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Crypto-Exchangers, Cryptobanking, And The Future Of Banking In Nigeria

Crypto-Exchangers, Cryptobanking, and the Future of Banking in Nigeria

You know, if you see someone who’s starting a business for starting sake, and someone who’s actually out to solve a problem you’ll know.

Take, for example, the Crypto/Bitcoin Industry.

I know it hasn’t been made a legal tender officially in Nigeria, that’s even why most of you exchangers still have a business, otherwise, banks would have sent y’all packing.

Why hasn’t anyone of you thought of “Cryptobanking”?

In my e-book, I briefly talked about “flowing with the zeitgeist” or “understanding and working with the times”. [What does the Bible say again about the sons of Issachar?] There are certain businesses that sometimes do not boom because it’s not their time…and you just have to keep on monitoring the zeitgeist until it’s time. You’ll be surprised by the success you’ll meet.

Two years ago, I had a business idea I discussed with my friend, but when he wanted to hustle for funding, I told him that it wasn’t time yet… it would fail because Nigerians were not ready for it yet. He believed me when a particular startup came offering the solution and crashed out of the market without even trying.

Immediately the lockdown was announced months ago, I called my friend and simply told him… “Oga, it’s time”. We’re yet to shoot cos I’m yet to enter the east.

I digressed. Sorry.

There’s no better time to push for massive adoption of Cryptocurrency in Nigeria than now. Because for the first time in a very long while, Nigerians are actually realising how useless the Naira is as a currency and why it’s stupid to save money in Naira. Then the unending bank charges that are sooo annoying. This could have been a good selling point for Cryptocurrency.

But to push this selling point, you need to identify a problem that is preventing massive adoption of crypto as a standard currency.

…the average Nigerian doesn’t understand how it works.

Which means, if you can get them to understand how it works or to eliminate the problem entirely, you’d have a scary influx of clients.

People wey sabi, are using content marketing as a strategy to teach people how it works while the others are just doing adverts upon adverts essentially limiting their audience growth. [You’re buying and selling Bitcoin to the same group of people, and you’re totally comfortable with it, relying on the increasing value of Bitcoin against the dollar, or the exponential adoption of Million Money, to make gain… and you don’t know that you’re still in business because the market is yet to be saturated.]


Let’s look at Cryptobanking as a concept

(I don’t even know if it’s a thing…I totally came up with this last month).

At the highest levels of banking (the ones accessible to corporate brands and some big men), people or businesses can have someone (usually works with the bank or even a bank itself) who handles all their banking issues and serves as a form of wealth manager cum financial advisor (read up what it means please). The person advises them on how and when to save money, and also on how and when to invest.

Cryptobanking mirrors this…for the large part of it.

You advertise the selling point of crypto as highlighted above. You tell people that Bitcoin is more reliable (it’s volatile quite alright, but that’s if you’re looking at it as an investment) than Naira as a currency and that they are better off saving their money in Bitcoin than in Naira. So, instead of saving money in the banks, they should come to you and save it in Bitcoin which would ensure that their savings will not drop in value in ten years to come.

They don’t need to know how Bitcoin works. You’re just offering them an alternative to the normal banking they know. But this time, there’s no useless banking charges and their money will not reduce in value. You only need a good database system to create and manage their accounts for them. (they don’t need to know how it works, they just need to have like an app tied to their accounts with you…which shows them their available balance at any point in time)

You make it possible for them to cash out in Naira anytime they want to, or you introduce the concept of money-locking just like piggyvest does…get them to lock their money for a certain period of time, so you can use their money to do business or legit investment. If you want to give yourself a competitive advantage, you set up a good system that absorbs all their risks, and probably find a way to cash out from it.

…and that’s how you pioneer a badass banking system that can threaten the current banking structure we have in Nigeria before Central Bank even realises it, instead of joining the new red-ocean industry of crypto exchangers.

Being a genius is actually quite easy. You just have to think in terms of problem-solving and to not be selfish about it.

Evan Promise

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