[2015-05-22] Nigeria’s Bitstake builds on bitcoin remittance services

[Bitstake]

http://disrupt-africa.com/2015/05/nigerias-bitstake-builds-on-bitcoin-remittance-services/

   
Nigeria’s Bitstake builds on bitcoin remittance services

Nigerian startup Bitstake, which offers remittances through bitcoin at a flat rate of one per cent, is hoping its additional value added services will help it stand out in what is becoming an increasingly busy field in Africa.

Bitstake, in allowing users to remit money using bitcoin which is then converted into Nigerian naira at a cost lower than money sending firms such as MoneyGram and Western Union, is ostensibly similar to Ghana’s Beam and Kenya’s BitPesa.

[Kprawn]

They will have stiff competition from BitPesa and a lot of people entering that market now.

The Nigerian people have a bad reputation with some of the biggest scam artists coming from that area of the world. 

I have visited the country before and I have also seen a lot of honest people, trying to make a honest living, and I think the remittance service will undercut MoneyGram and Western Union's monopoly and hopefully replace them in future.

The new Oil exploration is bringing a lot of hope to one of the previously poorest nations in Africa.

[bryant.coleman]

They will have stiff competition from BitPesa and a lot of people entering that market now.

I think BitPesa remittance services are available only in a few countries, such as Kenya, Tanzania and South Africa. Anyway... we need some competition in this field. Else, one company will monopolize everything and soon there will be no difference between Bitpesa and Western Union. I just hope that this new venture doesn't turn out to be another "Nigerian scam".