‘Mobile money, Bitcoin driving down African remittance costs’
Friday, June 20, 2014
Mobile money and digital currencies are being used to boost remittances into Africa and drive down the cost of sending money to the continent, experts said on Wednesday.
Speakers at the Mondato Summit Africa in Johannesburg on Wednesday said remittances contribute more than 2% of the gross domestic product (GDP) in most sub-Saharan African countries.
And more Africans living in the diaspora are turning to technology to send money home to family and friends.
“There is a need to put down prices for remittances and mobile money is one way to do that,” said Jonathan Johannesen, Banque Internationale pour l’Afrique au Congo (BIAC).