Inventions and innovations of the digital age have impacted every aspect of life, including finance, where new technologies have driven the emergence of digital assets. With the widespread adoption of digital assets like cryptocurrencies, gift cards etc., the digital asset market is becoming integrated into the existing framework of traditional financial markets.
For example, the gift card market in Nigeria has been recording steady growth with a Compound Annual Growth Rate of 13% between 2017 and 2021, according to Research and Markets. A credible report predicted this growth to continue from $1435.0m in 2021 to $2583.9m by 2026.
The use cases for the gift card market in Nigeria and sub-Saharan Africa supports the predicted trends, with companies like Glover driving the adoption.
“We are changing the gift card sector one trade at a time” is how Glover tells of its vision. Founded in March 2021, Glover is a digital asset marketplace where people buy and sell digital assets like gift cards.
The use cases for trading gift cards have made this market impactful in Nigeria. Customers use it to go around the traditional banking system for remittance, cross-border payments, and payments.