BitPesa is transforming the transactions processes taking place between Africa and rest of the world. It enables people to send and receive bitcoin without the involvement of banks or any other financial intermediary. This is particularly all the more important in Africa where access to financial institutions is not that easy.
Western Union and Moneygram, the two major service providers in the region, charge somewhere around 12 to15 percent for each transaction. With BitPesa, for a flat fee of 3 percent per transactions, bitcoins can be transmitted to Ghana and Kenya.
BitPesa facilitates migrant workers to send their income back home as bitcoins for less than 25 percent the cost of traditional money transfer services. It is soon gaining popularity and is widely adopted by people in the region with around 60% new users being added every month.
