How the Crypto Social Payments Boom Will Achieve Financial Inclusion and Cryptocurrency Adoption in Nigeria
The era of social payments is coming to Nigeria. Financial inclusion in Nigeria has been a big issue and the federal government over the years have being gearing towards this for a better financial system in the country.
The steps to achieve financial inclusion in Nigeria has recorded a tangible success since the introduction of Biometric Verification Number (BVN) by the Central Bank of Nigeria in Febuary 2014.
Since then, Nigeria have been struggling to achieve financial inclusion. Though BVN might seem to have failed with mobile money agent service, it is still a viable option which can be leveraged together with crypto in achieving financial inclusion.
In the social payments sector, BVN serves as a easiest means of identity verification for users who are using crypto social payments services for direct person to person payments across borders.
Considering the massive influx of Nigerian youths into the cryptocurrency space in 2020, confirmed by Coinmarketcap report. Achieving financial inclusion will be easier and faster thus leading to crypto adoption.
Now, about 100 million Nigerian youths are internet users and about 53 percent of Nigerians use WhatsApp, a social media app popularly used in Nigeria.
Social payments in Nigeria can tap into this billion dollar market through the country’s 100 million persons who already have access to internet and use the social media app, WhatsApp.
Earlier before now, WhatsApp reportedly wanted to integrate crypto payments which most experts claim will drive the adoption of cryptocurrency. Though this move was halted by regualtors. The move towards crypto social payments is still gaining attention of innovators.
Efforts towards using mobile agents alongside BVN to achieve financial inclusion in Nigeria seems to have failed across the country, but at the same time recorded a huge success in Kenya.
Experts suggested blockchain for mobile money agent for financial inclusion. But then the drive for crypto social payments appears to be another option that will drive the adoption of cryptocurrency in Nigeria.
Top Social Payments Service Providers
In Nigeria, we have Carbon Express for social payments. Carbon Express is a smartphone keyboard compatible on smartphone devices that allow the users to use a custom payment keyboard provided by Carbon to send and receive payments across all social media apps.
The app has over 10,000 downloads on google playstore since after its release on May 2020 making easy to send and receive funds in-chat across social apps.
Another top and fastest growing social payments app is Bundle Africa, a crypto social payments app focusing on Nigeria and the African market at large.
Launched in April 2020, Bundle Africa app has done over 10,000 downloads. The app allows users to send and receive funds to their phone contacts with zero fee in-app.
Last social payments app still in the kitchen house is Telechat. A powerful social media app integrating with crypto payments allowing users to send and receive funds to friends while chatting on the app.
This social media app purportedly is doing what WhatsApp reportedly wanted to achieve. The Nigerian owned social media app has done over 1000 downloads on google playstore since its launch in April 2020.
Though Telechat is yet to integrate crypto payments through its already launched crypto walllet—Coins App. It appears to have a greater advantage with the integration of cryptocurrency which makes it different for greater adoption.
Innovators out there are building tools to help the country achieve a massive success in its struggle towards financial inclusion across the country.
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