Bitcoin Smearing Financial Disparity Across African Borders
Ghana-NigeriaGhana being one of the most rapidly developing countries in Africa is matched with an economy of enormous scale. Having a strong trading relationship with Nigeria also one of the biggest the remittance opportunities presented are vast and frequent. From individuals to business the ever increasing demand for Bitcoin in Ghana has fueled increased development to cope with demand.
PmCedis is one of the biggest exchanges currently operating in Ghana out of the capital Accra. The company has realised the potential for Bitcoin to aid the ordinary personals economic activities but acknowledges the fact that the currency is simply not exposed enough to make it an option for an everyday user. NairaEx – a Nigerian bitcoin exchange and similar applications have allowed the majority of the country to access the power of Bitcoin as a country where the majority of people have access to smart phones, Bitcoin is quickly spread through the various mobile platforms available.
Bitcoins viability as a remittance medium is undoubtable between these two countries With the fees for transferring fiat money across the border many times larger than Bitcoin fees, Bitcoin is slowly gaining popularity among the younger generation for its cost effectiveness. Using the NairaEx platform the process is simplified even further with users being able to choose whether they want to send Bitcoin or Naira across the border with payments being made within a matter of days
To conclude the whole host of new applications developed to cope with the need for remittance between the two countries is an encouraging sign for the future of digital currencies in Africa. Services such as NairaEx also allow users to remit seamlessly switching between fiat and Bitcoin cheaply but quickly. With the remittance industry growing by the day, Bitcoin is set to play a crucial part in the growth of more than one economy.