Hong Kong- Based Bitspark launches Bitcoin remittance service to Nigeria

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FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo - RTX2YBYD

Hong Kong-based bitcoin exchange Bitspark Limited announced today it launched services to the African continent with Nigeria as the first destination on the list.

The company says its rates are roughly 15% better than the foreign exchange rates used by other competitors. Nigeria, an emerging economy has the largest population on the continent. In 2015 the country received $21 billion in remittances from overseas, predominantly from the US and UK.

Bitspark is launching with support for almost 20 banks and mobile cash.

Exchange rates into Naira as quoted by Bitspark:At 368 NGN on Bitspark versus the 315 NGN per USD compared to competitor service XE.com at the time of writing, its clear Bitspark has the better offer here. This means for every 1 dollar you send to Nigeria users receive $0.14 more than if they used the mentioned competitor’s offer, which at the end of the day can work out to be hundreds of dollars on the average transaction. BitSpark makes this possible by using bitcoin and other cryptocurrencies as the method of payment without the need for expensive banks, especially when dealing in more exotic currency such as NGN.

The Bitspark team said:

“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!”

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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