Nigeria is making significant strides to regulate its rapidly growing cryptocurrency market through the establishment of a new Virtual Asset Council. This regulatory framework seeks to enhance transparency, strengthen investor confidence, and foster innovation while protecting consumers.

The initiative is expected to accelerate the growth of digital assets across Africa, particularly by improving the efficiency of cross-border payments—a sector where blockchain technology has shown strong potential. Faster and more affordable international transactions could open new avenues for trade and financial inclusion for both businesses and individuals.

Pelumi Esho, CEO and Founder of 91 Payments, emphasized the need for balanced regulation that encourages innovation and builds trust within the virtual assets ecosystem. Industry experts believe that clear regulatory guidelines could position Nigeria as a leading digital finance hub on the continent.

Africa’s global diaspora plays a vital role in the continent’s economic development, sending nearly $100 billion home annually—surpassing foreign direct investment in many African countries. At the EMY Africa London Summit, stakeholders discussed transforming these remittances from mere household support into catalysts for long-term economic growth. Key factors identified include creating accessible investment options, enhancing financial infrastructure, and fostering trust between investors and entrepreneurs.

Additionally, enterprises like Joella in Bukavu are showcasing how sustainable farming can simultaneously tackle economic and environmental challenges in Africa.

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