new to cryptocurrency trading or Bitcoin use, therefore it should come as no surprise that there is tremendous interest in cryptocurrency. A proof to the fact that Nigerians are sincerely devoted to their Bitcoins is this.