Creator of App for Remittances to Africa and Asia Raises $65 Million in Serie...
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....
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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.....
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....
When it comes to the growth of crypto adoption, Africa and Asia lead the world: Of the top 10 countries ranked by crypto adoption in 2021, six are in either Africa or Asia. A total of $105.6 billion worth of crypto assets were traded in Africa between July 2020 and June 2021, a growth rate of 1,200% year-on-year. P2P trading dominates transaction volumes: An astonishing 32% of Nigerians and 21% of Vietnamese owned cryptocurrency in 2020 – the first and second highest rates in the world, and significantly higher than the USA’s 6%. The main drivers of this boom are the clear and unmet....
When the words Bitcoin and Africa appear in a sentence, the word remittance usually follows. When Bitcoin first hit the mainstream in 2013, its low-cost money transfer feature was hailed as the solution to the overly expensive remittance costs charged by the large money transfer operators (MTOs), Western Union and MoneyGram. This is especially true when it comes to transferring funds to Africa. However, in the eight years since Bitcoin was first launched, bitcoin remittances in Africa have not really taken off. Bitcoin’s Challenges in Kenya. Bitcoin is an industry that regularly likes to....
Bitcoin is growing in popularity in Africa particularly in regions such as Kenya, Nigeria, and Ghana. This week the Hong Kong-based Bitspark has launched a remittance service to Nigeria at rates 14.4 percent better than competitors, by leveraging the speed and efficiency of the Bitcoin network. Bitspark Offers Cheaper Remittances by Leveraging the....