📉 The Director General of the Securities and Exchange Commission (SEC) of Nigeria, Emomotimi Agama, has highlighted the potential of cryptocurrency to significantly help the country's unbanked population. He predicts that the Nigerian crypto market will reach $52.5 million by 2028.

The market is now valued at $400 million, with a large share of the population engaged in crypto trading. About 33.4% of Nigerians own or use cryptocurrencies, presenting a unique opportunity to expand financial services to over 38 million unbanked adults.

Agama highlighted the benefits of cryptocurrencies in providing financial services, especially for those who do not have traditional bank accounts. He also noted that cryptocurrencies can significantly reduce the cost of transfers.

However, Agama acknowledged the challenges associated with using cryptocurrencies, including regulatory uncertainty, security concerns and financial literacy issues. He emphasized the need for balanced regulation to leverage the benefits of crypto assets while mitigating risks.