Nigerian secondary school accepts cryptocurrency for payments
Despite the Central Bank of Nigeria (CBN) prohibiting financial institutions from providing cryptocurrency-related services.
New Oxford Science Academy, a private secondary school in Kano State, Nigeria, has stated it will take bitcoin as a form of payment for school fees.
The school’s proprietor, Sabi’u Musa Haruna, will allow students to pay their tuition costs in bitcoin, according to a report from Kano Focus, a state news site.
The Proprietor stated this to journalists in Kano, claiming that the school administration made the choice after consulting parents and guardians.
He urged the Nigerian government to embrace and regulate cryptocurrency in the interview.
Sabi’u Musa Haruna stated, “We have 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.”
He further explained that the decision was aimed at easing the strain of payment of school fees for parents, citing that countries like El Salvador and Tanzania had expanded payment options for cryptocurrency users.
He did not give specifics as to which tokens the school will accept for payment, however.
What you need to know
In February, the CBN announced in a circular that it had banned regulated financial institutions in the country from providing cryptocurrency-related services.
Though the policy warned of “severe regulatory sanctions” for any bank that failed to comply with the directive from the apex bank.
Governor Godwin Emefiele clarified in March that the ban was intended to “prohibit transactions on cryptocurrencies in the banking sector” rather than discourage individuals from dealing in digital assets.
In addition, Nigeria’s apex bank promised to roll out its Central Bank Digital Currency (CBDC) in 2022 with the bank’s Director of Information Technology Department, Mrs Rakiyat Mohammed, stating, “digital currency will come to life even in Nigeria.”