×
App Icon
The Standard e-Paper
Stay Informed, Even Offline
★★★★ - on Play Store
Download App

How bitcoin met the real world in Africa

A bitcoin user buys bitcoins with naira on Bitcoin Teller Machine in Lagos, Nigeria September 1, 2020. Picture taken September 1, 2020. REUTERS/Seun Sanni

Four months ago, Abolaji Odunjo made a fundamental change to his business selling mobile phones in a bustling street market in Lagos: He started paying his suppliers in bitcoin.

Odunjo sources handsets and accessories from China and the United Arab Emirates. His Chinese suppliers asked to be paid in the cryptocurrency, he said, for speed and convenience.

Get Full Access for Ksh299/Week.
Uncover the stories others won’t tell. Subscribe now for exclusive access
  • Unlimited access to all premium content
  • Uninterrupted ad-free browsing experience
  • Mobile-optimized reading experience
  • Weekly Newsletters
  • MPesa, Airtel Money and Cards accepted
Already a subscriber? Log in