Nigeria continues to dominate blockchain adoption in Africa, with the government and private sector integrating the technology to increase efficiency, improve security and provide transparency. According to Geoffrey Weli-Wosu, government support has been critical to this growth, with blockchain companies such as Domineum playing a prominent role in the country’s tech ecosystem.
Weli-Wosu is the founder and CEO of Domineum, a blockchain-as-a-service company based in Lagos. At the London Blockchain Conference, he joined CoinGeek Backstage reporter Becky Liggero to discuss the increasing adoption of blockchain in Nigeria and this year’s crackdown on ‘crypto’ that has landed some, like Binance’s Tigran Gambaryan, behind bars .
One of Domineum’s key customers is the Nigerian government, which has supported the transition from a traditional database to a blockchain-powered protocol. Weli-Wosu revealed that the two recently signed an MOU to build a tech city ecosystem for the country.
Nigeria’s huge market is one of the factors that makes it the perfect market for blockchain in Africa, Weli-Wosu said. The country is home to more than 230 million people, 70% of whom are 35 years and younger.
Government support has also played a key role, applying blockchain “to solve social problems,” he added.
It has also worked closely with blockchain companies, putting them at the center of the digitalization journey. For example, last year Domineum had the opportunity to co-organize the country’s National Technology Week, culminating in the Digital Nigeria conference where BSV stole the show.
“The government is very supportive of blockchain. We are hopeful that Nigeria will open the market to the rest of Africa,” said Weli-Wosu.
On the crackdown on digital currencies this year, Weli-Wosu revealed that “it is not necessarily a blockchain problem” and that the government has only cracked down on players who have used digital currencies in crime. These actors have primarily focused on the loose regulations of transferring money to and from Nigeria, bypassing formal channels that require proper KYC and AML checks.
The crackdown has forced the expulsion of offshore exchanges and led to the arrest of Gambaryan, a Binance executive accused of money laundering and illegally operating a financial business in Nigeria. His bail hearing was postponed last month until Oct. 9, despite his pleas for access to better health care amid poor health, Binance’s spirited campaign to force the government’s hand and pressure from some U.S. congressmen.
Watch: The future has already arrived in Nigeria
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