What Factors Are Driving The Bitcoin Remittance Revolution In Africa? These Ones
The Bitcoin remittance business is blowing up all over the world. South African financial website moneyweb brings us the report directly from the oldest continent. The conditions that led to El Salvador making Bitcoin legal tender are present all over Africa. The people are unbanked but everybody has mobile phones. Plus, the diaspora is huge and sends money home constantly while big companies rob them blind with high fees. Related Reading | Is Largely Unbanked Africa Primed for Bitcoin Adoption? “The African continent has many opportunities for widespread Bitcoin adoption. One of....
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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:....
The practically non-existent start-up ecosystem in Philippines has suddenly sprung to life. Thanks to the bitcoin revolution, the number of start-ups, particularly cryptocurrency related ones is increasing from the past couple of years. The success of Bitcoin in Philippines can be attributed to the social and economic factors. The two main factors that has led to a bitcoin boom in Philippines: Philippines has a huge remittance market. Like China and India, there are many Filipino emigrant workers employed across the world. Like in any other developing countries, even the emigrant Filipinos....
The 6th annual Remittance & Mobile Money Expo, held today and tomorrow – Feb. 2 and 3 in Lagos, Nigeria, will address the challenges and opportunities in the emerging African remittance market. Billing itself as the largest gathering of stakeholders in the remittance ecosystem serving Africa, the conference will be at the Lagos Oriental Hotel. The theme of the conference, hosted by MobileMoneyAfrica, a resource for mobile financial inclusion, is “lowering transaction cost.” There will be more than 30 speakers. According to MobileMoneyAfrica, Nigeria is the largest remittance....
With the high mobile phone penetration already in place, Africa is set to enable more users to download a Bitcoin wallet on their devices. In an email last year, Werner van Rooyen from Bitx, one of Africa’s biggest Bitcoin exchange firms, wrote that Africa has been waiting for something like BitcoinCT r: 8 for a long time. Why? He said the continent of over a billion people has been underserved by financial institutions for such a long time. Some of the factors he cited in this regard are the high cost of financial infrastructure, high fees compared to the average earnings, high cost of....
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;....