Crypto Basics Cryptocurrency

One of the Unbanked Nigerians? We Got You!

April 18, 2019

author:

One of the Unbanked Nigerians? We Got You!

Blockchain technology has been massively successful over the last few years. The original blockchain token – Bitcoin – went from just $1,000 to around $20,000 in 2017 alone. Since then, major corporations from Deloitte to Maersk have created their own blockchains.

Despite all these developments, it is still impossible for many people to buy their own Bitcoin. This is partly because buying crypto usually requires KYC checks and other verification processes that rely on passports and similar documents.

Another reason endemic to countries like Nigeria is that many people are underbanked, meaning they have no simple way to buy what they want online.

In this article, we’ll explain why Nigerians specifically have a hard time buying Bitcoin – and how CoinCola offers a safe, fast, inexpensive way to purchase the cryptocurrency.

Underbanked Nigeria

Like most African countries, Nigeria has a banking problem. This is partly because historically weak infrastructure, partly because for cultural reasons, and partly because many Nigerians don’t have the ID required to be served by a bank.

To solve this problem, 2012’s National Financial Inclusion Strategy made a plan to reduce financial exclusion all the way down to just 20% by 2020. One of the ways in which the country is trying to achieve this goal is through PayPal-type services attached to users’ mobile phones, rather than their IDs.

At this point, Nigeria has over 20 licensed mobile money operators. Nigerian residents can use them with limited KYC requirements, gaining access to some measure of banking services with just a driver’s license, a birth certificate, etc.

The problem is that most of these mobile money operators are not directly compatible with international services like PayPal. Another is that making a bank transfer with a mobile money account is not possible without serious restrictions. As a result, buying Bitcoin through normal means is impossible for most Nigerians.

CoinCola is Here to Help!

In many cases, users buy Bitcoin from an ATM, a vendor’s website, or a crypto exchange. In all these situations, they need a card, a checkbook, or a bank account. Fortunately, CoinCola offers a sound alternative for the underbanked.

That’s because CoinCola is an OTC marketplace that connects users to other users and lets them buy and sell Bitcoin and other coins any way they like.

For example, let’s say you register with CoinCola. If you find someone who accepts Nigerian-based mobile money transfers as payment, you can buy directly from them without having to go through a website or exchange.

The usual problem with transactions like these is that they can be risky – but that’s exactly what CoinCola is there for. Their service provides numerous safeguards, like an escrow service and a dispute settlement process that makes sure deals are honest.

Perhaps most importantly, CoinCola lets users pass KYC checks in numerous ways that are similar to what Nigerian mobile money operators use. This means that even underbanked Nigerians can buy cryptocurrencies safely and quickly on the platform.

Go to The Page of Buying Bitcoin in Nigeria and Make A Purchase Today!

Follow CoinCola on Social Media

Twitter: https://twitter.com/CoinCola_Global
Facebook: https://www.facebook.com/CoinCola/
Instagram: https://www.instagram.com/CoinCola/
LinkedIn: https://www.linkedin.com/company/coincola/

About CoinCola

Founded in 2016, CoinCola is a Hong Kong based company offering both over-the-counter cryptocurrency trading and crypto-to-crypto pair trading exchange. CoinCola now serves millions of users from over 150 countries with our fast, secure, and reliable trading services. We support BTC, ETH, BCH, LTC, USDT, DASH, and XRP. Visit www.coincola.com to invest in digital assets.

Disclaimer: Trading and investing in cryptocurrencies, also called digital currencies, crypto assets, and so on) involves substantial risk of loss. All informations are used at your own risk, and any content on this site should not be relied upon as advice or construed as providing recommendation of any kind.