Busha, a crypto exchange in Nigeria with the mission to onboard millions of Africans into the crypto economy, today announced the launch of its new crypto savings feature Busha Yield. Busha Yield enables customers to earn up to 10% APY — eight times the minimum rate for savings deposits with banks1 — on Dollar stablecoins (regulated stablecoins with 1:1 peg to the U.S. dollar).
Everyday Nigerians, as well as crypto investors, can now buy, sell, save, and earn real interest on cryptocurrencies including Dollar equivalent stablecoins through the easy to use, reliable, and secure Busha app.
With interest being paid out daily, and flexible redemption with no penalties, this arguably will be the best flex savings for Dollar equivalent assets in Nigeria offering high and reasonable yield.
“An average Nigerian understands the importance of saving for the future and are constantly looking for the next opportunity to invest in, which is why a lot are susceptible to bad actors, I’m glad that Busha is able to give honest, hardworking Nigerians an opportunity to diversify their portfolio to include crypto without necessarily getting exposed to the volatility of the market while earning decent returns,” said Michael Adeyeri, CEO of Busha. “We wanted to create an experience that allows crypto-curious individuals and skeptics to earn real returns on their assets without being scared of the crazy volatility that’s associated with the asset class.”
Customers can transfer their current USDT/USDC balances, or easily purchase with Naira to transfer into Busha Yield wallet to earn interest for however long the balance is maintained. Interest is paid out daily, they can also redeem their subscription and withdraw anytime. Over time, Busha Yield will be exposed to institutional customers who want to start earning on dormant balances.
The launch of Busha Yield is the first major product release since the announcement of the seed round investment in Busha late last year led by Chicago-based Jump Capital. This and subsequent releases will further the company’s mission to make crypto mainstream and onboard millions into this new economy.
Busha Yield is immediately available to all customers. Minimum subscription of 10 USDT/USDC is required to get started and no fees to transfer into or redeem from Yield wallet. In the coming months, other crypto assets will be made available on Busha Yield.