Mr. Kingsley Kobayashi, Nigerian-Japanese CEO of Harry Kings International and Founder of FBC Japan.

By Agbonkhese Oboh

Blockchain and Fintech expert, Mr. Kingsley Kobayashi, has expressed his desire to create awareness on the benefits of blockchain payment gateways and disabuse skepticism in mainstream banking concerning cryptocurrency.

According to a statement, despite Nigeria’s ranking second on the global scale of countries with citizens actively participating in bitcoin transactions, there are concerns that an alternative payment system will render the apex body and the banks moribund.

The statement noted that the concerns were why the Fintech expert, Mr. Kingsley Kobayashi, “is intent on creating awareness that will debunk these fears by showing that the technology encourages a collaborative effort where the pros outweigh the cons”.

It added: “In Africa, the integration of blockchain technology in their financial systems and the acceptance of cryptocurrency as an alternative legal tender, is poor.

“In the light of this, Kobayashi, a reputable Nigerian-Japanese Entrepreneur, CEO of Harry Kings International, Japan and Founder of FBC Japan, is poised to change this narrative, starting with Nigeria.

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“Nigeria is one of Africa’s fastest-growing economies with one of the highest GNP and second to South Africa in terms of the volume of transactions.

“A key financial transaction in the clime is foreign remittances sent down by family members living abroad.

“However, its financial system is overly dependent on the strictures placed by the country’s regulatory agencies, which mandates that all transactions must be routed through the banks.

“To this end, Mr. Kobayashi is collaborating with Fintech and security companies from Israel, Japan, UK and other countries to get the best secured and easy-to-use platform, which will provide financial processing services at a low cost for SMEs, start-ups, and the unbanked in Nigeria and Africa as a whole.”

The statement added that in a continent where over 60 percent of the populace is unbanked and SMEs and start-ups mainly drive the economies, blockchain payments systems would be beneficial.

It listed the beneficial areas to include financial inclusion for all; provision of easier access to international trade finance for start-ups and SMEs, circumventing a lot of regulatory bureaucracy; reduction in the cost of financial services and attendant value of the final product/service, which would all encourage a more buoyant economy.

Vanguard News Nigeria