How Nigeria can use crypto companies to its advantage

Techpoint Africa Podcast

Our guest on today's podcast is Ray Youssef, CEO, NoOnes. We discuss Nigeria's recent clampdown on Binance and crypto and what happened with his last company, Paxful.

But before that, we highlight a few stories from this week.

• BuuPass acquires QuickBus
• CBN stops Moniepoint, Kuda, OPay from opening new accounts
• MTN Nigeria records first loss since 2021 IPO

Link to Insight of the Week: https://intelpoint.co/insights/mtn-nigeria-recorded-its-first-loss-in-2023-since-its-initial-public-offering/

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Timestamps

00:00 - Intro

00:21 - Recap of the news

03:16 - Thoughts on the clampdown

08:10 - Did P2P really cause the fall of the naira?

12:21 - Did Binance make money from P2P?

14:44 - Is the Nigerian government justified in going after Binance?

17:29 - The real numbers for crypto in Nigeria

20:11 - Consequences of the clampdown

23:57 - The real crypto scammers

25:26 - The double-edged sword of licencing requirements

28:36 - NoOnes' role

32:28 - The importance of P2P

35:15 - What went wrong with Paxful

38:09 - How NoOnes will redeem the Paxful failure

39:24 - Possible challenges for NoOnes

43:32 - Outro

Useful links

• Kenyan BuuPass acquires QuickBus to expand to Nigeria and South Africa
• CBN stops account openings for Kuda, Moniepoint, OPay
• Q1 2024: MTN Nigeria's userbase sinks, loses ₦656.4 billion in foreign exchange

This episode was produced by Ogheneruemu Oneyibo

Email us your feedback at [email protected]. Visit www.techpoint.africa/ for more stories.

Music - Beach by MBB -

https://www.youtube.com/watch?v=dEnQ8dHwDSk

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