BuyCoins launches SendCash to enable users to credit their naira account with Bitcoin

Daniel Iyanda -
BuyCoins has launched SendCash, a platform that allows users to send money to their Nigerian bank account from anywhere in the world using Bitcoin.

BuyCoins is a fast-growing cryptocurrency trading platform headquartered in Lagos, Nigeria. It allows users to trade cryptocurrencies, such as Bitcoin, Ethereum and Litecoin, instantly with no wait time.

With the newly-launched platform—SendCash, anyone, including people without BuyCoins account, will be able to transfer money to a Nigerian bank account using Bitcoin via Cash App or Coinbase.

According to BuyCoins, after the Bitcoin transfer is confirmed, the recipient bank account is credited within few minutes or at most in less than hour.

However, to comply with the Central Bank of Nigeria anti-money laundering policies, SendCash has a daily maximum limit of $2,000 (₦767,160). The minimum amount you can send, however, is $25 (₦9,589). Any transaction below $25 will not be processed; the refund will be sent to your BuyCoins account.

With SendCash, anyone with a Nigerian bank account can now receive money from anywhere in the world directly into their naira account through Bitcoin.

A workaround for sending money from Nigeria is to buy Bitcoin on BuyCoins and send to the recipient Coinbase wallet, who will then sell to get the money they need.

Sending money from Nigeria to other countries is still difficult

Despite the headway being made in financial technology, the transfer of money across countries has been riddled with inconsistent exchange rates, exorbitant hidden charges, and lack of interoperable platforms. Sending money from Nigeria to other countries moreso.

Remittances to Nigeria from the diaspora has increased by 210.3% in the past decade. It rose from $5.66 billion recorded in 2010 to $17.57 billion as of November 2019.

The available options to send and receive money in Nigeria include Western Union, Ria Money Transfer and Payoneer. Other options which allow only receipt of money in Nigeria are Transferwise and Paypal.

So far, Chipper Cash, which was launched in 2014, is the only easy solution to cross-country money transfer. But it currently works only in seven African countries, namely: Ghana, Kenya, Rwanda, Tanzania, Uganda, Nigeria and South Africa.

Recently, however, more cryptocurrency platform are beginning to explore the opportunities available in remittances. Last year, Binance—a cryptocurrency exchange—partnered with Flutterwave to allow Naira deposits on its platform.

Also, in February 2020, Patricia Technologies Limited launched a debit card that enable users to withdraw money from their Bitcoin wallet at any ATM (Automated Teller Machine).