Fiat currencies often face many significant factors that affect their value or exchange rates. Some of which include inflation rates, monetary policies, and economic performance, to name a few. Interestingly, these things don’t affect the price of BTC and other digital currencies. And that’s one of the reasons why many Nigerian immigrants in different parts of the world are turning to Bitcoin and other cryptos to send money back to their country in a much faster, cheaper, and easier way.
As crypto adoption continues to rise in the African region, peer-to-peer marketplaces like Paxful have started to become effective means to facilitate more accessible and hassle-free cross-border transactions.
On Paxful, you have nearly 400 ways to buy and sell cryptocurrencies such as BTC, Ethereum (ETH), and Tether (USDT). This includes bank transfers, online wallets, digital currencies, cash payments, goods and services, and gift cards—which are among the most widely used payment options for money transfer to Nigeria.
You have over 125 gift card brands to choose from on Paxful. This includes popular global brands for game items and accessories, makeup, shoes and clothing, gadgets, accommodations, and a lot more.
If you’re working abroad and looking for ways to send money to your loved ones back in Nigeria or other parts of the world, read ahead as we walk you through five easy steps on how you can use gift cards to send money abroad on Paxful.
How to send money to Nigeria using gift cards on Paxful
Here’s what you’ll need: a Paxful account, a gift card of your choice, and the funds you want to transfer. Let’s get you started.
Step 1. Create a Paxful account
To easily send money to Nigeria, you and your recipient must create your own Paxful account and verify it to unlock and enjoy more exclusive platform benefits. To help you quickly get started, each of you will receive a free Bitcoin wallet right after signing up.
Step 2. Buy a gift card from your preferred brand
Once you’ve set up your account, the next step is to buy a gift card directly from the store and not from resellers. Note that you must choose a brand that’s available on Paxful. You can view the list of gift card brands on the Buy Bitcoin page by selecting “Gift Cards” as the payment method and clicking the blue hamburger icon beside it.
After clicking, the list of popular gift cards in your area will be displayed on top of the pop-up window. Simply scroll down to see all 126 gift card brands available on Paxful.
Step 3. Send the gift card details to your recipient
After successfully buying a gift card, the next step is to send the gift card details to your recipient. This includes a picture of the receipt, digital code, and the actual gift card—if possible. Basically, this gift card serves as your remittance. To cash out the gift card’s value, your recipient will then sell it on Paxful with no fees—this brings us to the next step.
Step 4. Your recipient buys BTC with the gift card
Once your recipient has received all the gift card details, the next thing they need to do is create a gift card offer on Paxful. This will allow them to sell the gift card and get paid in BTC.
Your recipient can also buy Bitcoin using the gift card as payment by clicking the Buy button on the website, choosing Bitcoin as the cryptocurrency, and selecting Gift Cards as the payment method. Indicate the gift card value and its currency, whether in USD, GBP, EUR, or other currencies. After filling out these details, click Find Offers and a list of available buyers will appear.
Here’s a quick video to guide you on how to buy BTC instantly.
Step 5. Your recipient sells BTC and gets paid in NGN or other local currency
After exchanging the gift card for Bitcoin, your recipient must then create an offer to sell Bitcoin so they can get paid in Nigerian Naira (NGN) or any fiat currency and cash out via ChipperCash, MTN Mobile Money, or other payment options available on Paxful.
To sell gift cards without having to create an offer, simply follow the steps above. But instead of going to the Buy page, click Sell Bitcoin from the main navigation and repeat the process. You can also ask your recipient to watch this video to learn how to sell Bitcoin on Paxful instantly.
And that’s it! You’ve successfully completed your money transfer to Nigeria in a much faster, cheaper, and accessible way.
Why send money to Nigeria and beyond using gift cards?
One of the best things about sending remittances using gift cards on Paxful is the accessibility of the platform and the convenience it gives. Since you can access your Paxful account on your laptop or smartphone, managing your funds is made easier and faster. With almost 400 ways to send and receive money, you’ll never run out of means to quickly transfer money to your family or loved ones abroad.
You’ll also never have to worry about holidays, weekends, and operating hours. Since the platform is up and running 24/7, sending money can be done wherever and whenever you want.
On top of all that, money transfers to Nigeria using gift cards can be a lot cheaper than traditional remittances with banks and other financial institutions. The total fee for sending money through gift cards can range between 3% and 5% only.
Oh, and before we forget, remittances using gift cards also don’t require tons of personal information. Just a few clicks on your phone or laptop, then you’re done. Everything is fast, secure, and convenient.
How much remittance is sent to Nigeria?
Did you know that apart from oil revenues, the immigrants’ outstanding share of remittance flows into the country is also one of the many reasons behind the significant growth in Nigeria’s economy? According to the World Bank, around USD 26.4 billion was sent to the country in 2019. However, like many nations, Nigeria also faced some economic challenges because of the pandemic. This, in turn, brought significant dips in remittances, which started in the second quarter of 2020.
On the flip side, Nigeria is one of the many regions in the entire world with the highest Bitcoin (BTC) adoption rate. While many Nigerians trade crypto for investments, a significant portion of the country’s population has discovered BTC’s potential to be a vehicle towards becoming a thriving market for cross-border transactions.
Ready to bring in your share of remittance flows in Nigeria? Do it the hassle-free way with cryptocurrencies and gift cards on Paxful. Don’t forget to spread the word to your friends and family so they too can experience the liberating financial benefits brought about by cryptos in Nigeria and beyond.
*Paxful and its Services are not affiliated or associated with, nor endorsed or sponsored by any third party, including but not limited to any gift card issuer. Designated trademarks, brands, and other identifiers are solely the property of their respective owners. Paxful and its Services are not endorsed, sponsored, associated or affiliated in any way by or with such owners.
