A CRITICAL ASSESSMENT OF THE SURGE OF CRYPTOCURRENCIES AND ITS USAGE IN AFRICA(A CASE STUDY OF SELECTED FINTECH COMPANIES IN NIGERIA)

A CRITICAL ASSESSMENT OF THE SURGE OF CRYPTOCURRENCIES AND ITS USAGE IN AFRICA(A CASE STUDY OF SELECTED FINTECH COMPANIES IN NIGERIA)

ABSTRACT

This study was carried out to critically assess the surge of cryptocurrencies and its usage in africa using selected Fintech companies in Nigeria. To achieve this 2 research hypothesis were formulated.  The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of the staff of four selected Fintech companies in Lagos State. In determining the sample size, the researcher conveniently selected 120 respondents while 100 respondents were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage, while the hypothesis were tested using chi-square statistical tool. The result of the findings reveals that; the unreliable local currencies of countries of Africa did not contributed to the surge of cryptocurrencies usage in the continent and the high uncertainty of economies in most part of Africa did made cryptocurrencies a viable medium for asset management. The study recommends that the cost of ignoring the usability of cryptocurrency, outweigh it’s perceived risks of not legislating it in the future, especially by developing countries like Nigeria. It is highly imperative therefore that the African countries either reviews her regulatory framework for the purpose of the usability and legislating of cryptocurrencies, which must specify the terms and conditions with respect to privacy law in the interest of the countries and citizens, anti-laundry and loss recovery in case of illicit transactions and possible attacks on users, insurance of crypto-assets in the interest of investors, necessary disclosure of transaction details on jurisdiction basis for the purpose of tax returns to the government. These would serve as protection of the interest of investors, general users and the African governments as well. Alternatively, the African countries could harness resources to develop her local cryptocurrency with the welfare of the citizen and the confidence of investors in mind. The major and peculiar challenge that the countries would likely encounter considering this option would include lack of infrastructures and electricity problem.

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