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Bitsika, the Naira(abcd) Stablecoin Pioneer in Nigeria Records $1million Transaction few months After Launch.

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Last updated on January 10th, 2020 at 11:46 pm

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Bitsika, the Naira (ABCD) stablecoin pioneer in Nigeria records $1 million in transaction. This was few weeks after the launch of it’s mobile app, Bitsika on both android and ios.

This includes both deposits, withdraws and money transfers on Bitsika platform.

The founder of Bitsika Atsu Davoh announced the new milestone through it’s twitter. The tweet reads,

“We hit a $1 million in transactions today. Quote this tweet with your @BitSikaAfrica username to show some love. 💙💙💙 We appreciate it.”

Bitsika helps in remittance and cross-border payments currently in Ghana to Nigeria and vice versa. The cross-border payment process and remittance service provider offers it’s service using cryptocurrency and fait money. 

According the Atsu, the first version of BitSika was built to focus on Ghana and Nigeria. However, people from Malawi, America, Kenya, Cameroon, Uganda and Grenada currently use the app. This calls for the need to scale up and add more fiat support to these countries.

One of the challenges faced by BitSika according to Atsu is the issue of funds transfer through banks due to banking regulations. Atsu says that the platform finds it hard to top-up it’s fait money balance. 

“ a lot of rules, limits and licenses we have to abide by. Frustrating things happen; like when we’re trying to top-up our fiat API balance and our bank keeps blocking us from making the transactions because they fear it might be a fraud transaction.”

Moreso, the platform is facing the issue of liquidity. It finds it hard to process fiat payments faster and  conveniently. This is due to the shortage in it’s fiat reserve. This might have led to the issue of naira stablecoin dubbed abcd stablecoin.

Bitsika previously announced that it is building Naira stablecoin. The stablecoin dubbed ABCD coin on Binance Chain will help facilitate faster transactions on its platform. 

This followed weeks after receiving funding from Microtraction, an investment company in Nigeria. 

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By Tony Chimdiuto

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