Key questions this article answers:
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Despite the significant cryptocurrency adoption in Nigeria, the government has taken a cautious stance towards cryptocurrency. Does the new blockchain policy signal a departure from this?
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What does the new blockchain policy mean for blockchain and cryptocurrency startups and entrepreneurs building solutions in the Nigerian market?
One thing that stands out about the Central Bank of Nigeria (CBN), under the leadership of Mr Godwin Emefiele, is its ambivalence towards digital financial services and technology (fintech for this article).
The CBN has responded to growing fintech innovation in the past nine years with several enabling initiatives. Some of these include publishing regulatory frameworks and licensing requirements to ensure Nigeria’s financial system stability, developing the Shared Agent Network Expansion Facility (SANEF) to boost mobile money and supporting open banking in Nigeria.
Simultaneously, the CBN has also come down hard with the hammer. It came for wealth management
