Thu. May 23rd, 2024

Former Senator of Nigeria, Shehu Sani Bets on Crypto Replacing Traditional Banks

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Shehu Sani, a former senator who represented Kaduna Central senatorial district in the National assembly took to his Twitter to share his opinion about cryptocurrencies.

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He argues that in months to come crypto would take over the future of financial services and the physical structures of banks would no longer be needed as an asset store. 

“Crypto: in the future, there will be no physical building called the bank,” he said

Shehu Sani was born on 29 October 1967. He is a Nigerian senator, author, playwright, and human rights, activist. He is the President of the Civil Rights Congress of Nigeria – (CRCN). and the Chairman of Hand-in-Hand, Africa. 

He was a leading figure in the struggle for the restoration of democracy in Nigeria and is always on the side of the progress of Nigeria at a great level.

One would quickly conclude that the senator’s words are valid but when properly diagnosed will see the loopholes in the statement. The only loophole being that if banks eventually evolve, they won’t be left behind else crypto will take over most financial systems. Banking as we know, is quickly evolving with the change in time.

Firstly, a lot of money transactions have been moved online by the majority of the banks both in Nigeria and the diaspora, making them easier to access.

The essence of banks is not just to transfer money or for safekeeping but for storing important assets and documents. Why some argue that losing access to one’s private keys lead to loss in funds. There are other possible means which is hardware wallet of which though you will still be required to own your keys to access funds.

This is arguably the best and aim of decentralized money (crypto) to transfer full funds management to the fund’s owners. Platforms like Binance can serve as banks where u can put funds in savings for returns, saving the financial services offered by baks with better APY.

Quick Facts: Crypto gives you full access to your funds whereby you are expected to keep and manage them. If you lose access to your funds requiring only your private keys, the funds are lost forever. Using the services of centralized cryptocurrency exchanges like Binance, can help u save funds with better APY.

About The Author

By Queen Helen

Data Scientist, Tech Enthusiast and a Crypto Lover

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