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Strike’s Bold Move: Expanding to Nigeria Despite Crypto Crackdown

American payment platform Strike, known for leveraging Bitcoin’s Lightning Network for B2B cross-border payments, has made a daring move. On February 29th, 2024, they announced their expansion into Nigeria, a country experiencing a government clampdown on cryptocurrency platforms. This decision raises questions about Strike’s strategy and the future of crypto in Africa’s most populous nation.



Nigeria: A Crypto Hub Facing Challenges

Nigeria boasts the highest cryptocurrency adoption rate in Africa, with an estimated 32 million users according to a 2023 Statista report [1]. This widespread adoption stems from factors like economic instability leading to a desire to hedge against inflation and limited access to traditional financial services. However, the Nigerian government has recently taken a cautious approach towards cryptocurrency.


Strike’s Calculated Expansion:

Despite these challenges, Strike has chosen to enter the Nigerian market. Their focus on B2B cross-border payments and leveraging the Lightning Network suggests a targeted strategy:

  • B2B Focus: Unlike traditional exchanges offering a wide range of crypto services, Strike caters primarily to businesses seeking faster and cheaper cross-border transactions. This focus may position them outside the immediate crosshairs of the CBN’s regulations.
  • Lightning Network Advantage: The Lightning Network, a layer-two solution built on top of Bitcoin, facilitates faster and cheaper transactions compared to the main Bitcoin blockchain. This could be particularly attractive to Nigerian businesses seeking efficient cross-border payments.

Data and Statistics to Consider:

  • Cross-Border Transaction Volume: The World Bank estimates that Nigerians sent over $20 billion in remittances in 2023. Strike’s focus on this sector presents a significant potential market.
  • Transaction Fees: Traditional cross-border remittance services can charge fees exceeding 10%. The Lightning Network boasts much lower transaction fees, potentially making Strike a more attractive option for Nigerian businesses.

Uncertainties and Potential Challenges:

While Strike’s strategy appears well-defined, uncertainties remain:

  • Regulatory Landscape: The future of cryptocurrency regulations in Nigeria remains unclear. The CBN’s current stance could pose significant hurdles for Strike’s operations.
  • User Adoption: Strike’s B2B focus might limit its initial user base compared to platforms offering broader crypto services. Encouraging individual user adoption could be an additional challenge.
  • Competition: Existing Nigerian fintech companies offering alternative cross-border payment solutions might pose competition for Strike.


Looking Forward:

Strike’s expansion into Nigeria is a bold move in a complex regulatory environment. Their success will hinge on several factors:

  • Clarity on Regulations: Clearer guidelines from the CBN regarding B2B crypto transactions and the Lightning Network would be crucial for Strike’s long-term viability.
  • Building Trust and User Base: Earning the trust of Nigerian businesses and potentially navigating individual user adoption will be vital for Strike’s growth.
  • Collaboration with Local Players: Collaborating with existing Nigerian fintech companies could create a win-win situation, leveraging Strike’s technology and local expertise.


Strike’s expansion into Nigeria presents a fascinating case study. Their success could pave the way for a new wave of crypto-powered financial solutions in Africa. However, navigating the regulatory landscape and building trust in the market will be crucial to their long-term success.

Additional Resources:

  1. Statista:
  2. Central Bank of Nigeria:
  3. World Bank:

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TAGiAfrica™ is a Web3 Magazine that is documenting the African journey in the crypto and blockchain industry for over a decade. We are the Pan-African magazine that covers business, technology, Blockchain, Crypto and Innovation.We are the essential resource for anyone who wants to stay up-to-date on the latest trends in Africa. The magazine is also a valuable resource for businesses that are looking to expand into Africa and committed to promoting African entrepreneurship and innovation.

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