Bitstake offers crypto remittance service in Nigeria

Bitstake, a Nigeria-based digital currency exchange, offers a wide range of services to the 178 million native people. It enables its users to access and use their wallets through SMS, unlike other bitcoin exchanges, which requires users to have access to the internet for its services.

This feature has provided the company with a strong footing in the country where only 38% of the population has access to the Internet, compared to a mobile phone penetration of roughly 100%.

Bitstake CTO Alexander Christian told CoinTelegraph that they offer a platform that simplifies the process for the local Bitcoin community to exchange between digital currencies and naira, the local fiat currency.

"By creating a wallet on Bitstake, one can send and receive money from anywhere in the world at the cost of 1% of the value moved. Those who choose to have their funds held on the platform will also earn interest. Furthermore, there are options of trading, lending and getting low-cost loans", he said.

The company not only offers exchange and remittance services, but also enables individuals and businesses to acquire loans at very low cost through a peer-to-peer lending platform.