Nigeria continues to dominate blockchain adoption in Africa, with the government and the private sector integrating the technology to boost efficiency, enhance security, and offer transparency. According to Geoffrey Weli-Wosu, government support has been vital in this growth, with blockchain companies such as Domineum taking up prominent roles 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 rising 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 clients is the Nigerian government, which has been assisting 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 massive market is one of the factors that make it the perfect market for blockchain in Africa, Weli-Wosu added. The country is home to over 230 million people, 70% aged 35 and below.
Government support has also played a key role, adopting blockchain “to solve societal problems,” he added.
It has also worked closely with blockchain firms, putting them at the heart of its digitalization drive. Domineum, for instance, was given the opportunity to co-host the country’s National Technology Week last year, culminating in the Digital Nigeria conference where BSV stole the show.
“The government is supporting blockchain big time. We are hopeful that Nigeria will open up the market for the rest of Africa,” Weli-Wosu said.
On this year’s digital currency crackdown, Weli-Wosu revealed that “it’s not necessarily a blockchain problem” and that the government has only been clamping down on players who’ve been using digital currencies in crime. These actors have primarily targeted the loose regulations to transfer funds into and out of Nigeria, circumventing the formal channels that require proper KYC and AML checks.
The crackdown has seen offshore exchanges booted out of the country and led to the arrest of Gambaryan, a Binance executive who faces charges of money laundering and operating a financial business in Nigeria illegally. His bail hearing was postponed last month to October 9 despite his pleas for access to better healthcare amid failing 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
