“Crypto isn’t the problem. It’s trust.”
Over the years, the statement above has been repeated in circles of users, partners, regulators, and even founders, leading innovation in the crypto and digital asset industry.
The absence of this single factor, as I’ve come to realize after being heavily involved in building products in Nigeria’s fintech and digital asset space, negates speed, rates, and even technology to stand as the primary bottleneck against adoption and long-term success.
It’s not difficult to understand why. But, it is necessary to first understand the average Nigerian user.
The Nigerian Digital Asset Adopter: An Observative Analysis
Being some of the most active adopters of fintech globally, Nigerians are no strangers to innovation. Think of the numerous cross-border and local financial solutions that currently exist and the adoption that’s caused a decent few of them to enter the hallowed leagues of African unicorns.
However, somehow, when it comes to digital asset platforms from crypto exchanges to P2P trading hubs, our first instinct is skepticism or sometimes, outright dismissal.
To the outsider, this skepticism might seem contradictory or overly cautious. But labeling it as naivete or greed misses the point entirely—this is caution, born from hard-earned experience.
In fact, Nigerians are very cautious optimists with emphasis on “very.”
We’re open to possibility, but only if it feels secure. We ask questions along the lines of ownership, safety and security, customer support, etc. Red flags in this regard could be anything from poorly designed interfaces to unclear rates or delayed responses. Even offers that seem too good to be true make it to the list, despite the widespread belief that greed co-leads decisions to adopt. If something feels off, the average Nigerian digital asset adopter walks away.
The Reasons aren’t Out of Reach
This nigh-perfectionist level of scrutiny does not come from nowhere. More people than can be counted have been burned, multiple times. Platforms have failed to respond to complaints, delayed transactions for hours, disappeared overnight and frozen accounts without explanation.
When a group of users is exposed to trust-breaking activities like these for years on end and the word spreads, the result is a general sense that digital platforms are risky until proven otherwise.
The Roadmap
The solution lies in treating trust not as a luxury or a feature that’s acquired post-launch through a series of affirming marketing statements but as a core part of the product that is painstakingly earned and reinforced one transaction, support ticket or onboarding flow after another.
Trust is not declared. It is proven! repeatedly.
That means having real support, not just automated responses or chatbots. When users have issues, and they will – they need to talk to someone who listens and resolves it quickly.
It means being clear and upfront about how your platform works. Nigerians are extremely sensitive to being “played” and even small hidden charges that add up over time or unexplained processes can damage your credibility forever.
It means keeping and delivering on promises consistently. If your platform says transactions will be completed in 5 minutes, people will expect it in 5 and remember if it took 20.
It also means showing up visibly in public. For all the talk about decentralization and anonymity, most Nigerian users want to know who they’re doing business with. We trust what we can see, what we can verify, and who we can hold accountable. It’s why banking halls are filled daily, even though multiple virtual customer complaint channels exist.
Trust is not declared. It is proven! repeatedly
Of course, there’s a place for regulation and the absence of it has made it easier for dubious operators to thrive and even harder for serious players to build with confidence. But, while regulatory clarity is slowly improving, as seen in the recently passed Investment and Securities Act (ISA) 2025, the burden of trust still falls primarily on builders.
The Devil, They Say, is in the Details
Overall, I’ve found that trust isn’t built in one grand gesture but in dozens of tiny decisions like how you handle edge cases, how you treat new users, how you explain risks, etc. Sometimes it’s as simple as replying to a comment on X within 10 minutes, or apologizing when you drop the ball. These moments matter, especially in an industry where users have been conditioned to expect the worst or not be treated as a customer.
Beyond Profits: The Human Case for Trust
In a country where inflation eats into savings and the naira’s value is always in question, it’s easy to think the appeal of digital assets is purely financial. And yes, part of it is people want access to stable value, faster transactions, and cross-border flexibility.
But beneath all that is something more fundamental — the desire for systems that work, that are fair and don’t leave users feeling powerless. When users say they want a “reliable” platform, what they’re really saying is “I want to feel safe here.”
That’s why trust is the real currency. It’s what drives repeat usage, word of mouth, and long-term loyalty and it’s what will define the next phase of fintech in Nigeria, especially as digital assets become more mainstream.
About the Author:
Emelia is a product manager and the Head of Product at FlashChange, a fintech platform focused on secure digital asset exchange. With experience building financial products in emerging markets, she is passionate about trust-centered innovation and inclusive financial systems in Africa.