BuyCoins — a leading Nigerian cryptocurrency trading platform — has launched Sendcash in Ghana, six months after it was launched in Nigeria.
Sendcash, which was launched in April 2020, is a platform that allows people to receive and send money to a bank or mobile money (MoMo) account using Bitcoin.
With this launch, people in Ghana and Nigeria can now receive and send money to and from their bank or MoMo accounts through Sendcash.
According to BuyCoins, you can send Bitcoin from any of Cash App, Coinbase, Bitsika, Bundle, and other apps including non-custodial Bitcoin wallets, to your bank or MoMo account through Sendcash. And there are no transfer charges on Sendcash.
"Just like with Nigeria, we map the MoMo or bank accounts to Bitcoin addresses and the recipients receive Cedis whenever Bitcoin is sent to it", Teju Adeyinka, Product Manager at BuyCoins, explained.
Since its launch six months ago, the average monthly volume of transactions on Sendcash has been $1 million (₦450 million).
Launched in 2017 by Timi Ajiboye, Ire Aderinokun and Tomiwa Lasebikan, BuyCoins allows you to "buy, sell, receive, send and store Bitcoin, Ethereum, Litecoin and USD Coin from the comfort of your mobile device via a dedicated app". It "caters to Nigerians in Nigeria, who are interested in trading cryptocurrency".
In July 2020, Timi revealed that peer to peer transactions on Buycoins crossed ₦1 billion in a month.
In more random BuyCoins tidbits. P2P has crossed N1bn in a month.— Timi (@timigod) July 28, 2020
It’s not much [relatively] but it’s crazy because BuyCoins started out as a P2P platform (called Bitkoin) and it was sort of a flop (~N35m in a whole year).
Growing this new version of P2P was toughhhh. pic.twitter.com/dN3WIefZQt
Speaking on why Sendcash is being launched in Ghana, Teju said, "We've had a lot of people from other African countries ask us when Sendcash would be available in their countries".
Last month, Timi asked the Sendcash community, "what do you hate the most about Sendcash?" A user with the moniker, Harlem Again, said: "The fact that it isn't marketed as widely as it should. It is an excellent product, super simple to use and has the potential to be a standalone product, similar to Cash App for Square. For a something this brilliant, everyone that remit funds to Nigeria should use this".
"But this particularly hit home for us after our first hire from Ghana, Clinton Mbah, joined the team", Teju told benjamindada.com. "We realised how frustrating it still is to transfer money to other African countries and knew that this was something that would help a lot of people as well. So, Clinton led the effort to launch in Ghana and the whole team worked together to make it happen".
CHALEEE 🇬🇭🇬🇭🇬🇭🇬🇭 https://t.co/fe60GTJ6ek— Clinton Mbah (@mclint_) October 15, 2020
Thus, BuyCoins plans to launch Sendcash in other African countries. But "at the moment, our focus is on making it easy for people to use Sendcash without having to interface with crypto in anyway", Teju concluded.