Access to the world of cryptocurrencies is a Necessity for Africans.
In contrast, Nigerians appear to have ignored the Central Bank of Nigeria's (CBN) attempt at creating a digital currency called the e-naira. In spite of the efforts made by the central bank to promote the e-naira as an alternative to cryptocurrencies, it would appear that local inhabitants continue to choose the latter. Benjamin Eseoghene, founder and CEO of a local cryptocurrency exchange, suggests that the Central Bank of Nigeria's (CBN) inability to adequately educate the general populace about the e-naira may be to blame for the people's unwillingness to utilize the digital currency.

According to Eseoghene, whose firm Roqqu.com just gained authorisation to operate in Europe, Nigerian citizens choose cryptocurrencies since they are borderless. Eseoghene made this statement in an interview with Bitcoin.com News. In the meantime, the persistent lack of foreign exchange in Nigeria, as well as the decrease of the value of the country's currency, are also further causes that push citizens of Nigeria toward cryptocurrencies.

Because Nigeria has a population of over 200 million people, the country is one of the largest crypto marketplaces in the world, and global crypto titans are naturally drawn to the country as a result. However, the existence of such large enterprises has not discouraged local entrepreneurs like Eseoghene from starting their own businesses. Eseoghene provided written solutions to questions posed by Bitcoin.com News. In these comments, he described how his firm, which was established in 2018, is able to compete with some of its competitors who have a significant advantage in terms of funding. In addition to that, he provided his perspective on the e-naira as well as the instruction issued by the CBN.

The answers to the questions are provided below, courtesy of Eseoghene.

The latest from Bitcoin.com (BCN): You run one of the locally created cryptocurrency exchanges in Nigeria, which competes with well-resourced worldwide platforms for what is effectively one of the largest cryptocurrency marketplaces in the world. Could you begin by explaining to our audience why you decided to create Roqqu in 2019, and how the company has managed to compete successfully against companies that are considerably larger than it?

Benjamin Eseoghene (BE): We are a brand that uses blockchain technology to shape the future of Africa. From our humble beginnings, we have grown into a team of over sixty people and developed a platform that has over one million and a half users, making us the market leader in the African blockchain arena.

We are the most reliable option for buying, selling, storing, and accepting bitcoins, and we are also the quickest and safest way to do so. We are aware that our users want more than just a trading platform, and we are also aware that our customers want to build businesses, expand their brands, and achieve financial freedom. Because of this, we are constantly inspired to keep improving our services, while also working toward offering more flexible features of our platform... Because we make it a point of responsibility to ensure that not only are all of your actions on the app completely frictionless, but that you can trust that all of your assets will be safe in our wallets, we develop using the greatest technology that is currently available.

BCN: Does your platform allow users who are not Nigerians to utilize or trade cryptocurrencies?

BE: Not at this time, but rest assured that our team is toiling away around the clock to make it so that Roqqu may be utilized in other regions of the world.

It has been reported by BCN that Roqqu.com has lately been granted permission to legally conduct business in one of the countries in Europe. Is this accurate, and if it is, are you able to explain to our audience why you have decided to go in this direction?

BE: It's true that many of our users have requested that Roqqu be made accessible to their friends and family members who are studying or living in a different country. Why not use the vehicle of cryptocurrency to help solve that fundamental problem? That is why we have spent many months working to make Roqqu globally accessible. As you are already aware, many companies all over the world do business directly with Africa, and since receiving payment is a major hassle in Africa, what better way is there than to use the vehicle of cryptocurrency to help solve that fundamental problem?

BCN: The Central Bank of Nigeria (CBN) issued directives to Nigerian banks in February 2021 instructing them to basically cut off crypto firms from the banking system. What kind of an impact did this have on your operations, and how did you manage to find solutions to the problems that this order caused?

BE: The love letter of heartache published by the CBN in 2021 was a lot for the brand to manage since it had a huge influence on both the product and the cryptocurrency sector in general. This was a challenge for the brand.

Let's face it: Nigerians have a strong interest in virtual currencies and blockchain technology. Trade in cryptocurrencies has seen phenomenal expansion across the nation over the course of the past several years. The amount of bitcoin trades in Nigeria is the second biggest in the world, behind only the United States. This makes Nigeria the largest cryptocurrency market in all of Africa. The trading of cryptocurrencies in the country in 2017 was estimated to be worth a total of four hundred million dollars, according to statistics provided by QZ Africa. A recent research of 74 nations found that Nigerians were the most likely to report using or possessing cryptocurrency. This finding came from a survey conducted by Statista Global Consumer Survey.

However, in order to circumvent the regulations, we altered our business practices by introducing the very first P2P model on our platform. This allowed us to link traders with one another in an effort to mitigate the negative consequences of the directives. P2P trades are frequently executed directly between the two individuals involved, without the participation of any intermediaries or third parties. By utilizing this technology, we are able to act as an escrow for the P2P transactions that are being conducted. Using Roqqu makes the process uncomplicated, simpler, and more secure.

BCN: In general, the CBN has been attempting to dissuade people from using cryptocurrencies like bitcoin. However, it has been encouraging people in Nigeria to use its own digital money, which is issued by the central bank (CBDC). On the other hand, it would appear that the converse is true; that is, Nigerians would rather use cryptocurrencies than the e-naira. What do you believe may be the explanation for this behavior?

BE: Borderless cryptocurrencies like bitcoin make international trade simple and doable. The CBDC, on the other hand, has restrictions, which is why it seems reasonable that individuals would still choose the borderless alternative. There hasn't been an adoption drive, and there hasn't been widespread sensitization on why people should use the CBDC, how to acquire it, how to store it, its use, and everything else that pertains to it, to my knowledge, which is another reason why people are resistant to the CBDC. I think this is another reason why people are resistant to the CBDC.

People are notoriously reluctant to change, particularly when they do not perceive the need for the change in question.

BCN: It has been reported that a candidate for the presidency of Nigeria has lauded fintech companies, while another candidate has lauded the blockchain and the promise it possesses. What are your thoughts in response to the laudatory remarks made by national authorities on the technology?

It is encouraging to see that people are becoming more open to the opportunities presented by blockchain technology and technology in general. If there's one thing I've learned in all of my years working in this business, it's that it's a lot easier to survive and prosper when the government is on your side. If there's one thing I've learned in all of my years working in this industry, it's that.

If they do transform these favorable remarks into genuine action to help the IT environment, there is a one hundred and ten percent likelihood that the growth will fly through the roof. I am positive of this because I believe that to begin, certain existing rules that hinder the operations of technology businesses would be updated, and founders wouldn't spend as much time attempting to innovate around policies. If this were to happen, then I am certain that this would happen. Instead, they would use that time to innovate new products in order to compete in international markets. There is still a great deal of work to be done in the field of technology, and all the impetus we want would come from having a government that is optimistic about the future of the industry.

BCN: Does this in any way speak to the possibility of a policy move on Nigeria's part regarding the cryptocurrency industry?

BE: We are of the opinion that it does. It is obvious that they are aware of all or at least a glimpse of what may be born as a result of cryptocurrency and the blockchain industry in general, which is why it only makes sense that they would improve the already existing policies or possibly even create new ones that will foster the growth and spread of cryptocurrency in the country.

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