How Patricia Is Assisting Nigerians In Transacting Cryptocurrency In Unique Ways
How Patricia is assisting Nigerians in transacting cryptocurrency in unique ways
When it comes to cryptocurrency and other virtual token transactions, Nigeria is one of the world's most active countries in this field. According to a survey conducted by Statista, Nigerians have an adoption rate of approximately 32 percent. The survey was carried out entirely online.
Thus, despite the central bank's prohibition on banks from facilitating transactions in bitcoins and other digital assets in the country, the number of people looking to buy and sell cryptocurrency in the country continues to be high.
It is believed that the sustained interest is primarily due to the opportunities that digital assets provide. While this may be true, adoption is still moving at a snail's pace due to the difficulties associated with these currencies, particularly when it comes to transacting with them.
Early cryptocurrency adopters in the country were forced to rely solely on foreign bitcoin peer-to-peer platforms such as Binance and Luno in order to complete their transactions. However, for many users, the experience was a negative one, owing to exorbitant rates, a requirement to maintain a minimum balance, and other unfavorable practices by those exchanges.
The need for something indigenous and capable of mitigating against these issues became apparent as a result. As a result, indigenous cryptocurrency platforms such as Patricia have risen to prominence.
Let's Meet Patricia
Patricia, founded in 2017 by Hanu Fejiro Agodje, is one of the few technology companies in the country that makes it easier for users to buy and sell cryptocurrencies.
With the help of its website and mobile apps, which are available on both the Android and iOS app stores, the fintech startup, which first began conducting transactions on Whatsapp, has achieved seamless cryptocurrency exchanges.
As stated on the company website, the brand currently has over 600,000 registered users on its platform, with approximately 10,000 daily active users who conduct over 30,000 transactions per day on the platform. In its early days, the company operated out of a Lagos, Nigeria office, but it recently relocated its operational headquarters to the Republic of Estonia, from where it now serves customers in more than ten countries.
“There is a lot of talk about cryptocurrency, but not nearly enough people are adopting it at the rate that it should be. Why is this? Cryptography is still a difficult concept to grasp; it almost appears to be reserved for a select group of people. This is where Patricia finds her calling, and our calling is to make cryptography accessible to the general public. Using the inherent power of Blockchain Technology to its full potential and pushing it to the moon. CEO Hanu Fejiro describes his company's mission as "creating a new and sustainable path for present and future generations."
What distinguishes this app from others?
Ripping off is a surprisingly common occurrence in the Nigerian cryptocurrency industry. In large part, this is due to the fact that users were forced to rely on foreign cryptocurrency P2P exchange platforms, making it difficult to regulate transactions between different parties.
A peer-to-peer feature on the Patricia App, which addressed this issue while also taking into consideration the absence of bank involvement in the cryptocurrency trade as instructed by Nigeria's central bank, allowed buyers to confirm the legitimacy of the cryptocurrency being offered. Sellers can also receive payment through the app before the cryptocurrency amount is transferred to their account.
Also, Patricia buys cryptocurrency directly from users who wish to sell it on its platform, and sells cryptocurrency directly to users who wish to buy it from them. These transactions are carried out at exchange rates that have been agreed upon.
Pricing
Patricia charges fees based on the current exchange rate, just like many other currency exchange companies, and claims to have some of the best rates in the market. Patricia currently purchases bitcoin from users at a rate of N552 to a dollar and sells bitcoin at a rate of N565 to a dollar.
Making Use of the App
The Patricia application is simple to obtain and install from the Google Play store. The first-time user is required to enter their username, email address, and password in order to access the site.
A six-digit confirmation code will be sent to the email address provided upon completion of the signup form, and users will be required to create a personal six-digit pin, which will be required for all future transactions, as a default.
Patricia, like many other fintech applications, requires users to enter their bank routing number (BVN) in order to facilitate the verification of the bank account information provided. The app comes pre-installed with a Bitcoin wallet, which makes it simple for users to send and receive bitcoins, but it also includes the ability to trade bitcoins.
The App, which previously allowed users to order a debit crypto card, was forced to discontinue the service in order to comply with CBN directives prohibiting the use of cryptocurrency in Nigeria. The app facilitates bitcoin transactions between its users by acting as a middleman, ensuring that the transaction is genuine and that the transaction is completed.
More than 100,000 downloads have been made from the Google Play store.
The Patricia app, which promises to make it simple for people to buy and send bitcoin, has currently received over 100,000 downloads and a 3-star rating on Google's play store, according to the company. Users' reactions to the App, which is currently running on version 1.3.1, have been varied, depending on their individual experiences with it.
“The app is simple to use and understand, and it is user friendly. The only issue I have is that the App displays an incorrect price that is not accurate. I discovered that the amount I received was significantly higher when the exchange rate of bitcoin sold was $522, and that it was significantly lower when the price was $531. Instead of going up, I couldn't figure out what was going on. Nonetheless, it is still the best, earning it a 5-star rating.” Jamiu is a slang term for jamiu Ola
In Conclusion
Beyond bitcoin exchanges, the Patricia app provides a variety of other features to its users. Patricia's Refill service, for example, is a unique feature that allows users to choose how they wish to spend their cryptocurrency. This is Patricia's way of giving users more choices in how they spend their cryptocurrencies. Users will be able to pay for their data and internet subscriptions using their wallets if they use this service. They can also pay for things like electricity bills and TV subscriptions, as well as make purchases like airtime.
