SEC Chief highlights Nigeria's $400M crypto market and 33.4% ownership rate

Nigeria's Securities and Exchange Commission (SEC) Director General, Emomotimi Agama, sees huge potential in cryptocurrencies to help the country's vast unbanked population access financial services.

Speaking at a recent conference on crypto assets and the Nigerian economy, Agama pointed to Nigeria's thriving crypto market, estimated at over $400 million. He noted a significant portion of Nigerians are already using or trading crypto, with a staggering 33.4% ownership rate. Agama sees this as a gateway to financial inclusion for the over 38 million Nigerian adults without traditional bank accounts.

"Some people don't have bank accounts, but they have wallets," Agama said, highlighting the easy access crypto offers. He also emphasized crypto's potential to slash remittance costs, benefiting Nigerians who receive money from abroad. Nigeria is a major recipient of remittances in Africa.

However, Agama acknowledged the challenges of crypto use, including lack of clear regulations, security risks, and a need for financial literacy. He called for a balanced approach to regulation, aiming to capture crypto's benefits while managing the risks.