Kano private school accepts cryptocurrency as payment for school fees

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A Kano State private secondary school, New Oxford Science Academy, Chiranchi, has started accepting cryptocurrency as means of payment for school fees.

The school proprietor, Sabi’u Musa-Haruna, announced this on Thursday to journalists.

He said the school management arrived at the decision after due consultation with parents and guardians.

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According to Daily Nigerian, the Central Bank of Nigeria (CBN) released a circular on  February 5, addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges were prohibited.

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‘’The decision was aimed at easing the payment of school fees, for the parents,‘’ Haruna said.

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“We have 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.”

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

The school proprietor, therefore, urged the Federal Government to quickly embrace the system and regularize it.

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