Kenya international remittance services bitcoin will play a huge role

Kenya international remittance services bitcoin will play a huge role

In February, Get huge venture capital bitcoin global money transfer company BitPesa is expanding rapidly in Kenya, a little bit of eroding the traditional payment institutions (PayPal, quick Jinhui, remittance remittance). Bitcoin based global remittance company BitPesa announced a new $1 million 100 thousand round of financing, investors to hedge fund Pantera Capital. BitPesa plans to use this batch of financing into Kenya market, the initial target is a small mobile payment service. This month Australia bitcoin trading platform Igot TagPesa trading platform through the acquisition of local Kenya into the Kenya market. The existing bitcoin company M-Pesa, Airtel, Orange and some other companies are wallet can be directly connected to the digital currency.

So many bitcoin startups is a reason of sub Saharan Africa interest, the undeveloped cross-border payment market has great potential. This year, the world bank’s $3 billion 900 million project into sub Saharan African countries through international remittance.

The Overseas Development Institute (ODI) a report showed that an average Africans $200 home need to pay 12.3% of the cost. The bitcoin payment company cost is much lower, such as BitPesa only charge a fee of 3%, Igot is more competitive, only charge 1% conversion fee.

And as everyone knows, the payment institutions of traditional international remittance business need to charge high fees. But the virtual currency can solve this problem perfectly, virtual currency remittance fees almost negligible.

Another reason is that Kenya’s attitude towards bitcoin is friendly, but the lack of perfect banking infrastructure. The bank does exist in some areas, but the cost of sending remittances to more than 2 to 3 times, even more expensive. Bitcoin payment provides consumers with a bank account and do not need to participate in the global financial system of global media.

Therefore, although some other areas of global bitcoin market decline worries, but the people of Kenya love bitcoin, bitcoin low-cost remittance has completely changed their lives.

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