News reaching us today states that financial technology startups in Nigeria are looking up to the country’s central bank for the issuance of crypto regulation in the country, as they patiently wait for their response concerning this issue.
The electronic payment practitioners association of Nigeria, E-PPAN, after conducting a research related to the new technology being adopted in Africa at large came to the realisation that large investment opportunities in different sectors of the economy is being driven out of Africa to places like Rwanda and Europe due to lack of regulations in those sectors, particularly referring to the crypto industry.
E-PPAN is a non-profit organization representing the Nigerian e-payment industry and its body of stakeholders, with a holistic, result oriented approach to driving the growth of e-payment industry in Nigeria. The firm can be likened to a local Fintech industry having strong connection with the Nigerian central bank.
Due to the fact that the CBN has not yet issued a regulatory statement as regards legalizing the new technology in Nigeria, the firm has its blockchain-based services operating in Rwanda even though they have obtained license from CBN itself.
The current governor of CBN, Godwin Emifiele, likened cryptocurrencies to be a “game of gamble”, this may however be the reason why legalization of cryptocurrency within the country is being delayed. Nevertheless, it seems the Nigerian parliament has already embarked on a research program which would determine whether or not, blockchain technology should be legalized in the country.