The IT firm Rabbi in Nigeria has created an open cryptocurrency trading platform to support international payments.
People can easily get bitcoin payments from their foreign employers’ thanks to the blockchain payment system.
Despite the fact that the use of cryptocurrencies has been subject to some limitations in Nigeria, the team has established a technique for conducting business without breaking the Central Bank of Nigeria’s (CBN) cryptocurrency regulations.
It is interesting that Rabbi Cohen personally credits people in their own currencies.
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FCCPC’s 2020 report
A report by the Federal Competition and Consumer Protection Commission (FCCPC) from January to September 2020 reveals that 33% of all complaints the committee received regarded the services provided by Nigerian banks.
The banking industry was said to have the highest levels of inefficiencies, well above the 21% of total complaints that the electricity and power industry, which is notoriously inefficient, received.
The country’s social media blacklisted some banks the same year.
According to FCCPC data, many complaints were about illegal deductions, hidden charges, and operational inefficiency.
Nigerians have been adopting cryptocurrency in large numbers as a result of this recent wave of banking issues and the weakening of the Nigerian Naira.
According to Kucoin’s “Into The Cryptoverse” report, Nigeria’s crypto users increased by 2,467.2% between January 2021 and January 2022, and 33.4 million Nigerians, or 35% of the population between 17 and 61, owned or traded crypto in the preceding six months.
Nigeria’s size and digital payments boost bitcoin use.
Nigeria’s significant cryptocurrency acceptance in the market today may be attributed to a number of factors, including its size, its high degree of financial inclusion, and its young, tech-savvy populace, which has utilized cryptocurrencies in incredibly innovative ways.
The ability to send money both domestically and internationally using cryptocurrency is one of its key applications in Nigeria.
Many people in Nigeria are now using cryptocurrencies as a quicker, more affordable, and more accessible alternative to traditional financial systems because of the shortcomings of the latter.
Binance increases African Currencies on its Cryptocurrency platform
Nigerians invest in cryptocurrency. Due to the naira’s volatility, many Nigerians have turned to cryptocurrencies to secure their investments and maybe earn higher returns, yet Rabbi is largely used for cross-border payments.
Rabbi Co-Founder Ifunanya Onwughalu said their objective is to simplify cross-border payments and international trade by providing a reliable and efficient platform to exchange cryptocurrencies for naira. They want to make worldwide transactions easy for our users.
But our goal is to be the leading provider of secure, user-friendly, and creative bitcoin transaction solutions in the near future. We aspire to ease international trade and financial inclusion by offering a platform for businesses and consumers to transact.
Our platform might transform payroll management, remittances, and other financial services worldwide. Our dedication to security, innovation, and customer service makes us the leading cryptocurrency exchange and cross-border payment provider.
“At Rabbi, we empower our users to transact abroad with confidence and convenience, transforming the way the world does international commerce one crypto wallet at a time.” Why not trade now?