Sendcash, a platform launched 3 months ago to enable people credit naira accounts with bitcoin, records over N1 billion in remittances sent to Nigerian bank accounts.
Sendcash is a medium to send money to Nigerian bank accounts from anywhere in the world within minutes. Launched by BuyCoins, the Nigeria-based company that enables users to trade cryptocurrency instantly, Sendcash helps Nigerians abroad send money to their family and friends back home in Nigeria. It also serves as a medium for freelancers to receive money from clients abroad. While Sendcash makes Bitcoin exchange easier and faster, BuyCoins crypto marketplace serves as the engine room where buying and selling of Bitcoins occur.
The product is built around two assumptions: for users that are comfortable with crypto, and that users would be sensitive to differences in exchange rates. In compliance with the CBN anti-money laundering policies, the maximum amount that can be transferred daily is $1,000. On the website, the Bitcoin exchange rate to the dollar is set to refresh every minute. No sign-up is required and the wallet address for a given bank account is the same, so users don’t have to always visit Sendcash for new transfers to the same account.
As of June 24, the amount received through Sendcash was N500,000,000. However, between June 24 and July 20, about N647,000,000 was transferred into naira accounts from the diaspora, showing increasing usage by people who have Bitcoin but want to transfer into Nigerian bank accounts at more favourable charges.
Cryptocurrencies are becoming more prominent in Nigeria as people are seeking more options to store their assets. BuyCoins and its new product, Sendcash, are providing ways to make it easier and safer.