Kite Financial recently added The Kite Card to its list of amazing features on the Kite Financial Wallet app. The Kite Card is a crypto-powered virtual card specially engineered to be easy to use and accessible to everyone. This means you can buy assets in different tokens like Bitcoin, Ethereum, Dogecoin, etc., and use these to fund the card.
It can be used to do a myriad of things like buying gift cards from any of your favorite online stores, paying for utilities, buying airtime in over 200 countries, and transferring funds to anyone, anywhere in the world!
With the recent mandate passed by the Central Bank of Nigeria, a significant number of Nigerian banks have imposed a $20 and $50 spending limit on Naira debit cards. This is a response to the shortage of foreign exchange and the dwindling foreign reserves in the country. Nigerian banks are no longer allowed to request for non-native bills from the Central Bank of Nigeria and have also stopped the withdrawal of foreign currencies from International Automated Teller Machines (ATM) and POS transactions in off-shore countries.
As you may know from personal experience and that of others, this has become a huge problem for many Nigerians at home and in the diaspora, as businesses and livelihoods are being affected. Business owners have reportedly lost clients due to the inability to purchase goods from foreign websites in good time. A good number of students studying abroad face difficulties in processing payments while others complain that they can no longer withdraw enough money to sustain themselves in the course of their studies. This Limitation has left them with two choices; get a foreign currency debit card from their Nigerian bank or open a bank account with any banking institution in their country of residence. Each of these processes is tasking and usually takes quite a bit of time before they are done which makes cryptocurrency the most tangible and immediate solution to these problems.
Read more about how kite financial is promoting crypto adoption.
Some of the features on this card include:
- Group Payments and Micromanaging Finances – With the Group Payment option, you can create multiple cards for your beneficiaries, set limits on each card, keep track of the expenses of the recipient and manage their finances on the card effectively.
To fund a card in the Kite Wallet, you are only required to purchase an asset available on the wallet which in turn is used to fund a card. You can then share this card with your beneficiaries.
- Cross-border Payments/Remittance – With the Kite Card, the fees, time, cost and risk of transferring money to recipients in other countries are reduced. You can now share your card or money with family and friends anywhere in the world.
- Limitless Global Payment Access (Giftcards): Card owners and beneficiaries can buy gift cards from over 700 brands including giants like Apple iTunes, Amazon gift cards, Google play cards, Steam gift cards, Xbox One gift cards and a lot more on the Kite Financial wallet.
The Kite Card was created to ensure Kite users have complete financial freedom and they are no longer limited to the $20 spending limit imposed by the Central Bank of Nigeria. They can buy as much as they want from their favorite stores by using the Kite Card.
Giving every individual financial freedom is one of Kite Financial’s key goals and we do this by making crypto accessible to everyone. With only $10 (₦7000), you can trade, pay bills on the Kite Financial wallet app, and earn with the kite referral program. You can find it on Google Play Store or Apple App Store. For more information visit the website.