Kaduna School accepts crypto payments despite CBN warnings

A private secondary school in the city of Kano, Oxford Science Academy, has announced its acceptance of cryptocurrencies as a payment method for school fees.

However, the school management on Friday stated that using cryptocurrency is optional and that conventional payment methods are still available to parents.

Ripples Nigeria had reported that in February, the Central Bank of Nigeria stopped banks from facilitating crypto-related transactions.

Nonetheless, the crypto community in Nigeria is still strong despite the government’s strict regulations.

The head of the school, Sabi’u Musa Haruna stated that the decision was taken after consulting with the parents of the students.

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“We’ve decided to accept cryptocurrency as school fees because the world today is tilting towards the system.

“We believe one-day digital money will gain more acceptance than paper money.

Mr Haruna added that countries like El-Salvador and Tanzania are already accepting cryptocurrency in their schools.

He, therefore, urged the Federal Government to quickly embrace the system and regularize it.

The move could pave the way for other schools to adopt cryptocurrency payments, which will be a shift from centralized to decentralized payment methods.

By Mayowa Oladeji

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