A high school based in Kano Nigeria has announced that it has integrated cryptocurrencies into its list of payment options.
Local news outlet The Independent reports today that students at the institution, The New Oxford Science Academy, can now pay tuition fees using cryptocurrencies.
At the time of writing, the school did not state what cryptocurrency it would support, but it is expected that Bitcoin (BTC) would be on the list, given its widespread adoption in recent times.
Commenting on the development, Sabi’u Musa Haruna, the school’s proprietor said the decision was made after due consultation with parents and guardians, adding that the move would help ease payment processes going forward.
“We’ve decided to accept cryptocurrency as school fees because the world today is tilting towards the system. We believe one-day digital money will gain more acceptance than paper money,” Haruna added.
Nigerian Government Stern Measures Against Cryptocurrencies
The news may seem shocking to many Nigerians considering the fact that financial regulators in the country do not seem friendly with the asset class.
Back in February, the country’s apex bank, The Central Bank of Nigeria (CBN), directed financial institutions within its regulatory purview to stop providing financial services to crypto-related businesses.
At the time, the CBN instructed financial institutions to identify and block bank accounts suspected of being involved in crypto-related activities or risk being penalized.
P2P Service Came to the Rescue
The directive prompted crypto enthusiasts in Nigeria to adjust to peer-to-peer (P2P) trading platforms, with millions of dollars being exchanged via this medium.
With the stringent law given to banks still in existence, the New Oxford Science Academy could be forced to use the P2P system if need be.
Haruna, while referring to Nigeria’s move to restrict financial institutions from dealing with cryptocurrencies, said the country should reconsider its stance and embrace and regulate the technology.
He added that several schools in countries like El-Salvador and Tanzania have already launched similar initiatives.
Although the Nigerian government is against financial institutions processing transactions related to cryptocurrency, the CBN announced that it would be launching its Central Bank Digital Currency (CBDC) pilot by year’s end.
