How Bitcoin Could Revolutionize Remittance in Africa

It is estimated that over 30 million Africans live in the Diaspora. Being the most populous country in Africa, Nigeria contributes a huge number of Africa’s migrant workforce. These Africans working abroad send a lot of money back home. For instance, in 2014, Nigerians living abroad remitted $21 billion. Nigerians living abroad contribute more to the economy than 34 states combined.

The most annoying thing is that the Africans working abroad lose a lot of money while remitting back to their countries. Bank transfers and other traditional money transfer services such as Western Union have been extorting the African workforce abroad. The fees charged to send money to Africa is just so high that Africans don’t really get value for their hard-earned money. In solidarity, Africans are now moving to better options to send money. Options that will see them save a lot of money in transfer fees.

What is the Cheapest and Safest Option to Send Money to Nigeria?

The cheapest and the safest way to send money to Africa is through the use of Bitcoin. Bitcoin is not strange in Africa; for other leading African nations such as South Africa and Kenya have already embraced the use of Bitcoin is the medium of money transfer.

What is Bitcoin?

Bitcoin is world’s leading digital currency with a global value. Bitcoin is a better alternative to the traditional money transfer services because of the following:

  • Low fees
  • Fast transactions
  • Buy or sell anywhere in the world

How Nigerians living Abroad can use Bitcoin

Being an international digital currency, Bitcoin can be used from any part in the world. While living abroad, you simply have to register for a Bitcoin and make cash deposit which will be converted to bitcoins. From there, you can simply send it to Nigeria. The recipient from this end will have an easy time getting this money. Bitcoins sent will then be converted to Nigerian Naira. As simple as that, Nigerians can get unique their money conveniently without having to make long queues and incurring unreasonable fees at Western Union counters.

Other Benefits of Bitcoin

Other than just being an easy way of sending money to Nigeria, bitcoin has the following benefits too:

  • Works Both Ways:

Not only can Nigerians living abroad send money back home but also the reverse way. This means that a Nigerian family can support their relative abroad who needs money by sending bitcoins to be converted to the international currency where the person lives.

  • Can be Exchanged Anywhere

Bitcoins carry international values and can be exchanged anywhere to the preferred currency. All the ATMs in the airport can easily convert bitcoins to cash of the country’s currency. Leading world economies including USA, UK among many others embraced the idea of Bitcoin long time ago and thus can be easily converted in international currencies.

  • Better Rates

One of the most beneficial aspects of Bitcoin is their lower fees charged. Their fees are the cheapest that you can get in Africa. Check out the rate comparison between Western Union and Bitcoin here below.

Rates Comparison Between Bitcoins and Western Union

To send $200 to Nigeria from the United States, Western Union will demand a fee of $30. Therefore, you must have $230 to send $200. On the other hand, Bitcoin will charge a fee of $10 to send the same amount to Nigeria from the US. That is a difference of $20. You now imagine of the difference in the millions being sent to Nigeria annually and see how Nigerians have losing a lot of money.

How to Get your Bitcoins In Nigeria

Once you have received your bitcoins from abroad, you should then set up an account with NairaEx to get your money conveniently.

About NairaEx

NairaEx is the leading agency for exchanging Naira for Bitcoin in Nigeria. As a leading agency, the company offers the following features:

  • The best exchange rates in Nigeria
  • Free and direct withdrawal to any Nigerian bank
  • Allows customers to get direct payment through their ‘Request Payment’ feature
  • Gives customers commission for sharing their referral codes.
Written By

BTC Nigeria Editorial