This week, Lagos, Nigeria’s capital, welcomed a new Bitcoin Lightning Network (LN) node, an important step toward better tying the continent to the layer-2 payments network that sits atop Bitcoin. Nigeria is the most populous nation in Africa.

The node is powered by an outdated laptop running on a diesel generator because Lagos frequently experiences energy and electricity blackouts.

In an interview with Cointelegraph, Megasley, who runs the first Nigerian Lightning node of 2023 and the only one that is currently operating, discussed his plans to use the Lightning Network to bring low-cost, instant payments to Africa.

”Light takes 50 milliseconds to cross the earth. This is quick, but with many hops, these milliseconds can add up. And when you’re standing at a point of sale waiting for your payment to clear, it can be frustrating.”

Megasley explained his wish for Africans to have payments that are instant and as close to free as possible. “If a Nigerian Bitcoiner and a Nigerian retailer are both connected to a node in Nigeria, it will give them the best Lightning experience,” Megasley added.

The operator is the only active node on the map of Nigeria at the moment, according to the explorer services Mempool and Amboss. The operator hopes to increase Africans’ access to Lightning payments by spinning up the node.

The node runner responded when asked why it was crucial to establish a vast global network of nodes to enable Bitcoin transactions: “If Bitcoin is to succeed, it must become a better, easier, faster medium of exchange than the incumbents. We need to create a vast global network of nodes to make these payments in order to get there,” Megasley stated.

Megasley also addressed the volatility of the Bitcoin price and how it is perceived in Africa, saying that it is nothing compared to living somewhere where your money could easily lose half its value in a single year. He noted, “Africa has rotten money controlled by rotten people, and this is why we need Bitcoin. We will take the power of money away from them so that the enormous potential of the African people can thrive.”

Indeed, the Central African franc-using nations have been adopting Bitcoin more frequently, helped by conferences and forums held in Senegal and Ghana. Despite discussions about making Bitcoin legal tender and other encouraging signs of adoption in Nigeria, the legacy financial system will impose more restrictions starting in 2023. 

For instance, as part of the government’s efforts to phase out cash, Nigerians will only be permitted to withdraw $44 per week per individual and a maximum of $11,000 for businesses in 2023. As a reminder, there are no restrictions or limitations on the use of Bitcoin. Users only need a phone and an internet connection to conduct free transactions on the Bitcoin network.

The establishment of a Bitcoin Lightning node in Nigeria is a significant step toward boosting the currency’s usability and acceptance in the nation and across the continent. Megasley’s ultimate goal is to enable African people and companies to take charge of their financial future.