Paychant is a cryptocurrency remittance service for people to send money cheaply to Africa from anywhere in the world. At the moment, you can send money to Nigeria. Other countries to follow are Ghana, South Africa, and Kenya.
In addition to being able to make cheaper and faster transfers with Bitcoin and other cryptos to Africa, Paychant allows Non-Profit Organisations to embed Bitcoin donation button into their websites to accept donations in Bitcoin and other cryptocurrencies. All cryptocurrency donations are instantly converted to cash and go directly into the bank account provided by the charity.
How Paychant Works
To make your crypto transfer, you don’t need to sign up. You just need to choose how much you want to send. You will see the currency equivalent with its real-time exchange rate. You then have to provide your recipient’s bank details and pay for your transfer. A tracking number will be generated to track the progress of the transaction, and senders get an email notification when a beneficiary receives the money.
How to Pay for Paychant Cryptocurrency Transfer
Currently, you can pay for your cryptocurrency transfers to Africa using Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). Bitcoin is the first cryptocurrency in the world invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto, ETH is a cryptocurrency built on top of the Ethereum blockchain platform, and Tether is a cryptocurrency pegged to the value of the U.S. dollar to minimize volatility risks.
Receiving Methods, Transfer Limits and Speed
You pay for your transfers in cryptocurrency while your recipient receive fiat money into their any bank account. You can send money to all major banks in Nigeria such as UBA, Access Bank, Zenith Bank, GTBank, First Bank of Nigeria, and First City Monument Bank. The fintech will soon allow for cash pick and airtime top-up.
Paychant users around the world can send up to $3,000 transaction daily. Paychant transfer take up to 10 minutes to reflect into your recipient’s account.
Africa is the most expensive continent to send money to in the world. The average cost of sending 200 USD to Africa is about 9%. However, when you send the same amount to Nigeria, you will only pay 1.06 USD.
Paychant strives to redefine the remittance industry using digital currencies as a tool for cross-border money transfer, offering a lower-cost and faster remittance experience.
You can only send money to Nigeria at the moment. The service plans to move to other African countries before the end of 2020 starting with Kenya, South Africa, and Ghana.
Remittances from over 25 million Africans abroad contribute significantly to Africa’s economy. By lowering fees for sending money to Africa through the use of Bitcoin and other cryptocurrencies, Paychant service enables beneficiaries to receive more money from their friends and relatives working abroad. In most cases, remittances are used for basic human needs such as food, medicine, education, and housing.
In addition to the benefits of faster and cheaper transfers, your recipient doesn’t need a cryptocurrency wallet or any knowledge of Bitcoin, Ethereum or Tether.