BitMinutes, a financial services technology company leveraging blockchain and pre-paid minutes tokenization to provide financial inclusion to the global consumer, announced today that it has added a feature to its application that will make it easy for Nigerians to purchase Bitcoin (BTC) as well as US Dollars.
This functionality is currently only available only in Nigeria.
In a little over two years in Nigeria, BitMinutes has created a Trusted Agent Network (TAN) of merchants that accept the Nigerian BitMinutes for goods and services as well as exchange Nigerian BitMinutes for local currency.
That network spans more than 1,300 TAN agents, serving more than 7,000 citizens.
The latest feature will allow account holders to easily purchase BTC of US Dollars, using Nigerian BitMinutes, from their phone or computer.
Speaking about the new feature, Tom Meredith, CEO, BitMinutes, said:
“The Nigerian BitMinute is a stable coin that can be used as a currency in Nigeria. We believe adding this feature will further solidify our foothold in Nigeria, and further position to expanding our existing operations in other countries on the continent, such as Kenya.”
The aforementioned announcement comes on the heels of last month’s big news that Prime Trust, LLC, a highly respected U.S.-based Trust and Custody firm, has partnered with the parent company of BitMinutes to expand the TAN concept in the United States.
BitMinutes Inc. is a startup fintech company, founded in the U.S. BitMinutes tokens (BMTs) are exchangeable into universal prepaid airtime minutes. Prepaid minutes are already traded informally as currency within country mobile networks, available to billions of mobile phone owners.
BitMinutes’ tokens also allow peer-to-peer value transfer to millions of bank and mobile accounts across 70 contracted countries and prepaid airtime top-ups to over 4 billion mobile accounts in over 120 countries. More importantly, BitMinutes plans to facilitate the expansion of micro-credit lending in communities where lending is rare and too expensive for most individual borrowers.
BitMinutes’ ownership and transactional records will establish a new type of consumer credit score for emerging market consumers who currently struggle with limited access to capital and a lack of traditional banking services.
In addition, BitMinutes will create payments platforms in countries where it launches to facilitate mobile payments similar to the M-Pesa platform which has achieved success in Kenya, but which has not yet been widely adopted in other countries.