Ghanaian Startup Bitsika Africa Processed $40 Million in Crypto Remittances i...
Bitsika Africa, a crypto startup operating out of Ghana and Nigeria, said Monday that it processed almost $40 million in remittances in 2020, up from just under $1 million the previous year. Founder and chief executive officer Atsu Davoh said that deposits accounted for $18.87 million of the total volume, with payouts making up $17.89 million. Internal peer-to-peer transfers made up $3.19 million of total volume, he added. Davoh did not reveal how much of the total volume constituted bitcoin (BTC)-denominated remittances. The CEO had not responded to questions sent to him at Press time.....
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Nigerian crypto startup Yellow Card says it processed over $165 million in volume during the first eleven months of this year. The figure represents a growth of more than 1,840% over the amount of remittances processed in the last six months of 2019. Launched in June 2019, Yellow Card enables Africans at home and abroad to buy and sell cryptocurrency using their local currency via bank transfer, cash, and mobile money. The service is being used mainly for remittances, a multi-billion-dollar industry in Africa. Yellow Card co-founder and chief executive officer Chris Maurice told....
Tap Send, the creator of a remittances app of the same name, revealed it has raised $65 million in a Series B funding round. The fintech firm plans to use the funds to build a cheaper and faster cross-border money transfer platform. Remittances to Overlooked Countries The fintech startup behind the remittances app, Tap Send, recently said it has raised $65 million in a Series B funding round. According to the startup, the funds raised will be used to bolster remittances to the most overlooked countries in Africa and Asia. As stated in a Techcrunch report, Tap Send’s latest capital....
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:....
Nigeria is once again Sub Sahara Africa’s biggest recipient of remittances into the region where the money transfers went up by 6.2 percent to $45 billion, a new World Bank report has shown.
The Impact of Nigerian Policies on Remittances
According to the November 17, 2021 press release, this increase in the value of funds sent is in fact a rebound from the total remittances that were sent by Nigerians in the corresponding period last year. The statement partly attributes this increase to measures that were introduced by the country’s monetary authorities in the....
Bitcoin users in parts of Africa have an almost non-existent mining practice yet the virtual currency’s level of adoption is driving more Africans to its trade. Aside from a Ghanaian firm, Ghana Dot Com (GDC), which claimed it has launched the first Bitcoin mining facility in Africa in March, most mining efforts in parts of Africa are usually done on an individual basis or crowd mining with little or no chance of profitability. This is due to several factors. “I don't think anyone's doing any mining,” says Tim Akinbo, CEO of Nigeria-based TimbaObjects to CoinTelegraph. “Not with the power....