Finding the right bitcoin exchange in Nigeria, Kenya, Tanzania and Uganda has typically been a bit of a headache. Disreputable services have come and gone, while a lack of regulatory oversight in some of these countries, has added a layer of insecurity which made the process of exchanging bitcoins an arduous one. A fast, reliable and convenient service was clearly needed.
That is why we are delighted to announce our new partnership with BitPesa, Africa’s best bitcoin exchange platform. This partnership will allow users from Nigeria, Kenya, Tanzania and Uganda to exchange their bitcoins almost instantly on the Bitbond platform. For our users, this means almost unparalleled convenience. Borrowers can simply withdraw their loan into a local bank account in their local currency. Repayments can be made with just as much ease, by simply entering your bank account details to pay off your Bitbond loan with the currency you carry around everyday.
For lenders the level of convenience is just as high. You can simply connect your local bank account in your Bitbond dashboard and exchange your local currency for bitcoins with the click of a button. The time it takes to exchange bitcoins in Nigeria, Kenya, Tanzania, and Uganda on Bitbond varies from country to country but is typically done in 1-2 working days.
That being said, you do not need to invest or borrow in order to exchange bitcoins and use our BitPesa integration. Simply signing up with Bitbond and being located in either Nigeria, Tanzania, Uganda or Kenya will not only provide you with your own bitcoin wallet, but also allow you to exchange bitcoins to your local currency and vice versa.
How to exchange bitcoins in Nigeria, Kenya, Tanzania and Uganda on Bitbond
1) The first step towards exchanging your bitcoins is to head over to our homepage and sign up for free. If you do not want to borrow bitcoins, it’s best to sign up as a lender as this option involves less steps and is very fast.
Now you will be asked to enter your email address and provide a password. Once this step is completed, head over to your email provider and find our account confirmation email. Now click on the confirmation link to gain access to your Bitbond dashboard.
2) Now that you have access to your Bitbond dashboard, the next step is to navigate towards the top menu panel and click on “Convert BTC”.
At this point you will have to verify your identity, a process that takes a little under 3 minutes and is completed online. This step ensures that we comply with international KYC and AML standards. Once completed, your status page should look like this
3) Now comes the easy bit. Navigate towards your top menu panel and click on “Funds”. To exchange your local currency for bitcoin, look at the “Add Funds” section on the left and pick your preferred account type.
At present, users from Nigeria, Kenya, Uganda and Tanzania can add funds to their account in three ways. 1) Bitcoin 2) Mobile money and 3) Bank account. With these three options we hope to ensure that everyone can exchange bitcoins for Naira, or Shilling using our BitPesa integration.
As you can see from the screenshot, exchanging bitcoins could not be easier. Simply add the funds you wish to convert to bitcoin to your Bitbond account using one of the three payment listed above. This involves entering the amount of bitcoin you wish to buy and, once the transaction is initiated, waiting 1-2 working days for the bitcoin to arrive in your Bitbond wallet.
From there you can easily withdraw your bitcoin to any wallet address you like, or invest it on our platform in order to earn interest.
In order to exchange bitcoins back into your local currency, navigate to the right side of your browser window and enter the amount of bitcoin you would like to sell.
Once you have decided on the amount and the withdrawal type, authorize the withdrawal to complete the transaction. Using our BitPesa integration you can exchange and withdraw your bitcoins into your bank account, as mobile money, or to another bitcoin wallet in a matter of minutes.
Congratulations you have now exchanged bitcoins quickly and conveniently
You should now have a clear overview of how to buy and sell bitcoins on the Bitbond platform. As you can see from the 3-steps outlined above, the process is easily managed in a matter of minutes and offers almost unparalleled convenience.
We hope that residents of Nigeria, Kenya, Tanzania and Uganda will find this service useful, and take a second to check out Bitbond’s borrowing and investing marketplace.
What does this mean for African SMEs?
According to the World Economic Forum, there is a $2 trillion funding gap for SMEs operating around the world. This lack of financing is particularly prevalent in African countries, where banks and financial institutions are often unwilling to take on the risk associated with small business loans.
By partnering up with BitPesa, we are trying to do our part in improving access to financing for African SMEs.
Founder & CEO of Bitbond Radoslav Albrecht says:
“10% of our global user base comes from Sub-Saharan Africa. We are excited to work with BitPesa in this region because there is a huge unmet demand for small business financing. Together with BitPesa, we can significantly improve our service. This means that a small business owner from Kenya can receive loan funding from investors from all over the world via Bitbond and have the funds paid out to his mobile money account in 20 minutes. This is an unprecedented level of innovation and convenience in the entire online lending space.”
Qualify for your small business loan on Bitbond today!
Get started by registering for a free account on BitPesa.
Bitcoin exchange in Nigeria, Kenya, Uganda and Tanzania! What does it mean for you?
Let me know in the comments below!