09-18-2020 icon

Millions of Africans rely on remittance, how bitcoin can reduce the high fees charged by money transfer operators (MTO)

By calvin
remittance africa

Millions of Africans rely on remittance to fund the lifestyles of their households and a growing number use Bitcoin to make such payments . In 2019 alone, over 25 million expats from the sub-Saharan region remitted $46 billion. Many expect the trend to continue through 2020. 

Bitcoin Meets Remittance in Africa

Nations across Africa look to remittance income as a significant source of foreign capital and GDP. With more payments received, people around the continent are empowered with greater purchasing power and more opportunities to save money.

Remittance is favoured among many Africans due to the fact that a lot of foreign currencies such as the U.S. Dollar and British Pound hold more weight when it comes to making purchases of goods and services.

For example, the U.S. Dollar can be used to buy more Nigerian Naira due to the high value of the U.S. Dollar relative to the Naira. 

In more recent times, Bitcoin piqued the interest of Africans around the world. As a result, a growing number of Africans are using the digital currency to send money back home to loved ones and friends. Thus, it comes as no surprise that Bitcoin adoption among Africans is rising at exponential rates. 

According to reports, 13% of the population in South Africa own Bitcoin while in Nigeria, 11% of the population owns the cryptocurrency. This is equivalent to a staggering 28,380,000 people who use Bitcoin in two of Africa’s biggest economies. 

More people are choosing to use Bitcoin as it helps to reduce the fees of transferring money between different geographic regions. Money transfer operators usually charge disproportionately high fees which can make remittance more expensive than it should be. Thankfully, a better alternative to money transfer operators lies in Bitcoin.

Enter Cryptofully

Cryptofully is redefining the digital payment experience with its community of users

Cryptofully is a digital payment service that gives users better digital payment experiences with fast and secure transactions. Users of Cryptofully can send and receive money using cryptocurrency. 

Using Cryptofully is easy:

🟡 Input bank account number and bank name of recipient

🟡 Input email address of transferor

🟡 Input amount of money you want to send in Naira

🟡 Wait for the unique Bitcoin wallet address to be generated. Once the BTC equivalent of the money is sent to the wallet address, the person being sent the money will get the cash in their Nigerian bank account. 

Photo by Anaya Katlego on Unsplash