Bitcoin Remittance Chances For Nigeria Are Slim To None
The bad news is how companies looking into this business model will need to convince the Central Bank of Nigeria about their intentions.
Money transfer services are prone to disruption by new technologies. Many people feel Bitcoin, and other cryptocurrencies are a legitimate threat to remittance services. But in Nigeria, MoneyGram will continue its operations, as they are officially recognised as a trusted money transfer provider. This news comes on the heels of various remittance platform shaving their licenses revoked two weeks ago.
It will not be easy to venture into the money transfer space in African countries, unfortunately. Nigeria is tightening its grip on the market by forcing companies to be officially recognised as money transmitters. The Central Bank of Nigeria recently changed its policy on how these companies can continue to provide services to Nigerians.
This post was published at NewsBTC on 2:00 pm August 18, 201.