Oduwacoin, the first pan-African cryptocurrency, has become a payment method for shortlet services in Lagos, Nigeria. This is as the partnership between Diaspora Land Bank, a company offering real estate solutions across the continent, and Oduwa Blockchain Solutions birthed a shortlet apartment in the Ajah area of the state.
Speaking on this development, Bright Enabulele, also known as Nana Obudadzie I, the President of Oduwa Blockchain Solutions, expressed satisfaction in the adoption of Oduwacoin as a payment method in the real estate sector, saying it’s the first of many that would be witnessed in the coming months across Africa.
“Now, you can pay for shortlet services in Lagos with Oduwacoin, and other cryptocurrencies. This is the first of many innovations we will be introducing to protect people against inflation, facilitate seamless and fast transactions, and help them embrace the future of money, which is decentralisation.
“Africa is a great continent, and this is because of the potential we collectively have. It is time we make the bold step, and make our industries competitive on a global scale,” the Oduwa Blockchain chief stated.
Explaining the advantages of using Oduwacoin as the payment method in the real estate sector, Enabulele lamented the challenges with payments in Africa.
“We lack the basic infrastructure to facilitate seamless payments, and this was why we introduced Oduwacoin. Amongst other things, our transactions are much cheaper when compared to fiat cash (like naira and dollar). And this is because Oduwacoin transfers don’t involve third-party charges, such as bank fees.
“More so, traditional payment systems are subject to various government and statutory regulations, which usually contribute to significant delays in processing real estate payments. Sometimes, both parties involved in the transactions must be physically present to authenticate money transfers. Oduwacoin money exchanges exclusively occur on the network electronically, which often lasts just a few minutes to complete,” he explained.
