HomeCoinsNano (NANO)Is Nano the micro-payments solution for Nigeria's economic rise? | by Dayo...

Is Nano the micro-payments solution for Nigeria’s economic rise? | by Dayo Ojo | Nano | Feb, 2021

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Dayo Ojo
Photo by Ehimetalor Akhere Unuabona on Unsplash

The world is growing digital, faster than we can comprehend, and Nigeria has emerged as a nation ready to take on the digital revolution. Covid-19 and lockdown restrictions have certainly taught us how important digitization is to our world. As the people of Nigeria seek out more effective mediums for peer to peer trade, is Nano currency the micropayments solution for Nigeria’s economic rise?

Nigeria’s Failing Economy & The Need For Digital Money.

Nigeria is a country with exceptional talents, vast potential, and a hardworking population. However, the country has been unlucky with leadership over the past century especially.

Bad governance has brought about the mismanagement of funds, resources, and power, which continue to taint the economy. In 2020, Nigeria experienced the worst economic recession in 29 years, the naira has experienced a sharp decline over the last decade, and many Nigerians have frankly lost trust in the local currency.

Photo by Olumide Bamgbelu on Unsplash

Besides gross negligence and corrupt politicians, the government has been guilty of printing excess money to cover up for their lapses. In 2016, the National Bureau of Statistics revealed an inflation rate of 17.1%, and the GDP also declined by 2% that year, it’s first in a generation. However, growth has been fragile, COVID-19 has hit the economy hard and this has resulted in an endless cycle of inflation.

Fundamental economic issues, the lack of proper decentralization of funds, compounded with excessive government and central bank restrictions have resulted in people looking for a way out, and this had led to the push for the adoption of digital currencies into Nigeria’s informal economies and mainstream trade.

Nano and the ultimate digital currency solution

Nano is a decentralized, sustainable, and secure digital money. It is focused on addressing the inefficiencies that exist in outdated financial systems. Designed to provide simple peer-to-peer transfer of value, Nano empowers individuals with the most efficient and accessible digital money possible, connecting the previously unbanked to the global economy with minimal environmental impact.

WeNano

WeNano is a well-designed new wallet launched by the Nano community, with a collection of highly attractive new features, presenting users with the ultimate digital treasure-hunt experience to spend, transfer, share, and even earn Nano.

There are a multitude of digital currencies to choose from, unfortunately, not all have got what it takes to succeed as an efficient method of payment. Nano possesses the three essential properties to succeed: decentralized technology, a large and active community, and developers across the world making Nano more accessible day by day with the launch of various apps and services.

Available on both iOS and Android, WeNano is user-friendly and makes the acquisition of Nano engaging and simple, so that no one is denied the great opportunity to test the technology for themselves.

Photo by Omotayo Tajudeen from Pexels

How Can Nigerians Use WeNano?

Restrictions are being put on cross border payment; the current policy by the federal government has banned fiat cross-border payment merchant Transferwise from operating in the country. WeNano can offer a solution to situations like this by assisting companies and individuals in making transactions outside the country within minutes, and no amount is too small.

As millions of Nigerians try to overcome barriers or challenges encountered in their various businesses, the WeNano app is without a doubt the starting point to solving some of Nigeria’s ongoing challenges. Its launch has come at a great time as the reception of cryptocurrencies in the country has been very positive over the past year.

Photo by Joshua Oluwagbemiga on Unsplash

Furthermore, WeNano has made digital money palatable, easy to use and available for a large number of the userbase. WeNano is a great addition to the local economy due to the exciting and interesting features, such as their Quick Tip feature and local spot chats. Making it easy to communicate with fellow users, tip friends, waitresses, and cab drivers in an instant with no fees, no fuss, no delay or waiting!

Many are often have second thoughts in making smaller bank transactions because of excessive bank charges. With lesser fees, Nigerians would readily opt for Nano over any fiat solution.

Conclusion

In a world that is plagued by numerous inadequacies, digitization has come to the rescue. Nano is at the forefront of the digital currency evolution by offering efficiency, low fees, and an eco-friendly environment for conducting exchanges for goods and services offered.

Without a doubt, a digitally developing economy like Nigeria is in the best position to benefit from this technological revolution.

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