BitPesa set to launch in Nairobi

Tuesday, June 24, 2014

Kenyan startup BitPesa is set to formally launch in Nairobi next week, bidding to bring down the high transaction fees associated with international money remittance companies by taking advantage of the digital, borderless currency Bitcoin.

HumanIPO broke the news in December last year BitPesa – founded by microfinance expert Duncan Goldie-Scot and led by chief executive officer (CEO) Elizabeth Rossiello – was in discussions with multiple banks and network operators in Kenya over partnerships that could allow the mass introduction of Bitcoin remittance payments.

The company is now set for its full launch, aiming to tap into a market which sees diaspora Kenyans send around US$1.2 billion home every year. BitPesa will take a flat three per cent rate, allowing the sender to visit the platform and send as much money as they want, without needing to have a Bitcoin wallet.

“It couldn’t be easier for Kenyans to receive money! Funds are sent directly to any mobile money wallet in Kenya, namely M-Pesa, but also Airtel Money, Orange Money, and Yu Cash. They could either make payments via mobile money or cash out at any mobile money agent,” the company said.

“Our model could be used globally. We will most likely expand first across East Africa, and then in other regions where mobile money is accessible.”

Source: HumanIPO (link opens in a new window)

financial inclusion