Public Key Podcast

[CHAINALYSIS PODCAST EPISODE 37] Powering the Digital Asset Transformation in Nigeria and Beyond


Episode 37 of the Public Key podcast is here! In this episode, we talk with co-founders Michael Adeyeri (CEO & CTO) and Moyo Sodipo (COO & CPO) of Busha, one of the fastest-growing cryptocurrency exchanges in Nigeria, about challenging access to fiat and the gray area of crypto regulations in Nigeria.*It is noted that Busha is a Chainalysis customer. 

You can listen or subscribe now on Spotify, Apple, or Audible. Keep reading for a full preview of episode 37.

Public Key Episode 37 preview: Crypto and stablecoins help support businesses faced with capital restrictions in Nigeria

If you’ve read the Chainalysis 2022 Global Crypto Adoption Index, you might have noticed that Nigeria has been rapidly climbing the charts when it comes to grassroots adoption of cryptocurrency. 

In this episode, Ian Andrews (Chief Marketing Officer, Chainalysis) is joined by co-founders Michael Adeyeri (CEO) and Moyo Sodipo (Chief Product Officer) of Busha, one of the fastest-growing digital asset platforms in Africa. They go in-depth about Nigerians’ challenges in accessing currencies like the dollar and euro and how cryptocurrency and stablecoins enable an alternative international payment solution. 

The co-founders describe the current crypto regulatory landscape in Nigeria and explain why adoption in the country is far from just speculation and how remittances and facilitating business operations are a top priority for many Nigerians. 

Quote of the episode

“So we’re just sort of self-regulated and that’s why we have partners like Chainalysis as well, so that whenever the SEC or any regulator is ready to come on board with cryptocurrency, we know that we’ve been properly prepared from day 1. Compliance wise, AML wise and we can also educate them and let them know that look, even though we were not regulated, we regulated ourselves and we had the systems in place from day 1.” – Moyo Sodipo (COO & CPO, Busha)

Minute-by-minute episode breakdown

  • (2:15) – How early days of figuring out alternative value transfer solutions turned into Busha’s thriving African cryptocurrency exchange
  • (4:19) – How Busha was able to provide consumer-centric concierge services to their user base and grow in Nigeria 
  • (7:15) – Dealing with banking challenges in Nigeria as a cryptocurrency service provider
  • (13:59) – The emergence of Nigeria’s CBDC, the eNaira, and the place it has in the digital asset landscape of Africa
  • (15:01) – Demystifying the Central Bank of Nigeria (CBN) decision to ban cryptocurrency and the current state of crypto regulations 
  • (19:00) – Why NFTs aren’t as popular in Nigeria and surrounding regions 

Related resources

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Speakers on today’s episode

*It is noted that Busha is a Chainalysis customer. 

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