The remittance business is an extremely lucrative one. One where companies such as Western Union can use customers as cash cows effectively charging them for a service which essentially should be costless. Companies regularly exploit customers with over a billion dollars paid just last year in fees to many remittance companies.
A significant problem identified by regulators was that African migrants and people bore the bulk of fees with users being charged some of the highest rates in the world. On average figures stood at over 20% which no matter what perspective is simply outrageous as a huge chunk of remittances sent to African countries were eaten up in fees. Whilst the L’Aquila summit in 2009 aimed to relieve these fees it has sadly been ineffective for many with rates hovering around at the same level.
This is where Bitcoin comes in. Allowing Nigerians to receive and send money from/to abroad at a cost of just a couple of naira’s, options such as Western Union no longer have to be a costly way to receive money from abroad. Bitcoin is pioneering affordable transactions throughout the country as individuals and business alike can receive remittance from any country within days helping to maximize efficiency.
Services such as NairaEX are one of the first and cost effective options allowing you to transfer Bitcoin abroad using Naira and allowing you to receive remittances leaving out the costs to one side. Bitcoin has become one of the ideal mediums from completing remittances as Nigerians can not only benefit from seamless transactions but also can be assured their money is going to their loved ones rather than into the pockets of remittance companies.