Exchange founder Gareth Grobler described the situation with enthusiasm, and feels that Nigeria, Africa’s most populous country, is the prime area for a possible bitcoin market:
“The market… is potentially massive. VoguePay have spotted the opportunity bitcoin offers, seeing as one of the primary attributes of bitcoin is its security. Nigerian online consumers simply do not have the same access to goods and services from international vendors due to one simple thing – credit card fraud. Bitcoin solves that problem… The idea is that, for example, a farmer in Nigeria can buy a tractor from a supplier in the USA, and both parties could benefit from the near instant, secure and transparent funding solutions underpinned by the bitcoin technology.”
The company is also planning to roll out merchant services so that local businesses will be able to accept the digital currency.
Grobler further commented on the potential mark that bitcoin could have on the Nigerian community:
“We have to be realistic… Bitcoin technology has yet to be packaged and applied correctly for it to be a mainstream alternative currency, but as an agnostic payment settlement mechanism within a larger framework it ticks all the boxes and could perhaps have a significant impact on shaping the Nigerian digital economy landscape.”