Paychant Rolls Out New Service To Send Bitcoin To Any Bank Or Cash Pickup In Nigeria

Paychant launched Send Money, its cross-border money transfer service.

Founded in 2019, Paychant is a cryptocurrency payment gateway with the aim to increase the adoption of cryptocurrency payment in Africa.

People living abroad can now use the Send Money service to quickly send money via BTC, ETH, and USDT to any bank account, cash pick-up point, or airtime top-up in Nigeria.

Remittances are highly important in Africa, as it is estimated that over 25 million people are expats from Sub-Saharan countries as of 2017 and that this group remitted more than $48 billion in 2019.

The traditional money transfer services fees remain at a very high cost, as remittances below $200 to African countries, cost an average of about 9%. Paychant strives to redefine the remittance industry using digital currencies as a tool for cross-border money transfer, offering a lower-cost and faster remittance experience.

“This is a significant milestone towards fulfilling Paychant mission to make the movement of money more easy, fast, secure, and affordable. With Paychant, someone in the UK, U.S, or anywhere around the world can send cryptocurrency directly to any bank account in Nigeria.” The founders explained during this press release.