Bitcoin News Today: iPayBTC Processes $2 Million in Bitcoin Payments Across Nigeria Using Lightning Network

Prince Ogbonna’s journey to reshape Bitcoin adoption in Africa began in 2020 during the global lockdowns, when he encountered the inefficiencies of traditional international payment systems in Nigeria. Frustrated by the high costs and delays of using SWIFT, he explored Bitcoin but found existing platforms too complex for everyday users. This experience led to the creation of iPayBTC, a payment platform focused solely on Bitcoin and designed for practical, real-world use [1].

With over a decade of experience running small businesses in Nigeria, Ogbonna had long been attuned to the economic challenges facing the country, including inflation, currency devaluation, and high transaction fees. These challenges informed his vision for a financial tool that prioritized utility over speculation. iPayBTC, launched in 2023, focuses on enabling users to save, spend, and send money using Bitcoin in a simple and efficient manner [1].

Since its launch, iPayBTC has processed over $2 million in transactions and attracted thousands of users in Nigeria. The platform leverages the Bitcoin Lightning Network to facilitate near-instant, low-cost microtransactions, making it possible to buy airtime, data, and electricity with Bitcoin [1]. One of its early success stories involved an online retailer who cut restocking times from two weeks to just three days by using iPayBTC for supplier payments. This demonstrated the value of instant settlement in a market where delays can cripple operations [1].

Simplicity and education are key pillars of iPayBTC’s strategy. The app is designed to be user-friendly, with an interface comparable to familiar platforms like PayPal or Flutterwave. The company also invests in educational initiatives to demystify Bitcoin for the general public, particularly among students who are using the platform for campus-related transactions [1].

Looking ahead, Ogbonna aims to position iPayBTC as the leading Bitcoin payment app across sub-Saharan Africa over the next five years. Nigeria will serve as a testbed for the platform before expanding regionally. The goal is to integrate Bitcoin into Africa’s financial infrastructure, making it as common as cash. To support this, the company is developing services such as hotel bookings and flight payments and connecting local retailers and restaurants to the Bitcoin ecosystem [1].

Partnerships play a central role in this vision. iPayBTC is integrating with traditional banking systems to create seamless on-ramps and off-ramps, allowing users to convert between Bitcoin and fiat currencies within existing financial tools. This hybrid model aims to make Bitcoin adoption more accessible for users who still rely on traditional banking infrastructure [1].

Source: [1] Prince Ogbonna's quest to redefine Bitcoin adoption in Africa with iPayBTC, https://technext24.com/2025/08/18/prince-ogbonnas-ipaybtc-bitcoin-africa/