This partnership will allow online businesses in Nigeria to receive BTC, ETH, XLM, and other cryptocurrencies and pay in naira.
Cowrie Integrated Systems and COINQVEST have partnered in a deal that gives Nigerian online businesses and e-commerce shops the option of adding major cryptocurrencies like Bitcoin and Ethereum as online payment options. The partnership which was recently announced, allows crypto funds to be transferred to Nigerian naira bank accounts in a few short minutes.
It is now possible for Nigerian online businesses to process payments in any of the popular cryptocurrencies customers chose to trade with. This innovation spells a positive turning point for small and large enterprises within the country.
According to Marcin Olszowy, a Co-founder of COINQVEST,“Bitcoin is exchanged, and NGN immediately transferred to a bank account, offering a modern and internet-based payment option for customers, we eliminate credit card processor fees, payment delays, charge backs. Immediate transaction settlement also improves financial monitoring and business turnover.”
Those firms aiming to improve their payment systems will see the partnership between Cowrie Integrated Systems and COINQVEST as a welcome development. COINQVEST platform offers businesses a very friendly user interface which is the ideal for most merchants.
COINQVEST offers users a development kit that makes integration simple for developers. Merchants who don’t know about coding can choose to use COINQVEST”s fully designed checkout solutions for WordPress, Shopify, and Magento. When COINQVEST is set up, merchants will find themselves equipped with an indispensable financial toolbox.
According to Gbubemi Agbeyegbe, Co-founder of Cowrie “Bitcoin is extremely popular in Nigeria, with the highest adoption rate in Africa. This solution lets online merchants embrace digital payments and gives customers an option to use their Bitcoin in everyday lives.”
With this partnership, Merchants can receive payment in any cryptocurrency, change the money into their national currency and access their funds through their local bank accounts. This system also offers merchants access to customer transaction analytics and this allows them to design their businesses in a way that works best for them. The system comes equipped with tax records that comply with tax rules and also allow for ease of use.
Stefan Schneider, Co-founder of COINQVEST, is quoted as saying; “COINQVEST offers the most efficient way to accept Bitcoin compliantly. This is why Nigerian businesses, such as leading online fashion store PayPorte and others, already embrace digital currency payment processing via COINQVEST.”