How Klever can solve the Nigeria crypto challenge

Klever has fast become a deeply trustworthy service for hundreds of thousands of Nigerians who from the comfort of their devices are able to improve their lives & empower themselves financially.

As Africa’s most populous country, Nigeria with a total population over 200 million and an active youth demographic of 60% is a growing gold mine for major investments in tech hubs and fintech sector. 

Fintech companies are responsible for bridging the gaps of traditional banking services with mobile payments, payment processing, mobile lending and personal finance on a day to day basis. 

With the influx of cryptocurrencies into the Nigerian financial markets, which has drawn more attention to the global blockchain and cryptocurrency space, this would have a massive impact on any blockchain and financial company that puts a strong focus on expanding its frontiers and having a large chunk of the African market of which Nigeria is a juicy portion.

Statistics show that cryptocurrency is more common to people living in Nigeria than elsewhere in the world, with over 32% of Nigerians reportedly having used or owned crypto in 2020, an impressive number indeed. 

This does not only translate into human data but also financial figures as data show that a large inflow of funds reflects that Nigeria had more transactions than the rest of Europe (-UK) in Q1 2021.

Various companies have tried to implement local exchanges and decentralized crypto services to users in Nigeria, but they seem not to be getting it right in their approach. The use of nearly impossible KYC documentation like international passports and driver’s license, which are quite difficult for users to secure, has been a burden to new entrants into the Nigerian crypto space. 

Subsequently, this has made it a challenge for both young and old who want to break themselves free from the shackles of poverty by engaging in potentially profitable endeavours in the crypto market. Also, there are issues of exchanges not meeting the demands of its users in terms of  capacity as a result of not having sufficient liquidity or presenting false order books, which has made most of them redundant or even liquidated out of business.

The introduction of Klever into the Nigerian crypto space in the fall of 2020 has transformed the way many Nigerians understand and use crypto wallets in a different dimension, and it is indeed a game changer. 

Klever app is a decentralized p2p and self-custody wallet, which puts the keys in the hands of the users. This means that the users have total and full control of their  private keys and that the Klever team cannot at any time or in any way access users’ funds or view your private keys. As it should be.

This is indeed a transformation from what traditional crypto exchanges have in place as Klever is giving the power to its users.

This brings me to the main crux of the matter of how Klever can help solve the challenges facing the crypto space in Nigeria.

Klever is indeed futuristic in its approach to helping users manage their finances and also determine how they would want to make payments, thereby making them self-sufficient and eventually becoming their own banks, or in other words, the power to self-bank. 

This is evident in the multi faceted developmental strides of the Klever development team with the creation of the Klever Exchange that is live for Android since June 30, allowing its users to trade cryptocurrencies from the comfort of their devices in a seamless manner using high level cryptography and market-leading speed.

Klever Exchange doesn’t store users personal data on any regular servers, but instead through ironclad security in Klever Custody and thus prevent the users from issues of data breaches experienced from traditional crypto exchanges.

This has given the small businessmen on the streets of Lagos, the local farmer in the North eastern states of Bornu and the fisherman in the Niger Delta region of Bayelsa state the same confidence and pride of using the Klever platform to achieve financial freedom and independence.

Today, the Nigerian market is Klever’s 3rd largest user base worldwide, coming closely after the US and India in terms of active Klever users. 

With the launch of Klever Exchange, the Klever ecosystem is now giving users the option of holding their crypto in self-custody through the Klever app, as well as in the custody of Klever Exchange in order to trade at what is set to become the fastest crypto exchange on the market, supporting over 3 million transactions per second.

This freedom of choice is essential for both Nigerian crypto users as well as blockchain enthusiasts around the world.

Klever has fast become a deeply trustworthy service for hundreds of thousands of Nigerians who from the comfort of their mobile devices are able to improve their lives and open them up to a global market without prejudice of race, age, gender sexual orientation in a klever way.

Written by James Enajite

Klever Nigeria Admin

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