The Nigerian cryptocurrency market may be on the verge of a local bull run, thanks to newly popularized avenues to the global market.
Emmanuel Babalola, Binance’s business manager in Nigeria, said he’s seen a 50 percent increase in signups so far in 2020, leading to “thousands” of new Binance users in Nigeria. Roughly 300 people signed up for a corresponding “masterclass” in Benin in January, teaching users how to set up their own personal wallets and experiment with margin-trading strategies.
There was so much demand for the six-hour class that Babalola will run three more classes over the next four weeks and offer two a month going forward.
If various big-name crypto projects vying to serve the developing world are looking for inspiration, look no further than this West African nation of 190 million. There’s rampant demand in Nigeria, where the World Bank estimates 35 million unbanked adults have a mobile phone. The vast majority of these unbanked users are women.
“The majority of users in Nigeria use Binance mobile on their phones,” he said, adding there are roughly 4,000 traders in Binance’s Nigerian Telegram group. “By the end of this month, we’ll have a fiat on-ramp on the mobile app as well.”