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Last updated on September 11th, 2020 at 10:35 pm

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Bitstop reveals plan to build the first bitcoin ATM in Nigeria at the International Money Transfers and Cross-Border Payments Conference—IMTC Africa 2019 held in Lagos Nigeria. 

Present at the conference includes; Banks, Mobile Money Operators, Money Transfer Operators (MTOs), digital currency experts, remittance companies, fintechs, financial aggregators, mobile payment processors and regulators across Africa. 

The IMTC conference is an international conference focused on exploring the remittance and cross-border payments industry including digital currency payments across the globe.

One of the areas of focus during the panel discussions includes:

  • Real trends in the West African Remittance Markets. 
  • Reasons why Africa is the key for development of money transfer strategy among International Money Transfer Operators. 
  • The state of regulations in the remittance markets. 
  • Development of the Fitness Industry.
  • Blockchain and Cryptocurrency Adoption.

Top fintech companies from Africa including Flutterwave, Ping Express, M-Pesa, Remitly, Small World, More Money Transfers, Thunes, Vogue Pay and Ark Tech were present. Bitstop, a blockchain startup was also present at the conference.

Bitstop, a blockchain startup that builds bitcoin ATMs for easy accessibility of bitcoins revealed its intentions to build the first bitcoin ATM in Nigeria.

Erik Halvorssen, the Business Development Manager of Bitstop revealed the new development  during panel discussion on blockchain and cryptocurrency. 

He explained that the first bitcoin ATM in Nigeria will help many Nigerians exchange their physical cash for virtual money. The new bitcoin ATM in Nigeria would also enable Nigerians to buy and sell bitcoin faster.

Moreover, Waiye Ajakaiye the representative of Central Bank of Nigeria (CBN) at the conference said that CBN has separate provisions for regulating the fintech industry.

Nigeria is also the 5th largest Remittance Market in recorded flows. Moreso, Nigeria is the largest remittance processor in Sub-Saharan African with over $24.3 billion payments processed in 2018.

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By Tony Chimdiuto

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