A Bitcoin ATM In Nigeria Is Just The Start For The Continent’s Cyrpto-Craze

CBx Vibe:Bitcoin” Soulja Boy

By Jennifer Ford

  • Nigeria finally gets its first Bitcoin ATM
  • The global Bitcoin ATM Market is expected to reach $147.9M by 2025

The first Bitcoin ATM (BATM) has finally landed in Nigeria. There’s been a growing need in the country for a fiat-to-crypto currency machine, as the global Bitcoin ATM Market is expected to reach $147.9 million by 2025 . With the steady increase of BATMs across the continent, is Africa the next frontier for cryptocurrencies?

Why This Matters: In 2019, customers had access to 14 BATMs on the continent including 7 in South Africa, 2 in Ghana and 1 in Kenya, Botswana, Zimbabwe, Djibouti, and Uganda. The number has now grown thanks to Daniel Adekunle Omoshola, Co-Founder of Blockstale, who was responsible for bringing the first BATM to Lagos, Nigeria back in January. Many people have lamented that the recent BATM installation is long overdue because of what they mean for Africa’s overall financial infrastructure.

In 2019, customers had access to 14 BATMs on the continent

The race is on for Africa’s crypto market due to the fact that 60% of the world’s mobile money passes through Africa-based and led payments platforms. However, the volume traded on Local Bitcoins in Nigeria had dropped to 220 bitcoins, which represents a decrease of almost 50%. “Africa is rarely mentioned among the largest markets for cryptocurrency, but it may be set to steal a march over other markets,” Rakesh Sharma, a business and technology journalist, told Africa Renewal in 2018. Blockstale plans to expand the BATM footprint in other parts of Nigeria with considerations in Abuja, Owerri, Ogun and Ibadan.

Situational Awareness: Across the continent Bitcoin has become a particularly popular means to hedge against political risk in places like South Africa due to investment diversification. Over in Zimbabwe, the cryptocurrency movement has offered an alternative means of payment, for a country continuing to struggle with currency issues.

CBx Vibe:Bitcoin” Soulja Boy

CONTRIBUTOR

Jennifer Ford

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