• Sat. Apr 13th, 2024

Nigeria’s Banking Sector Needs To Integrate Blockchain Technology, Manifesto Of Nigerian President-Elect

Summer White

BySummer White

Mar 11, 2023

Blockchain technology may become the most adopted technology in the Nigerian financial sector if Bola Tinubu becomes the new president of Nigeria.

Bola Tinubu is the Nigerian President-elect who has recently released the manifesto for his electoral campaign. His manifesto specifically revolves around the adoption of crypto-blockchain technology.

Bola Tinubu’s Manifesto

Bola Tinubu has recently made his manifesto public where he has talked in detail about the adoption of cryptocurrencies. The adoption of cryptocurrencies automatically suggests that blockchain technology would be adopted.

Tinubu has added in the manifesto that it is important that their country explores more options within the crypto blockchain industry.

They have to adopt the technology and most importantly, they have to be adopted by the financial sector.

He has stressed that the finance and banking sectors in the country must adopt the technologies. The adoption of these technologies would ensure the future success and the economic boost of their country.

Reviewing the Existing SEC Regulations

The manifesto demands a review of the current regulations must be carried out that have been in place for a while.

It was the Security Exchange Commission (SEC) of Nigeria that introduced the regulations in Nigeria that are being practiced for a while.

When their government is in power, they will ensure that the existing regulations imposed by the Nigerian SEC are reviewed.

They will be working hard to ensure that the regulations are made more accommodating toward the crypto blockchain industry.

With the adoption and implementation of the new and amended regulations, they will become friendlier towards the crypto industry.

Until now, the regulations have not been friendly for businesses when it comes to the adoption of crypto-blockchain technology.

They will introduce regulations that would show a lot of flexibility towards the business sectors so they find it easier to adopt cryptocurrencies.

They will take steps to ensure that the integration of blockchain technology is also made smoother and more convenient for local businesses.

Banks would become Crypto-Friendly

The manifesto clearly states that the banking solutions and the financial sector will find it very profitable to adopt crypto-blockchain technology.

As of now, many people in Nigeria do not have any kind of connection with financial and banking firms. They do not have bank accounts because they simply reject the very idea of being linked with traditional solutions.

With the banking and financial firms adopting the technologies, the trust level of the public would rise in these solutions.

Although Nigerians do not trust the financial solutions in the country, they have strong faith in cryptocurrencies.

Nigeria is among the countries registering very high levels of crypto adoption. Even Google has shared information about the Nigerians that their search rates for cryptocurrencies, especially, the BTC are very high.

If the banks and financial institutions gain the opportunity of adopting the crypto blockchain technologies, it would be a game changer for the country.

The entire country will thrive because the public will start interacting with the financial solutions in the country.

This would not only increase the adoption rate of crypto-blockchain technologies but also do the same for the traditional financial sectors.

New Regulatory Framework

According to Tinubu, they have already worked on the new crypto-blockchain regulatory framework. They will start working on the implementation of the new framework if they are elected and given the chance to serve the public.

The new framework would provide clear regulations and details about the adoption of cryptocurrencies and blockchain technology. It will also provide clarity and more information about other digital tokens.

He added that they will continue with the development of the CBDC “eNaira” because it is important that they stay up-to-date with global financial advancements.

Compared to other parties, Tinubu’s manifesto is something that is going to connect with the Nigerians. There are high chances that his party may win the election following the release of the new manifesto.

Summer White

Summer White

Summer White, an esteemed writer for Big Trends Signals, combines her online trading expertise and articulate writing to deliver exhaustive guides and fair reviews, assisting traders in digital markets.

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