BitPesa is an online payment and trading platform that facilitates international money transactions with Africa. The platform is based on the blockch
BitPesa is an online payment and trading platform that facilitates international money transactions with Africa. The platform is based on the blockchain technology which enables fast, secure and cheap foreign exchange remittances. Something that is especially important for a developing continent such as Africa. BitPesa is helping African people who work and live all around the world to send money back to their families more efficiently. What is more, the company is boosting Africa’s international business performance making the whole area more easily reachable.
The firm was founded in 2013 by Elizabeth Rossiello and Duncan Goldie-Scot. It is based in Nairobi, Kenya but also has offices in Lagos, Nigeria, London and San Francisco. At first, the platform only worked in Kenya, but since 2015 the countries in Africa where BitPesa payments are possible became 4 and these currently are Kenya, Nigeria, Uganda, and Tanzania. Until now, BitPesa has enabled over 17 000 money transfers for 6 000 customers in more than 85 countries around the globe. A person from China, for instance, can now successfully change cryptocurrency such as Bitcoin into an African fiat currency.
Both businesses and individuals can make use of the platform’s three main services. One that caters for small, usually person to person payments. Another feature helps to execute larger business transactions. And the third type of product developed by BitPesa facilitates the trade of Bitcoin from mobile or bank accounts. One of the biggest users of the platform is Savanna Sunrise Group which is one of the Africa’s leading travel and hospitality companies. Savanna Sunrise works with other large aggregators such as Booking.com and Expedia and arranges payments with them thanks to BitPesa. Ordinary African people also take advantage of the platform because they can send and most importantly receive money from abroad at low rates thus improving Africa’s economy.
Transactions are not only cheaper and quicker, they can be tracked online and a confirmation after the complete execution of the payment is received within seconds. Banks and conventional payment services such as MoneyGram have only impeded Africa’s development imposing huge taxes for money transfers and foreign exchange. The time for Africa to achieve bigger financial independence has come. The number of people doing business on the continent is growing steadily and the most recent digital technologies can help them work their way out to the international market. In a place where a shocking amount of people does not even possess a bank account, BitPesa and the blockchain technology may happen to be revolutionary.