Today we at Bitspark are launching our services to the African continent with Nigeria as the first destination on the list and to start with a bang, our rates are 14.4% than the global FX markets used by every competitor. As the largest economy and population on the continent, Nigeria is a country on the move. In 2015 the country received $21 billion in remittances from overseas, predominantly from the US and UK and this sees no signs of stopping.
We are launching with support for almost 20 banks and mobile cash. More interestingly however are the exchange rates into Naira.
At 368 vs 315 at time of writing its clear Bitspark has the better offer here. This means for every 1 dollar you send to Nigeria you'll receive $0.14 more than if you use a competitor's offer which at the end of the day can work out to be hundreds of dollars to the average transaction. This is made possible by using Bitcoin and other cryptocurrencies as the payment method without the need for banks.
This is a great benefit to the end user receiving the money and Nigeria as a whole ensuring more money makes its way into the hands of the people which in turns helps develop the rapidly growing economic prospects of the nation.
This is the first of many upcoming destinations in Africa we will be launching and we have a particular focus on inter-Africa payments, an often overlooked but huge area for payments with massive inefficiencies that can be solved. Stay tuned for more soon!