Quidax, a leading African crypto exchange, has launched free bank account deposits and withdrawals for its Nigerian users following the Central Bank of Nigeria’s reversal of its crypto ban. The free service, which started on December 22, 2023, will last for 30 days as a seasonal gift to Nigerians.
The free banking service by Quidax allows existing and new customers to conduct transactions without paying any fees through their bank accounts. The company emphasizes the need to complete the necessary identity verification processes to access these free services. This initiative is a significant step towards improving the convenience and affordability of cryptocurrency trading in Nigeria.
Quidax, which is celebrating its fifth anniversary, has been focusing on expanding its reach and offerings in the African crypto market. With the CBN’s relaxation of its restrictions, the Lagos-based exchange is now poised to attract more customers and provide better value for its services.
The CBN’s reversal of its crypto ban, announced via a circular to all commercial banks on December 22, 2023, marks a pivotal moment for Nigeria’s cryptocurrency industry 2023. The reversal comes after the initial February 2021 ban that barred banks from facilitating transactions with crypto-related entities. The ban had posed a major challenge to the growing Nigerian crypto community, which had previously enjoyed the freedom to conduct crypto and fiat transactions via bank accounts.
Despite developing the National Blockchain Policy in May 2023, the prohibition remained in effect until the recent announcement. The reversal is expected to significantly ease the process for crypto investors in Nigeria, enabling them to engage in crypto-based transactions through their bank accounts more freely. This move is anticipated to create a more conducive environment for cryptocurrency trading and adoption within the country.
During the ban, Nigerian companies in the crypto space faced significant difficulties. Many either moved their operations abroad or shut down entirely. However, companies like Quidax adapted by innovating to maintain their customer base and operations.
A Quidax executive said the company strived to uphold global best practices despite regulatory challenges.
The CBN’s reversal of its crypto ban and its issuance of new guidelines for banks and crypto service providers are significant developments for the crypto industry in Nigeria as they could also boost the adoption and innovation of crypto assets in Nigeria and provide a clear and consistent regulatory framework for the sector.
