BitPesa to Strengthen Africa-China Remittance Corridor
Users in Kenya, Uganda, Tanzania, Nigeria and the Democratic Republic of Congo can now send money directly to bank accounts in China. BitPesa, through its website, is helping businesses in China and Africa to send instant payments in local currency directly from African bank accounts to Chinese bank accounts. Users in Kenya, Uganda, Tanzania, Nigeria and the Democratic Republic of Congo can now send money directly to bank accounts in China. The remittance service offered by BitPesa is low-cost as it cuts conventional money transfer costs by up to 60%, according to the company. The trade....
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BitPesa.co, a new global remittance company servicing Kenya's ever-expanding population, is planning to use bitcoin. The company is targeting Kenya's $1.17bn annual remittance market by offering a 3% cut-rate fee on all transfers, Bloomberg Businessweek reported today. Bitpesa's CEO Elizabeth Rossiello said the new service is aiming to gain 1% of Kenya's remittance market within a year of launching in March 2014: a figure that will equate to roughly 6,500 transactions per month. According to Rossiello: "There are no other market entrants trying to solve the problem of the very high cost of....
Bitcoin is rising pretty fast in Africa. In fact, the digital currency has been growing exponentially all around the world. This year there has been a substantial growth in investments related to the digital currency and Africa is no exception to this trend. A lot of startups are springing up with innovative applications for Bitcoin in the African context; these innovative applications are disrupting the remittance market and making the cryptocurrency available over SMS. The main Bitcoin startups leading this new revolution in the continent are already widely known within the community:....
African Bitcoin startup BitPesa launched its remittance service in Tanzania today. The service previously was available only in Kenya, where the company is headquartered. It hopes to undercut the fees charged by incumbents' remittance services. BitPesa launched its international money transfer in Kenya last year with the goal of expanding the service to the rest of Africa, something the company has slowly been working toward. Besides its remittance product, the company operates an exchange in Kenya and Ghana but Tanzania is the first country the startup has expanded its international money....
BitPesa is revolutionising the way transactions happen between Africa and rest of the world. Africa as a continent is a congregation of developing nations. A majority of people live in substandard conditions without access to basic amenities. Access to financial institutions has been a farfetched idea to most of them. Not anymore, thanks to the bitcoin powered economy. Not so long ago at NewsBTC, we spoke about the Bitcoin powered economy in an article titled "Will Bitcoin Foster a New Breed of Remittance Market in Africa?". A few days hence, the trends seem to be promising. Particularly....
International remittance is ostensibly one of the most compelling use cases for bitcoin and digital currencies. Recorded remittances to Africa grew four-fold between 1990 and 2010 and have increased steadily since. The World Bank projects $39bn in remittances to sub-Saharan Africa this year. Yet with the continent's fast-growing middle class and tech-savvy youth population, the high cost of remitting to sub-Saharan Africa, particularly from within Africa, has brought the subject of financial inclusion under new light. Africa has some serious market potential for bitcoin companies;....