Nigerian Businesses Find Low Crypto Adoption Despite Acceptance
Nigerian businesses that accept Bitcoin are still seeing customers primarily rely on cash for payments, despite some holding cryptocurrency wallets.
Iwu*, a young businessman in Lagos, observed this trend when he noticed people showing him their crypto wallets but opting to pay with cash or bank transfers instead of transferring the cryptocurrency directly.
For Iwu, about 30 percent of his customers choose to pay in Bitcoin. However, most of these payments come from customers who are curious and make enquiries after seeing the 'Bitcoin accepted' sign outside his shop.
Iwu emphasized that for adoption to take place, regulated digital asset companies need to start running advertisements similar to those done by regulated entities like Opay and MoniePoint.