Nigeria is one of the largest economies and the most populous country in the continent of Africa. It is well known due to several factors, including its vast arrayof oil, gas and mineral resources that form its major exports and a relatively techsavvy population. A 'State of Web3.0 in Africa' report in 2023 created by EMURGO in partnership with PWC disclosed that Nigeria ranked among the Top 10 worldwide for crypto adoption. In a 2022 report by Triple-A, a Web3 company estimated that 22+ million people, meaning over 10% of Nigeria’s total population owns crypto.
Top reasons for the high adoption of cryptocurrency in Nigeria is the lack of wide access to traditional financial services and a weakening purchasing power of the currency over the years amidst economic uncertainty. Cryptocurrencies offer a way to send and receive money digitally or store value in decentralized digital assets which cannot be debased by an individual or centralized entity. Also lately, Web3 and crypto have been attracting the young crowd as a way to access online gaming and to boost their job opportunities.
The Naira (NGN) is the official currency of Nigeria and is used in all commercial transactions. Bank transfers are a popular way to send and receive money in the nation. They are fast, secure, and convenient. There are several different entitiesoffering banking services in the country and some of the most popular banks include First Bank, Zenith Bank, Access Bank, and others. Now with the help of TransFi, all Nigerians can avail the benefit of owning cryptocurrencies using theirlocal currency Naira via bank transfers in a seamless fashion.
To make a bank transfer in Nigeria, you will need to know the recipient's bank account number and the amount of money you want to send. Domestic fund transfers are usually completed near instantly thus is a convenient way to make transactions, while NEFT transfers can take about 24 hours to process.
TransFi is a crypto on-ramp and off-ramp solutions provider focused on emergingmarkets with the widest coverage of native payment methods in local currencies,high conversion rate, supporting local ID and local languages, with an easy user experience, low entry barrier and at the lowest processing fees. TransFi was launched to enable Web3 access for the next billion users with deep focus on emerging markets like Asia, Latin America, and Africa.