After a long wait, Nigeria has finally got its first Bitcoin ATM.
BlockStale, the company the company behind the Bitcoin Teller Machine (BTM), built the machine specifically tailored for the African market and said the increasing adoption and potential of the cryptocurrency is one of the reasons it built and installed the machine in Ajah area of Lagos State.
Unlike normal ATMs however, the new BTM does not accept cards whether they are debit, credit, master, or visa cards. This is largely due to a lack of clear regulations and frameworks on cryptocurrencies in Nigeria.
This is how the BTM works:
How to buy:
- Select buy Bitcoin and Click the amount to buy
- Scan your Bitcoin wallet (from the phone) on the machine
- Put the cash notes equivalent of the intended Bitcoin purchase in the slot
- After the cash notes are checked and confirmed, the purchase is authorized and BTC is sent to the scanned wallet
How to Sell:
- Select Sell Bitcoin on the machine and type the amount (Naira value) of the BTC you want to sell
- Wait for printed QR-coded instructions and transfer the BTC and waits for a 3-confirmation sequence
- Click on the Redeem button and scan the last QR code on paper
- The BTM dispenses cash
NB: Know Your Customer (KYC) is carried out. Depending on how large or how small the transaction volume is, basic or indepth KYC will be carried out. If the person is buying BTC with cash value below $100, the BTM will conduct just the basic KYC.
The BTM only accepts Naira and can only be used to buy and sell Bitcoin and no other altcoin.
According to BlockStale CEO, Daniel Adekunle:
“The devices (BTMs) are built with special consideration given to the concerns of the Central Bank of Nigeria (CBN). We are neither a bank nor a financial inclusion organization, we are operators and vendors and our machines do not accept bank cards, only fiats (Naira).
We hope that this innovative move can yield proper regulations or framework if need be.”
Currently, there is only one BTM in Ajah, but more will be coming to SPAR Lekki, Eko Hotel and Suites in Victoria, Ikeja City Mall and Leisure Mall in Surulere during the first quarter of 2020.
These machines can work anywhere in Nigeria and Africa so long there is power and internet facilities and BlockStale is inviting interested parties that want to host a BTM to reach out.
Currently, the company is offering the following BTM hosting plans:
- Operation Partner – The host gets a percentage of every transaction processed
- Space Rental – An enterprise provides a hosting space and charges a monthly rate to host the BTM
- Machine Rental – Acquire and manage a BTM
According to recent statistics, the number of Bitcoin ATMs installed worldwide is now over 6,000 with Africa accounting for only 14 ATMs.
This is just one more ATM on the African continent to smile about. 🙂
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