Why This Africa Startup Decided to Accept Bitcoin

Why This Africa Startup Decided to Accept Bitcoin

Fashion design startup Minku is based in Nigeria and Spain.

The company specialises in making handmade leather bags, sold online and at high-end stores in Nigeria.

Founder Kunmi Otitoju is a young, dynamic entrepreneur with experience working in the US and Europe.

She is excited by the opportunities Bitcoin represents in both the Nigerian fashion industry and e-commerce space. See her full interview here.

Kunmi points to leading online merchants, like Overstock.com as indicative of growing acceptance globally.

The fact that governments worldwide are yet to clearly define regulations related to the technology does not scare her. This type of regulation is coming soon.

It will be the precursor to greater merchant acceptance. In the meantime, she is happy to be a pioneer.

Kunmi notes that, for her company, “accepting Bitcoin is not just about nudging Nigerians to adopt the currency”. Because she believes this will happen over time.

Rather this is about “including Nigeria…in an interesting global conversation”. Ulitmately Bitcoin represents an opportunity for Minku as a company.

One which greatly outweighs the negatives. Minku sells their products to clients from 16 countries. Mostly product is sent to Nigeria and the USA. But Minku products are also available in places as far away as Finland and India.

Minku is a regular feature at Barcelona Fashion Week, where they present their collections.

Minku’s handbags are all designed and handmade by Kunmi personally. Materials include old-school tools like an awl, a needle, a cutter and a hot stamp.

Why This Africa Startup Decided to Accept Bitcoin 1

She is proud of here individual artistic creations. She is also optimistic about the future of the fashion industry in Nigeria.

Minmu notes that designers the world over look to Nigeria and Africa’s “diverse cultures for inspiration”. The bodes well for the local industry.

Bitcoins acceptance by boutique manufacturers and designers in countries blocked by Paypal and conventional payment processors is a trend gaining momentum.

It makes sense, as Paypal and other “conventional” payment processors are not an option for entrepreneurs in over 60 countries. Persian Shoes is another example: an Iranian maker of hand-made leather shoes.

It is a business with a 70-year-old history in hand-made footwear located in Iran. The decision to accept Bitcoin was made to help give them global reach.

This is a trend we can expect to see continue over the coming years.

If you’re business is considering accepting Bitcoin, contact us.

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