SendCash is a new innovative product enabling Nigerians to easily send and receive bitcoins right into their bank accounts instantly.
BuyCoins, a popular peer-to-peer platform in Nigeria, built the product out of a need to enable less tech-savvy Nigerians send and receive money via bitcoins from any country abroad.
According to Teju Adeyinka, Product Manager, BuyCoins:
“Basically, we map a bank account to a Bitcoin wallet address, and when anyone sends Bitcoin to that address from anywhere in the world, we convert it to Naira and credit the bank account within a few minutes.
The receiver doesn’t need to interact with Bitcoin at all as they will get the Naira equivalent into their bank accounts automatically.”
You can currently only send up to $1,000 daily to any Nigerian bank account using Bitcoin via SendCash.
Transfers on the Bitcoin network are usually delivered within 5 minutes or less.
To use SendCash:
Calculate how much to send – Use SendCash real-time exchange rate from BuyCoins
Get wallet address – SendCash generates a unique wallet address to any Nigerian account
Send money – Transfer bitcoin to allet and recipient receives in Naira
According to BuyCoins, SendCash will assign a bank account to a bitcoin wallet address and once a sender’s transaction is confirmed, BuyCoins will sell off the Bitcoin on its platform automatically using the BuyCoins API and deposit the Naira through its payment partner, PayStack.
All this happens in less than 5 minutes.
The platform has seen an impressive uptake. So far, it has processed over $1 million from over 400 users since its launch in April 2020.
BuyCoins hopes to expand beyond Nigeria to other African countires in the future.