bitcoin remittance

Remitano Expands Bitcoin Remittance Services Into Nigeria, Kenya, and Tanzania

Cryptocurrency exchange Remitano has expanded beyond Asia to offer its bitcoin remittance services to millions of citizens in Africa.

Also Read: Bitmari Becomes First Bitcoin Company to Partner With an African Commercial Bank

Remitano Now Provides Remittance Services to More Than 10 Different Nations

The remittance industry has been expected to suffer great disruption at the hands of bitcoin since it’s inception. The global remittance industry has been valued at over $500 billion USD annually in recent years, yielding exorbitant profits for the middle-men who have monopolized the international circulation of money.

Remitano has recently announced that it will be expanding its services outside of Asia, with Nigeria, Kenya, and Tanzania. Remitano began its life a start-up in Ho Chi Minh, Vietnam, before incorporating in the African nation of Seychelles and being offered as a product under Babylon Solutions Limited. Remitano now provides remittance services to more than 10 different nations, including Vietnam, Malaysia, the United States, Australia, United Kingdom, China, India, and Ghana.

Remitano Expands Bitcoin Remittance Services Into Nigeria, Kenya, and Tanzania

Remitano initially garnered attention for being the bitcoin exchange that experiences the most traffic in Vietnam, despite Vietnam’s notoriously unclear regulations when it comes to bitcoin. Vietnam first addressed the digital currency officially by issuing a warning in February 2014 stating that bitcoin wasn’t recognized as legal tender, nor covered by commercial or consumer legislation. In October of 2014 three bitcoin traders were arrested, but the request for charges was rejected by the judge as “[bitcoin had] not been subject to any legal regulations”. At present, financial institutions are forbidden from owning and transacting in bitcoin.

The Bitcoin-Based Remittance Industry Has Started to Gain Traction in Africa

The Vietnamese ban on financial institutions from transacting in bitcoin has not prevented businesses such as Remitano from flourishing. In addition to Remitano, Bitcoin Vietnam has achieved success as an exchange, operating in partnership with Israeli company Bit2C for several years. As Remitano and Bitcoin Vietnam facilitate a marketplace that allows private individuals to transact in bitcoin, the companies themselves have managed to evade operating outside of Vietnamese cryptocurrency regulations.

The bitcoin-based remittance industry has started to gain traction in Africa. Last year theRemitano Expands Bitcoin Remittance Services Into Nigeria, Kenya, and Tanzania African economy lost over $60 billion USD to remittance fees, illustrating the imperative need for an alternative solution to the current mainstream remittance industry. Recently, the largest pan-African wallet provider, Bitmari, applied for an international remittance license with the Reserve Bank of Zimbabwe. Competition between remittance providers in Africa like Remitano and Bitmari will reap further benefits for local economies.

The expansion of companies like Remitano further embed bitcoin into the normal, daily lives of citizens across the globe, signaling that for some countries, mainstream bitcoin adoption may not be far away.

Do you think bitcoin-based services will come to dominate Africa’s remittance industry? Tell us your thoughts below!

Images courtesy of Shutterstock

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  • Wow, and those are some huge economies… ;p

    • Holly Damilola

      All I will say is WELCOME! Nigerians are ready to cooperate

  • Wally Brown

    I was excited about bitcoin. I purchased 5 of them in 2013. I think I spent about $100 each for them. Watched them go up. Then one day I was locked out of my Coinbase account. Never was able to get back in. Lately discovering this is happening to others, not just me. I suggest that if you stored your Bitcoins in Coinbase, that you get them out (if you can). It appears that there are no safeguards built into cryptocurrencies. If you need a safe place to move your retirement funds and so forth, I suggest putting it in gold and silver. Not paper trading of these metals but rather the real metal.

    • Liberty88

      The hard lesson learned – never leave your crypto on the exchange.

    • Lynx

      What did Coinbase say in response to your queries?

      • Wally Brown

        They encourage me to keep trying. I am not able to upload through my webcam the identity photos they are requiring now. Not clear enough. They also say that there is nothing in my account. I have everything done except for this photo ID requirement (which is new).

        • Lynx

          Why don’t you use another means to get the required photos? Just use a camera and an SD card or a smart phone and upload.

          It’s weird though that your account has zero balance. It could have been hacked or Coinbase may have been hacked.

    • Try logging into your closed account. They now close so many accounts that they let you withdraw, which may be substantial in your case.

  • Ganancia Diaria Para Ti

    Bitcoin lejos de ser inseguras las transacciones, son mas que seguras, pues las claves no se repiten, ninguna es igual a la otra, eso la convierte en una clave inalterable.

  • Liberty88

    If Bitcoin can open up those markets and give these hardworking men and women the fruits of their labor – watch out! This is going to be a bulldozer!!!

  • Lynx

    They’ll still be paying higher fees than they need to with Bitcoin. Other cryptos are far cheaper. Still, this is a promising start to help migrant workers’ families get more of the funds their kin send. Hopefully, the thieves that are Western Union will be forced to reduce their fees massively or face annihilation.

  • Getfresh Tips

    Yeah, I have been using Remitano in Nigeria, they are super reliable.

  • Paddy O Connell

    Remitano is SCAM
    Remitano NO return the bitcoin
    when user close the acount
    Is no good idea deposit btc in remitano…