Crypto Is Not Yahoo: Debunking Nigeria’s Misconceptions About Digital Currency
In Nigeria, cryptocurrency still sits at the crossroads of fascination and fear; celebrated by tech-savvy youths yet mistrusted by many who equate it with online fraud or get-rich-quick schemes. Despite being one of the most transparent financial systems in the world, crypto continues to battle deep-seated misconceptions that hinder its adoption. As more Nigerians use platforms like Zabira to trade, save, and transact globally, it becomes increasingly clear that the real challenge isn’t technology, it’s perception. It is against this backdrop that Crypto Trader & Media Expert, Terry Kunle, addresses the notion as he speaks with Sunday Ehigiator
In a world now driven by technology, the word crypto still draws mixed reactions; fascination, confusion, and often, fear. For some, it’s a path to financial freedom. For others, it remains synonymous with scams and “Yahoo-Yahoo.” Yet this perception couldn’t be further from the truth. Cryptocurrency is not a shadowy scheme; it’s a transparent financial system powered by technology and trust; one that’s reshaping how people save, invest, and transact globally. Across Nigeria, thousands of young professionals, from developers to freelancers, are using digital platforms like Zabira to trade, receive payments, and hedge against inflation. But despite this growing adoption, misconceptions continue to cloud public understanding.
According to Kunle, “Over the past few years, I’ve seen thousands of young Nigerians; developers, traders, creators, and small business owners use digital payment platforms like Zabira to transact across borders, buy and sell crypto, hedge against inflation, and pay bills. Still, widespread misconceptions remain. Here are five of the biggest myths; and the truth behind them.
“First, is the notion that Crypto Is for Scammers. This is perhaps the most damaging misconception. The irony is that blockchain; the technology powering crypto; is one of the most transparent systems ever created.
“Every transaction is recorded on a public ledger that anyone can verify. That’s the opposite of secrecy. The problem isn’t crypto; it’s bad actors exploiting public ignorance. Legitimate platforms like Zabira are fully compliant, verified, and designed to keep user transactions secure and traceable.
“Secondly is the notion that Crypto Is a Quick Way to Get Rich.
“The most successful traders treat it like a business, it’s a skill that demands education, discipline, and patience. That’s why platforms like Zabira go beyond trading tools to offer real financial education. Through its blog and learning resources, Zabira breaks down complex crypto concepts into simple, practical insights that help users trade smarter and make informed decisions.
“From understanding market trends to managing risks, Zabira is empowering everyday Nigerians to see crypto not as a shortcut to wealth, but as a long-term opportunity to build it.
“Thirdly is the notion that Crypto Has No Real-World Value. Crypto already powers cross-border payments, remittances, and even business transactions for Nigerian freelancers working with international clients. Stablecoins, for instance, allow users to hold digital dollars without needing a foreign bank account.
“With Zabira, individuals and businesses can receive payments in crypto, transact globally, and access digital financial tools with ease. Users enjoy seamless transactions, effortless swaps, and instant payments, all in one secure platform built for everyday use.
“Another misconception is the notion that Government has banned Crypto. This is no longer the case.
“Nigeria’s policy on cryptocurrency has transitioned from a restrictive stance to one of formal regulation, recognizing digital assets as securities under the Securities and Exchange Commission (SEC) following the passage of the Investments and Securities Act 2025.
“This new framework legalizes cryptocurrency trading on licensed platforms but also introduces tax obligations on capital gains, with a comprehensive tax framework set to begin in January 2026.
“This marks a significant shift; from prohibition to recognition, signaling the government’s acknowledgment of crypto’s growing role in the national and global economy.
“Another is that, Crypto Is too complicated for ordinary people. Today’s platforms are built for everyday users.
“With clean interfaces, instant settlements, and educational tools, platforms like Zabira have made crypto as easy as sending money or paying bills. As the People’s Wallet, Zabira is designed to simplify digital finance for everyone; from selling gift cards to buying and selling cryptocurrencies at some of the most affordable rates in the market; all in one secure, easy-to-use space.
“The process is simple, safe, and fast, putting financial control directly in the hands of its users.”
The Bigger Picture
Speaking on the bigger picture, Kunle said “The more Nigerians understand how blockchain works, the faster we can leverage it to drive innovation, trade, and inclusive growth.
“As the global economy evolves, crypto will play a major role in how Africans move money, invest, and build wealth. That’s why Zabira is committed to making digital payment simple, secure, and accessible; empowering every Nigerian to be part of the future of finance.
“Ready to trade smarter? Visit Zabira.com or download the app today.“
