Hey hey hey! Are you a Nigerian business owner who’s interested in accepting cryptocurrency payments?
Well, you’ve come to the right place! In this post, I’ll show you how to get started with accepting crypto payments in Nigeria, and we’ll do it in a way that’s super fun and easy to understand.
First off, let’s talk about what cryptocurrency is. It’s like digital money that you can use to buy things online. It’s super popular with the younger generation (you know, those Gen Z kids who are always on their phones!). And here’s the best part: because it’s decentralised, there are no banks involved. That means you can accept payments from anyone, anywhere in the world, without having to worry about those pesky banking fees.
In 2021, it was reported by Chainalysis research that the Nigerian cryptocurrency market increased by 1200% in a single year. It was also discovered that Nigerians traded Bitcoin for an estimated 316.9 billion Naira ($763 million) in the same year (2021), with more than six million cryptocurrency transactions and 16,000 transactions per day on Paxful alone. Nigeria was the top country on the peer-to-peer cryptocurrency trading platform that year, according to the platform.
It was estimated that 34% of Nigerians had traded cryptocurrencies in the six months prior as of late 2021. According to these estimates, Nigeria is one of the top nations in the world for cryptocurrency transactions. Despite the crypto ban in Nigeria, the numbers are large and don’t appear to be stopping or decreasing.
Because the Nigerian government is so hostile to cryptocurrency and its transactions, it has not yet been recognized as a legal tender in the nation. Crypto specialists, however, contend that for the sake of the nation as a whole, the government must exercise caution in how it approaches cryptocurrencies and lift the prohibition.
“If Nigeria does adopt cryptocurrencies as legal tender in the future, it needs to happen right away!” gurus claim.
While it is forbidden for banks and other financial institutions to deal in cryptocurrencies in Nigeria, it is still unregulated and not yet judged to be illegal. The Central Bank of Nigeria ordered all commercial banks and lenders to stop all cryptocurrency-related transactions and operations last year due to a serious threat to the country’s financial system. The restriction on cryptocurrencies in Nigeria, where more than 50 million people use them, has a severe adverse effect on the youth of the nation. During this time, a lot of cryptocurrency trading platforms in Nigeria were shut down, which had an impact on the companies that accept cryptocurrencies as payment. Several bank accounts that were thought to be involved in cryptocurrency trading were also shut down, along with the associated funds.
The account will be locked along with any bank transactions that contain the terms “crypto,” “bitcoin,” “P2P,” or any other crypto-related terms.
El Salvador, the Central African Republic, the United States of America, the United Kingdom, Canada, and many other nations accept bitcoin as a form of payment. This acceptance provides businesses and brands with dependable, quick, and safer ways to transact and protect cash. Businesses and brands in Nigeria can lower transaction processing costs, safeguard against excessive chargebacks, extend their markets, and satisfy customer preferences by accepting cryptocurrency as a form of payment.
Now, let’s get down to business. Here are the steps you need to follow to start accepting cryptocurrency payments as a business in Nigeria:
Step 1: Choose a Cryptocurrency
There are a lot of different cryptocurrencies out there, but the most popular ones are Bitcoin, Ethereum, and Litecoin. We recommend starting with one of these, as they’re the most widely accepted.
Step 2: Set up a Wallet
In order to receive cryptocurrency payments, you’ll need to set up a crypto wallet. Think of it like a digital piggy bank where you can store your crypto. There are lots of different wallet options out there, but we recommend using a secure and user-friendly wallet like Breet.
- Oxlade becomes a 1xBet Ambassador
- Sabi Networks Limited launches COREC to enhance broadband access across Lagos State
- Nigerian Entrepreneur empowers SMEs with digital marketing despite disadvantaged background - Samuel
Step 3: Display Your Payment Address
Once you’ve set up your wallet, you’ll be given a unique payment address. This is like your bank account number, but for cryptocurrency. Make sure to display your payment address on your website, social media, and any other places where your customers might see it.
Step 4: Start Accepting Payments
Congratulations! You’re now ready to start accepting cryptocurrency payments. When a customer wants to pay with crypto, they’ll send the payment to your payment address. Once the payment has been confirmed on the blockchain, the funds will be added to your wallet. From there, you can either keep the cryptocurrency as an investment or convert it to Nigerian Naira.
Step 5: Convert Crypto To Cash (Naira)
Using The Breet App is the most effective way for businesses in Nigeria to accept cryptocurrency as a payment option. Breet is an over-the-counter (OTC) cryptocurrency exchange platform that allows people and companies to immediately convert their cryptocurrency to cash money if they only want to accept cryptocurrency and get a flat equivalent of their coin. Breet’s over-the-counter strategy allows you to escape the tedious explanations of what and how cryptocurrencies work as well as the headache of repetitive charts of the cryptocurrency market. Users can quickly convert their crypto coins into real money using Breet without using peer-to-peer trading or a third-party agent.
Without utilising a third-party agent or peer-to-peer trading, Breet allows you to trade and withdraw your cryptocurrency. With just one click, you can put money in your pocket in less than five(5) minutes.
With Breet, converting bitcoin to Naira is as simple as a few quick clicks. An excellent benefit in and of itself is that companies can now take cryptocurrencies as payment methods without making their customers wait hours to confirm payment.
Breet is also open. Processing, receiving, or withdrawal costs are not included in the price. Breet hasn’t ever been put on trial. Due to Breet’s free utilisation, many Nigerian cryptocurrency dealers are no longer plagued by high and unpredictable fees.
There is no maximum deposit or withdrawal sum on Breet. You don’t need to have enough cryptocurrency to equal about 10,000 Naira before you can transfer. You can even transfer as little as 1,000 Naira using Breet Exchange.
Breet is simple, affordable, and approved. There isn’t much sugar coating to say before accepting that Breet is, possibly, the finest cryptocurrency trading platform in Nigeria right now. The Breet app has received excellent evaluations, which is strong evidence.
What are you waiting for, then? Start taking cryptocurrency as a form of payment right away to grow your company beyond the conventional market.
Start by getting the Breet App from the Apple App Store or Google Play Store.
If you want to get into the cryptocurrency market as a company, you have a lot to learn. To stay current on the page, follow reputable cryptocurrency blogs and news sources. And… Breet makes cryptocurrency simple, which makes company owners happy.
Conclusion: How To Accept Cryptocurrency Payments As A Business
So, there you have it! Accepting cryptocurrency payments as a business in Nigeria is actually super easy. Just choose a cryptocurrency, set up a wallet, display your payment address, and start accepting payments. And the best part? You’ll be joining a growing community of forward-thinking businesses that are embracing the future of money. So, what are you waiting for? Get started today!