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Cryptocurrency and Bitcoin Cash: here to bank the unbanked in Nigeria.

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Avatar for Macronald
Written by   659
1 month ago

What if you wake up one day to realize that there is something that can easily replace the "central bank of Nigeria" both in roles and better performance?, What would your reaction be?, Would you say it is mission impossible, or would you want to know how true this is?

Well, whichever one your response maybe, here is the truth. There is something more better, reliable, secured, as well as makes for easy flow of wealth.

I mean isn't that That's the reason you have remained unbanked?

Not to worry as there is a platform that attends to your fears and keeps you on a safer side. That platform is "Crypto currency".

Crypto is obviously here to replace banks, not just banks, but the central bank of Nigeria.

As a reminder, I will awaken your knowledge on what the central bank really is, and what their supposed roles should be.

The central bank of Nigeria (CBN) as you must have guessed, is the central bank and highest monetary authority of Nigeria which came into existence by the CBN Act of 1958 and commenced its full function on July 1, 1959.

I am sure you know that the supposed aims of the central bank of Nigeria are as follows;

  • Coordination and maintenance of external reserves of the country

  • promotion of monetary stability, and

  • Creation of a sound and enabling financial environment.

As a matter of fact, stand as the last resort.

Due to political and administrative interferences, those outlined aims and objectives of the central bank have done nothing but experienced a colossal failure.

Instead of making their outlined goals their agenda, the reverse became the case.

The failure of the central bank is the reason behind banks failure in Nigeria.

Now if the central bank of Nigeria can fail woefully, what are other banks that they can't fail in their role?

An average Nigerian sees the banking hall as a place never to visit, due to the fact that it does not only fail in their duties, it is time consuming, unsafe(prone to fraud, and has a lot of government interferences and more which does not allow citizens of the control to be in total control of their hard earned money.

Years ago, I visited my mom's friend's place for a holiday somewhere in owerri as of 2008. As the normal manner is, when I arrived, she ushered me into the visitors room. At that time, she was living alone because some of her children were overseas and some married and are at their husbands places.

That same night, this woman instructed me to clean up the room the next day as no one has been in the room for a long time. So obviously the room was dusty and I managed to sleep on it like that.

I woke in the morning, took water in a bucket, and started cleaning the room. I got to a point where I needed to raise bags up for proper cleaning. As I was carrying these bags up, I saw a nylon with stuffs looking like paper inside. Being so curious, I opened the nylon. What I saw was a huge amount of money inside.

To cut the story short, after some conversations with this woman, I realized her reasons were that she believed that banks are not safe environments for her finance, and a lot of reasons.

Aside from this woman, a lot of people, even as civilized as the world is, remains unbanked.

What does it mean to be unbanked?

An unbanked is an individual who does not have or lack interest in obtaining a savings or checking account, as well as someone who lacks access to traditional banking services.

Some common reasons why this set of people have remained unbanked includes;

  • Absence of banks and banking services in their location.

  • Presence of barriers or what could be seen as middle man in the banking system

  • Inconveniences - I mean who doesn't know that it can take you the whole day just for one banking service to be rendered

  • And some persons literally do not want to be seen around financial institutions for safety reasons.

Today, with cryptocurrency in existence, the unbanked can now be conveniently banked. Isn't that good news!.

How Cryptocurrency and Bitcoin cash Can Bank the Unbanked

There are lots of reasons why cryptocurrencies in general can safely bank the unbanked. Here we shall be highlighting some of these reasons.

Accessibility

Because users are able to transact (send and receive) bitcoin cash with only a device (smartphone, tablet or computer) Bitcoin cash is theoretically available to populations of the country without access to traditional banking systems, credit cards and other methods of payment. This means that they never have to travel to a bank. Isn't that great!!.

Elimination of barriers

In the world of crypto, there is no form of barrier, delay, or middle man of any sort. This is rightly achievable through its peer to peer (P2p)system of administration. For the unbanked who are privacy conscious, this becomes the perfect thing for them.

No one monitors or sees your transactions as the data is in encrypted format where a third party cannot clearly have access to it.

Privacy and Security

People dread at the thought of having to carry a lot of cash to the bank. With crypto, you don't have to be around any bank. All you need is simply a crypto or Bitcoin cash wallet.

With crypto or bitcoin cash wallet people can send, receive and make payment with bitcoin cash from the comfort of their home with only a smartphone or computer.

Only the news that the currency is decentralized, makes you happy. This is because there won't be any form of control from the government.

Government monetary control affects money circulation, inflation, high charges, and international trade. With crypto, you are your own government, as you can trade at any time of choice without control or imposed taxes on transactions. Infact, trading with crypto and Bitcoin cash is cheaper as there are little to no taxes on transactions.

This platform makes the world more digital. This is because your smartphone becomes your central bank, and your Bitcoin wallet a commercial bank.

Development of the global market

I will not fail to tell you that future crypto funding and investments have the potential to fund the future of innovation and entrepreneurship in developing world markets, most importantly in countries with failing financial infrastructure and weak local currency like Nigeria.

To be on a safer side, if you are aspiring to have an enabling financial environment and future financial stability, make cryptocurrency especially bitcoin cash your savings box. It's not a new story to us that more cryptocurrency trading goes on in Nigeria than almost anywhere else in the world, reflecting a loss of interest in the more traditional forms of investment, as Ijeoma ndukwe reports.

A closer look at the 2020 online survey by data Natform Satista found that 32% of those Nigerians who took part used cryptocurrencies–The highest proportion in any country in the world.

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Written by   659
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Comments

Me too I don't want to keep my money in the bank, because otlf the thought what if there is a bad guy to get those money in the bank then after that the money or saving you wanted to grow would be lose for that reason. Even they're security purposes while you applying that. But I don't know I don't feel secure at the bank, but in the cryptocurrency I can sya it's good because your earnings would increase higher than the offer of the bank. And you are the only one who would known how much money you have and you are the only one can access it in the Smart phone.😅😅

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