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Cowrie Integrated Systems and COINQVEST have announced a partnership to allow Nigerian merchants to add major cryptocurrencies such as Bitcoin and Ethereum to online payment options in online shops and e-commerce businesses. The cooperation between Cowrie and COINQVEST enables these funds to be settled to Nigerian Naira (NGN) bank accounts, in minutes.
Nigerian online merchants can now process payments using any of the major cryptocurrencies their customers use. This financial flexibility and speed can be a game changer for large and small merchants alike.
“The service at www.coinqvest.com is a world first and enables online merchants to easily get paid in Bitcoin, Ether, Stellar Lumens or other cryptocurrencies but settle *directly* into Nigerian Naira and NGN bank accounts in real-time. Thus, eliminating volatility risks and staying compliant. Product integration works via all programming languages and e-commerce suites like WooCommerce, Shopify and Magento.
“As you might know, Nigeria is the leader in African Bitcoin adoption. Our solution enables Nigerian customers to use their crypto to make purchases online. On the other hand, online merchants can now embrace new digital currencies, while maintaining their accounting records in Naira, keeping their accountants and tax authorities happy,” said Co-Founder, COINQVEST Ltd, Marcin Olszowy in an email to IT Edge News.
The Cowrie and COINQVEST partnership promises a range of positive impacts for enterprises wanting to update their payment processing infrastructure. The COINQVEST platform provides all of the user experience merchants seek and require.
COINQVEST’s software development kits make integration easy for developers. Merchants unfamiliar with coding can opt for COINQVEST’s turnkey checkout solutions for WordPress, Shopify and Magento. Once set up, merchants have a valuable financial toolbox.
They’re able to accept cryptocurrencies (or any supported currency), convert it to a national currency, and withdraw funds to their bank accounts. Merchants have access to customer transaction analytics to tailor their businesses as needed. Also included are compliant and accountant-friendly tax records, useful during tax season.
“Bitcoin is exchanged, and NGN immediately transferred to a bank account, offering a modern and internet based payment option for customers,” Olszowy.
“We eliminate credit card processor fees, payment delays, chargebacks. Immediate transaction settlement also improves financial monitoring and business turnover,” he added.
Cowrie co-founder Gbubemi Agbeyegbe explains, “Bitcoin is extremely popular in Nigeria, with the highest adoption rate in Africa. This solution lets online merchants embrace digital payments and gives customers an option to use their Bitcoin in everyday lives.”
COINQVEST co-founder Stefan Schneider added: “COINQVEST allows previously uneconomical micropayments and provides access for those ineligible for credit cards. Both merchants and customers are empowered by the versatility and safety of cryptocurrencies.”
