Nigerian Online Store Accepting Cryptocurrencies as payment

First Nigerian E-Commerce Platform accepting Cryptocurrencies

Emmanuel Olorunisola, founder of the first Nigerian online store accepting cryptocurrencies, explains that his shopping experience on the American giant Overstock has pushed him to create this e-commerce site, Shopnow.ng which will open in a few days.

“Shopnow.ng came to my mind precisely in April when I saw a list of sites accepting Bitcoins and tried them to see how they worked. I was seduced by Overstock.com and saw a wrist watch on sale for $ 28. I was excited and decided to place an order. ” says the founder.

Also Read:  Top Global Companies accepting Bitcoin

Enthused by the opportunity presented by Overstock, the evidence struck him that a platform that would be useful to him, would also be beneficial to other Nigerians wanting to pay in cryptocurrencies.

There is no reliable study of the actual number of Nigerians using crypto-currencies or their pattern of use and Olorunisola noticed that shipping costs were five times higher than the actual price of the ordered product.

However, rather than being overwhelmed by disappointment, he thought of a solution: To create a platform where Nigerians could make their purchases in Bitcoins without suffering the same inconveniences as him.

He is aware, moreover, that other Nigerians would like to make their purchases in cryptocurrencies without worrying in the first place to convert them into Naira, the Nigerian currency.

Several factors have attracted Nigerians to cryptocurrencies, especially last year. According to Chris Ani, who provides training for neophytes on the Nigerian cryptocurrency market, the current banking system “left many Nigerians unsatisfied.” This coupled with a high rate of corruption as well as the economic recession that hit the country hard are explanations for the attractiveness of Nigerians for cryptocurrencies.

However, despite the potential of the e-commerce industry in Nigeria, it is not said that Shopnow.ng will win the hearts of Nigerians quickly with its new approach to the market. Several giants such as Konga, Jumia, OLX and Jiji already dominate the e-commerce market. Their acceptance and promotion of cryptocurrencies could be the key to changing mindsets.

E-Commerce platform accepting Bitcoins

->Major European retailer giant, Alza has started accepting Bitcoins in form of payments. Alza has also installed Bitcoin ATMs in its outlets in Prague and Bratislava. Alza is facilitating Bitcoin payments online throughout its international empire, which also includes Austria, Germany and the UK.

Alza,the largest retailer based in the Czech Republic has also recently added Tesla Car to it’s list. A user can pay Fifty Bitcoins and buy a Tesla Car.

->Similarly,Ulmart, Russia’s largest online retailer may start accepting Bitcoins, in form of payments. The company is in planning to start accepting the cryptocurrency  from 1 September,2017.

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