TransferWise, one of the biggest fiat transfer services has recently announced its decision to withdraw support for Naira transactions. This comes as a blow to large percentage of the population as the service was a useful utility to make transactions without having to go to your bank. As summarized by its slogan it allows for”escaping the banks” saving on fees and various other hassle.
Transfer Wise has sighted a variety of reasons such as the instability of the Naira as one of the main factors which were considered when terminating the service. With the currency falling against the American dollar due to political and financial turmoil, only South Africa is left with access to this service. Political and commodity based issues have effectively slowed down one of the largest economies in Africa and Transfer wise closing its doors has left one less option for civilians.
However with the closure of this service, many Nigerians have slowly begun to integrate Bitcoin and various digital currencies into their lives. With exchanges handling the bulk of transactions, digital currencies have become the ideal medium for remittances overcoming many of the limitations of their fiat counterparts such as being extremely cheap and speedy. With NairaEX sending Naira via Bitcoin can take just 72 hours whilst using the traditional fiat can set you back more than a week and over 10% in costs.
To conclude with the withdrawal of the Transfer Wise services in Nigeria, the variety of services serving the population thins down even more leaving only costly and inefficient services for fiat. However with the power of Bitcoin and various digital currencies Nigerians are never far from an alternative allowing them unprecedented control over their own financial lives. Combined with platforms such as NariaEX providing you with the ability to transfer Bitcoin to any person around the world even in fiat form.