In an era where freelancing has become a global norm, Nigerian professionals have enthusiastically embraced remote work. Over 40% of the Nigerian workforce is engaged in freelance activities, with 75% of them reporting increased earnings in the past year. Despite this progress, Nigerian freelancers, especially those paid in foreign currencies and cryptocurrencies, face significant challenges in accessing and using their earnings. The Connecter, a DeFi app offering an intuitive UI/UX, emerges as a game-changer in addressing these issues, providing a seamless gateway into Web3.
The Allure of Earning in Crypto for Nigerians
Despite Nigeria’s banking limitations and government restrictions on cryptocurrency transactions, the country ranks second globally in crypto adoption. This trend is largely driven by the declining value of the Naira, which has depreciated by over 50% against the dollar recently. Nigerians are increasingly turning to cryptocurrencies as a means to hedge against inflation and preserve their wealth.
Cryptocurrencies offer several advantages over traditional banking systems, including lower remittance fees and faster transaction times. Traditional banks in Nigeria can charge up to 20% in remittance fees, prompting many to opt for crypto to save on costs.
The Challenges of Off-Ramping Crypto to Naira
Freelancers earning in crypto often face hurdles when converting their digital assets to local currency. The Central Bank of Nigeria’s ban on Binance and other exchanges has forced many to rely on peer-to-peer (P2P) platforms, which come with their own set of risks, including scams and fraud. Additionally, high transaction costs and volatile exchange rates complicate the off-ramping process.
A common issue is the lack of reliable exchange platforms. After the Binance ban, freelancers had to resort to informal exchanges, where rates are unpredictable and often higher than official channels. The fluctuating value of cryptocurrencies further exacerbates the problem, leading to losses when converting to Naira.
Enhancing the User Experience in Crypto Transactions
Many crypto exchanges suffer from poor user interfaces, filled with technical jargon and complicated navigation. This can be daunting for new users, making it difficult to execute transactions efficiently. The Connecter addresses this by providing an intuitive interface that simplifies crypto transactions. Terms like “send” and “receive” replace confusing jargon, making the app accessible even to first-time users.
The Challenges of Accepting USD Payments
Freelancers often face difficulties in creating foreign currency accounts. While PayPal and Payoneer offer solutions, they have historically been challenging for Nigerians to use due to regulatory restrictions and high fees. The process of converting USD to Naira is also fraught with delays and high transaction costs, making it cumbersome for freelancers to access their earnings promptly.
Making Online Payments Easier for Nigerians
Nigerians often encounter barriers when making online payments due to Naira card restrictions imposed by the Central Bank. This limitation affects their ability to complete transactions on international platforms, leading to frustration and missed opportunities.
How The Connecter Solves These Issues
The Connecter provides a comprehensive solution to these challenges. It offers a secure platform for converting cryptocurrencies to local currencies quickly and efficiently. Users can off-ramp their crypto earnings without worrying about high fees or volatile exchange rates. The app also facilitates the creation of virtual USDT (stable coins) accounts, enabling freelancers to receive payments from international clients seamlessly.
Moreover, The Connecter’s QR code “Pay” feature enhances the online payment experience for Nigerians. It can be used for various transactions, for anyone willing to accept crypto payments, providing greater flexibility and convenience. Enhanced security features protect users from fraud, while responsive customer support ensures a smooth and reliable experience.
To wrap up, earning in crypto presents both opportunities and challenges for Nigerians. The Connecter offers a robust solution, helping freelancers and businesses navigate these challenges with ease. By providing a user-friendly platform for handling USDT and crypto earnings, The Connecter empowers Nigerians to work and earn globally without the usual financial constraints. Embrace The Connecter today and experience the future of decentralized finance.
References
Affandi, R. A., & Rifkila, C. Z. (2023). The power of Bitcoin to attract investment in Underdeveloped Countries: A neoliberal perspective of Nigeria. In E3S Web of Conferences (Vol. 426, p. 01039). EDP Sciences.
Agbo, E. I., & Nwadialor, E. O. (2020). Cryptocurrency and the African economy. Economics And Social Sciences Academic Journal, 2(6), 84–100.
Olorundare, J. K., Fagboyo, R. J., Onyijen, O. H., Oni, M., & Adebunmi, A. A. (2023). Economic Prospect of Cryptocurrency: Nigeria as a Case Study. Journal homepage: www. ijrpr. com ISSN, 2582, 7421.
Opesade, A. O. (2024). Gig Economy: the Experience of Nigerian Digital Freelancers. The African Informal Economy: Structure, Dynamics, and Resilience, 5, 217.
