BitX Launches Bitcoin Services in Nigeria

BitX has launched bitcoin services in Nigeria, a move that will give local users access to the company’s bitcoin wallet, exchange, and API services.

The announcement comes six months after the launch of the Bitcoin service provider in the emerging market of Nigeria. The two countries have been in BitX’s market plans since April 2014.

BitX CEO Marcus Swanepoel is confident that Nigeria will soon become one of the company’s key markets due to its “fast-growing” and “entrepreneurial” economy.

Nigeria now has the largest economy in Africa, with a gross domestic product (GDP) of $509.9 billion, surpassing South Africa's $350.6 billion. However, with a population of 170 million (compared to South Africa's 52.98 million), economists consider the country's economy to be underperforming.

One factor that could hold bitcoin back is the relative lack of smartphone penetration, with the GSM Association, a mobile operator, estimating that only 10 to 15 percent of users have cell phones.