Why Africa’s Erstwhile Largest Economy Lags Behind With Bitcoin

Nigeria lost its title as Africa’s largest economy about a month ago since falling into recession. However, Bitcoin use has not taken a due uptake there when compared on the same scale with other African Bitcoin markets in South Africa and Kenya going by previous details from fiatleak.com and LocalBitcoins.com. And this is for several reasons.
Though it has the market, the largest population size on the continent, the remittance prowess that ranks in the top five in the world and a worsening economic situation – a faltering currency and plunging oil revenues, one would have expected Nigeria to be the happening point for Bitcoin. However, that is not the case yet.
Low level of financial literacy
According to Adeolu Fadele, founder and lead researcher at Cryptography Development Initiative of Nigeria, there is a low level of awareness about Bitcoin and Blockchain in Nigeria because of low financial literacy.

This post was published at Coin Telegraph on 2016-10-03.