How Sendcash actually works 💸
Since our launch, Sendcash has received many positive and supportive reactions, and we’d like to provide more context about how Sendcash works.
If you are unfamiliar with Sendcash, you can read our announcement article for more detailed information. Essentially, Sendcash enables you to send and receive money to Nigeria from anywhere in the world using Bitcoin.
Using Bitcoin for cross-border transfers is not new. It is something that many people already do. For instance, many Nigerian freelancers use cryptocurrency exchanges such as Binance, among others to receive payments for their work in Bitcoin, while people outside the country use Bitcoin to send money back home. What Sendcash does is make this existing process much simpler and more accessible.
The graphic below illustrates how people currently send money using Bitcoin, which requires many moving parts and trust from all parties involved. If you are not familiar with crypto, this process may seem daunting.
We launched Sendcash to simplify this process for everyone.
Here’s what happens under the hood ðŸ›
When you visit Sendcash and provide your recipient's details - Naira bank account and name - a Bitcoin wallet address is generated and assigned to that account for you to send the Bitcoin value of your transfer to.
Read: How to send money to Nigeria with Bitcoin.
Once your Bitcoin transfer to the provided wallet address is confirmed, we will deposit the Naira value in your recipient's bank account.
We do all this programmatically using our API and deposit the Naira into the recipient's bank account through our payment partners. The entire process usually takes less than 5 minutes and you can be confident that you can send money to Nigeria hassle-free whenever needed.
If you want to learn more about how Sendcash works, you can check out our support articles or send an email to support@sendcash.africa.
Since we launched, we’ve added more payment methods like USDT, USD accounts, and bank cards. You can read our guides on how to use these payment methods below.