Denis Opudo
With an objective to ease trade and make wealth storage safer, BitPesa is offering the most guarded and quick mode of money transfer in BitCoins for African markets. Bitpesa, a Kenya-based digital platform founded in 2013 for frontier markets providing foreign exchange and payment services is taking over the exchange market in African countries by a storm. Rossiello, BitPesa CEO believes that BitCoins are the ultimate solution in commerce and payment for businesses with very affordable transaction rates way over conventional financial modes.
Africa’s Crumpled Financial System
Speaking at an interview with Sebastian Couture and Brian Fabian of Epicenter, Rossiello pointed out to Africa’s banking mechanisms as rigid, thus a stumbling block to emerging startups in the continent. In her comparison to developed countries, she believes Africans are getting a raw deal as bigger part of Africa’s banking sector are still using the old systems which encompass several functionalities that usually complicate customer support. They have not adopted the new and available technologies.
She, for instance, recalls how when they settled in Kenya, their company had to have 12 bank accounts and not only that, with the ceiling for credit cards set at $5,000. Moreover, note, the condition was that – to use this credit card you had to have banked a prepaid amount of $6,500. She explains how she once paid for one plane ticket with the entire amount and was left with no more money to spend.
It’s such experiences that inspired the BitPesa concept.
BiPesa, BitCoin Beating the Crumpled System
BitPesa has now taken over and dominates in the majority of financial markets in top African economies. The BitCoin has become the suitable solution for the inflations experienced and financial instabilities. Moreover, besides the BitCoin, BitPesa has also made it possible transactions in Neira, one of the continent’s most volatile currency. Going by the current trends and projections for the future, BitCoins are highly likely to become the leading trade currency in Africa in times to come. My analysis concurs. Watch the space!
