Why crypto will survive in Nigeria despite ban

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The banking system in Nigeria has failed and yet the central governing body which is suppose to be in charge are still introducing ways to drain more money form its citizens. The scheme is scandalous and so manipulative as people have fully become comfortable with the use of the phone to carry out bank transactions.

The recent introduction of charges on every USSD transaction perfected is causing an uproar among Nigerians as they found the approximately 7 naira charge quite outrageous. Over the years, performing simple transactions over ones phone through the use of USSD has grown immensely as most finds it convenient and appealing.

The use of USSD has also help reduced the numbers of cues at bank and atm machines and its likely that this fee on USSD might likely reverse that in few months to come. Before now , approximately 50 naira charge was deducted on every bank account users who used the service regardless of how many . As of then, it was okay as it saves time and cost of journey down to the bank arena.

A lot of people might continue using this service but people who carry out 100 transactions a day will ultimately boycott this as it doesn't add up to them. Imagine spending 50 naira on USSD bank charges in a month before ,then all of a Sundden spending 700 naira on USSD transfer in just a day. Its not right and it shouldn't be a policy enacted in a country where the poverty level is Increasing.

This brings back the question of why crypto is the way forward in the country as of today. Despite the ban on it people still utilise it without having to go through rigours process and exploitation to get services that should be gotten on a cheap in the first place .

With numerous crypto such as hive, Leo offering a feeless mode of transaction, one could only expect that the adoption of crypto is just beginning and will grow further in the not so distance future ..