This episode looks at the cost of cross-border payments in Nigeria. We cover the solutions presented by cryptocurrencies in a country held back by strict capital controls.

We also discuss the young Nigerian entrepreneurs, who are building payments solutions to the following problems:

• Rising inflation of the local currency versus the USD
• High transaction fees
• Lack of self-custody in a country with little trust in governance

Twitter: @bl0cco
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Further Reading:
Reuters: Capital controls on USD transactions in Nigeria
Guardian: Bitcoin adoption in Nigeria
Chainalysis: Remittances and Fiat currency devaluation in Sub-Saharan Africa
Coindesk: How crypto can help Nigeria's economy
BitKE: Interview with Co-Founder of Buycoins, Ire Adenirokun

Music from Uppbeat (free for Creators!):

https://uppbeat.io/t/fe77a/lucidity

License code: LOTGV4EVLMO7VLLQ