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Fintech Pundits Calls for Awareness on Concerns Towards Adopting Blockchain in Building Payment Gateway in Nigeria

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Blockchain and Fintech expert, Mr. Kingsley Kobayashi, has expressed his desire to create awareness on the benefits of blockchain payment gateways, to create a fair environment for mainstream banking concerns over cryptocurrency. 

CBN has been reluctant to take a fair stance on cryptocurrency in the region. Though Nigeria ranks second on the global scale of countries with citizens actively involved in bitcoin transactions. It’s financial institutions are concerned that an alternative payment system will crash the apex body and it’s  banking institutions.

Per the statement from Kingsley, these are the concerns as to why, “ he is intent on creating awareness that will debunk these fears by showing that the technology encourages a collaborative effort where the pros outweigh the cons”.

The report further suggests that “In Africa, the integration of blockchain technology in their financial systems and the acceptance of cryptocurrency as an alternative legal tender, is poor.

“In the light of this, Kobayashi, a reputable Nigerian-Japanese Entrepreneur, CEO of Harry Kings International, Japan and Founder of FBC Japan, is poised to change this narrative, starting with Nigeria.

“Nigeria is one of Africa’s fastest-growing economies with one of the highest GNP and second to South Africa in terms of the volume of transactions.

“A key financial transaction in the clime is foreign remittances sent down by family members living abroad.

“However, its financial system is overly dependent on the strictures placed by the country’s regulatory agencies, which mandates that all transactions must be routed through the banks.

“To this end, Mr. Kobayashi is collaborating with Fintech and security companies from Israel, Japan, UK and other countries to get the best secured and easy-to-use platform, which will provide financial processing services at a low cost for SMEs, start-ups, and the unbanked in Nigeria and Africa as a whole.” 

The statement affirms that blockchain payments system will be beneficial to a continent where over 60 percent of the populace is unbanked and SMEs and start-ups mainly drive the economies. 

DiutoCoinNews reported how Dr Pantami, the Honourable Minister of Communications and Digital Economy of Nigeria, called for a speedy deployment of Blockchain technology and other emerging technologies as part of his plans for the digital economy of Nigeria to enhance and grow the dying economy of the country.

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