Sectors that accept crypto as means of payment in Nigeria.

[Olotu20]

Crypto currency has been growing fast in the African continent, coming to Nigeria crypto currency has gained attention and has become popular in the sense that we are seeing an increase in the way people talk about crypto and its use. Either as payment, trading or even using it as a store of value by holding it for the long term. As the use of crypto currency continues to gain ground in the country, the issue of crypto payment integration in Nigeria is also gradually growing even though there are still some setbacks to crypto related payments activities across the country. But the use of crypto currency as a means of payment in Nigeria is still mostly concentrated in limited sectors of the Nigerian society. We see crypto being recognized as payments means in sectors such as Tech, Hospitality, Freelancing services, Travel, and online commerce. It should be noted that some of these businesses prefer stablecoins like USDT and USDC due to volatility and international payment convenience.

Here is a survey of Nigerian businesses and sectors supporting crypto payments directly or indirectly.

Crypto Payment Gateways and Infrastructure Companies.

These are companies that enable Nigerian businesses accept crypto and convert it to naira as they provides crypto payment APIs for merchants to accept Bitcoin, USDT, USDC, and automatic naira settlement.

Hotels AND Hospitality Businesses

Some hotels and travel related businesses in Nigeria have begun to experiment with or informally accepted crypto through wallet transfers or OTC settlement. It should be noted that these businesses may not advertise crypto openly but one thing that has been gradually increasing among hospitality operators in big cities like Lagos and Abuja is accepting USDT or Bitcoin through direct arrangements with customers, especially foreign clients and event organizers when discussed with the management of these hotels and agreed.

Restaurants AND Lifestyle Businesses

A number of urban restaurants and lounges in Lagos and Abuja also reportedly accept crypto informally through direct wallet transfers.It should be noted that crypto payments in this category are peer to peer and Customers typically pay in USDT or Bitcoin and staff confirm receipt manually when they confirm receiving of crypto currency payment.

Crypto Exchange AND OTC Businesses

These businesses directly operate in crypto trading, swapping and even merchant settlement.

In conclusion the use of crypto currency as payment methods in Nigeria is still a problem due to Volatility and most Nigerian businesses still prefer stablecoins USD or USDC over volatile coins like Bitcoin.Adoption rate is strongest in Lagos, Abuja and Port Harcourt and tech focused urban cities in the country. merchants accept crypto quietly due to banking and regulatory uncertainty which still exists in the country.Nigeria has a high crypto usage, but merchant acceptance remains a source of concern because even with the high rate of crypto adoption in the country businesses are still cautious about openly advertising crypto payments.

[SatoPrincess]

I think it would be a lot more helpful if you could mention the names of the restaurants/hospitality businesses that accept crypto as a payment or their location so interested persons can patronise them. I believe that was your motive for creating the thread.

[DPHOR]

I think it would be a lot more helpful if you could mention the names of the restaurants/hospitality businesses that accept crypto as a payment or their location so interested persons can patronise them. I believe that was your motive for creating the thread.

I have seen publicly that a specific hospital and restaurant is accepting Bitcoin or cryptocurrency for their payment methods, so far I have only believe that it is only p2p that is enabled here In our country.
If there are any place that accepts digital currency then it would be that ideal to mention so that our users from that area may likely patronize them, it would also boost the maximum adopting of digital currency, especially Bitcoin at large.