Usually, successful people don’t talk honestly about how they achieved their success. But on the contrary, we strive to show you how to achieve real heights!
At Evercode Lab, before starting any development, we understand that it’s critical to analyze the market landscape. And one of our cases illustrates this approach perfectly.
For the context: not so long ago, our team was approached by a client from Nigeria who wanted to integrate both crypto and fiat transactions, specifically the Nigerian Naira.
Not a secret, Africa is one of the most promising markets for crypto adoption. Demand is consistently high, driven by the limitations of traditional finance systems. However, the region also comes with unique challenges that make market analysis indispensable.
So that you don’t make common mistakes, we decided to help you, and that’s why today we will highlight the results of our market analysis! Evercode Lab’s team is sure that if you want to develop your Web3 business in Africa, this article is absolutely necessary to read!
But first, let us show you other insightful and valuable use cases, the full list of our products and services, and even more on our official website.
Key Findings from Market Analysis
Banking Regulation Challenges
- In countries like Nigeria and Kenya, central banks often restrict or outright prohibit cryptocurrency-related transactions.
- Traditional banks typically block direct fiat transactions involving crypto, pushing users and businesses to rely on P2P schemes or unofficial on/off-ramp services.
Why Cryptocurrencies Are in Demand?
- National currencies are unstable, with inflation and devaluation being common issues.
- Cross-border transfers face heavy restrictions and high costs.
- Bank payments are expensive and slow.
- Stablecoins like USDT are particularly popular as an alternative to the U.S. dollar.
Infrastructure Limitations
- Access to bank cards is limited, and the overall payment infrastructure remains underdeveloped.
- Mobile money is the dominant financial tool. As a result, crypto integrations often require cooperation with mobile operators instead of banks.
High Business Risks
- Regulations can shift rapidly, creating uncertainty.
- AML/KYC requirements are strict, especially when working with fiat, and vary significantly between countries.
- Launching a wallet without a local partner (licensed PSP or fintech) is extremely difficult.
Lessons Learned
At the end, our client eventually had to pause the project to resolve legal issues. This proves once again that before even making an offer of your product, it is important to study not only the potential consumer, but also the legislative framework of the market.
As our analysis confirmed, any interaction with traditional money in this market requires licenses, KYB, and regulatory transparency. So, yes, this process underlined the importance of conducting thorough research before moving forward.
Our Expertise in Action
What conclusion can we draw? Well, this case showed that Evercode Lab not only provides technical solutions but also delivers business advice and product analytics. We work closely with clients to highlight risks, explore opportunities, and navigate the complexities of entering challenging markets like Nigeria.
In high-demand regions such as Africa, careful preparation and the right partnerships are essential for success. With our experience, we help clients make informed decisions and create solutions that are both compliant and competitive.
Don’t waste your time and money – just contact us now to discuss everything in detail face-to-face. We will take over the development and deployment process, our partners will provide licenses, and you will receive a working and scalable white label product within a few weeks.