A Singapore-based bitcoin exchange, BitX adds Nigeria to its service coverage. This is the second country in Africa where BitX now provides bitcoin operations.

BitX announced extension of their exchange services to Nigeria, adding the fourth country to the existing services in South Africa, Singapore, and Indonesia. Nigerian users are now able to buy bitcoin with the local currency Naira, use BitX smartphone apps, and develop bitcoin start-ups with BitX APIs.

Last week, BitX announced the launch of a bitcoin top up service for all mobile operators in South Africa where the company has been one of the largest exchange platforms since 2013. In 2014, BitX partnered with PayFast, one of the major payment gateways in South Africa, to help online merchants accept digital currency payments. In April, BitX participated in the first African bitcoin conference that allegedly brought together “merchants, investors, venture capitalists, start-ups and bitcoin enthusiasts who are all looking to move bitcoin forward in Africa”.

According to a blog post on the company's website, the services in Nigeria will have the same Know Your Customer and Anti-Money Laundering policies as in other countries where BitX already operates. The BitX mobile app supporting the Know Your Customer identity verification scheme was launched in November 2014.

Africa’s bitcoin community is quickly developing. CoinFox wrote earlier about a South Africa-based bitcoin exchange Ice Cubed that launched in January 2015 to allow users to trade bitcoins for Nigerian Naira for the first time.

“Nigeria has a vibrant, diverse and growing online population and in a market scattered with inefficient and expensive online payment methods, we’re excited about Bitcoin’s potential for faster and cheaper settlements,” the BitX blogpost says.

Aliona Chapel