Club Swan creates services to address challenges faced by Nigerian entrepreneurs
Club Swan creates services to address challenges faced by Nigerian entrepreneurs
Club Swan, a global lifestyle club for cryptocurrency enthusiasts, has launched new services to help Nigerian cryptocurrency entrepreneurs overcome obstacles. Payment innovation began with the invention of paper money to replace bartering.
With the introduction of credit and debit cards, the second wave of innovation continued. We are now in the third wave of payment innovation, courtesy of technology: the blockchain and digital currencies. To provide recent historical context, many believed mobile phones were prohibitively expensive for the vast majority of people in Africa in the late 1990s.
Due to a lack of infrastructure, it was unthinkable to simply establish a mobile telecommunications market. However, in 1998, Mo Ibrahim recognized an opportunity and created a business model centered on African needs. This sparked development across the continent and resulted in the creation of thousands of jobs.
Africa's telecoms industry is now worth more than $200 billion.
Today, cryptocurrency has sparked a Nigerian entrepreneurial boom. According to Chain Analysis, Nigeria will rank first among African countries in peer-to-peer payments in 2020. According to the report, peer-to-peer payments will total up to $139 million in 2020.
The impetus for this adoption is the requirement for viable alternatives to the global payment challenges we face.
Nigeria has developed a reputation as a hotbed of Decentralized Finance (DeFi), spawning a thriving crypto and blockchain community alongside a teeming population of digitally native youth who are unabashedly united in their desire to participate in the third wave of payment innovation.
To a large extent, the situations we observe in Nigeria reflect broader trends in Sub-Saharan Africa. Simply put, there is a wave of enlightenment sweeping through Nigeria, and Nigerians are willing to experiment with and discover new ways of doing things enabled by technology.
When oil revenues began to decline in 2020, a dollar shortage ensued, devaluing the Naira. As of March 2021, Nigeria's inflation rate was hovering around 18%. Aspiring business leaders are now confronted with the reality that the financial options currently available are incapable of keeping up with inflation. As a result, many entrepreneurs have turned to cryptocurrency as a viable alternative.
Challenges faced by Nigerian entrepreneurs
1. Taking Part in Global eCommerce
Entrepreneurs can use cryptocurrency to send and receive money from anywhere in the world. However, some individuals face undue obstacles as a result of payment firms imposing limits on Nigerians.
Tola Fadugbagbe, a businessman who relocated to Lagos ten years ago, has grown his business using cryptocurrency. He now sources his mobile phones from east Asia and prefers to pay his east Asian business partners in bitcoin.
Cryptocurrency has sparked a paradigm shift in how people view emerging markets and new business opportunities. The success of cryptocurrency is due to the fact that business owners require alternative methods of conducting transactions in a seamless manner.
2. International Settlements
Individuals can now conduct business virtually without the use of intermediaries, enabling businesses worldwide to reach out to customers across international borders. Merchants have leveraged in recent years to facilitate cross-border payments. According to Lagos vendor Abolaji Odunjo, "using Bitcoin simplifies and reduces the cost of transactions."
Crypto advantages for Nigerian Entrepreneurs
Expanded payments opportunities
Payment for goods and services has existed since the dawn of civilization. However, it has evolved over time. From the earliest barter exchanges to the emergence of cryptocurrencies.
With cryptocurrency, payment options are expanded. This simplifies and expedites transactions.
Trusted transactions
Cryptocurrency transactions are recorded on the blockchain, which is open and transparent to the public. Transactions are fairly secure and quick.
As Nigerians, we understand that the quickest way to establish trust is to provide customers with the quickest response time possible, as we value prompt service delivery. The entrepreneur or business owner who can provide the shortest time between payment and receipt of value ultimately wins the customer's heart.
Disadvantages of Crypto for Nigerian Entrepreneurs
No reliable methods to off-ramp large amounts of crypto to fiat
When it comes to large sums of money exceeding $2000, Nigerians have only one dependable service. Regrettably, this service is optimized for peer-to-peer transactions, which introduce their own set of complications.
Club Swan provides a reliable bridge
Club Swan, as previously stated, is a global lifestyle concierge membership club for cryptocurrency enthusiasts. Members can utilize their payment platform, which supports the use of cryptocurrencies in addition to traditional currencies. Club Swan developed the platform in response to the difficulties encountered by many legitimate entrepreneurs when utilizing digital and legacy currencies.
Not only does Club Swan enable members to use crypto to offload fiat currency and fiat to purchase crypto currency from its inventory, it also offers members the option of receiving the Club Swan prepaid card, which is globally usable. Additionally, members benefit from increased spending flexibility, as the platform supports three major global currencies.
Club Swan provides dedicated concierge, travel, and lifestyle services to entrepreneurs who travel frequently. This includes discounted hotel and airfare, as well as access to exclusive luxury events. Most importantly, membership is open to Nigerians, and services are targeted at Nigerian entrepreneurs.
Courses and Certification
E-Commerce Course and Certificate
Customer Information Control System - CICS Course and Certificate
Business Intelligence Course and Certificate
Business Analytics Course and Certificate
Management Information System - MIS Course and Certificate
