BitPesa the digital foreign exchange and payment platform that make use of blockchain technology reduce the cost of money transfer and increase payments time both locally and internationally.
The creation of BitPesa came in to greatly facilitate international money transactions with Africa. It was founded by Elizabeth Rossiello as a digital platform which operates base on the blockchain. It steps in to boost the speed of money transactions between Africa and the rest of the world. In addition, it is cost-efficient and highly secured.
What is BitPesa
BitPesa is one of the best blockchain-based payment platforms which is unique in its kind. It completely allows you to send and collect every business payment or money transaction between Africa and every part of the world. Its transaction time is superfast since every deal is executed almost instantly. With BitPesa, you can easily place a trade online and expect a great level of satisfaction.
This digital company has an ultimate goal of becoming the largest licensed payment company in Africa, UK, and Europe. It dates back to 2013 with its headquarter in Nairobi, a city in Kenya. BitPesa also has a couple of offices in London, Dakar, and Lagos. Every Kenyan can easily send money to any mobile money wallet in the country. This mobile money wallet facility dates back to 2014 when BitPesa launched its core payment service.
This company allows all its users to send and receive payments over 6 different mobile money networks which are fully connected to over 50 banks across Ghana,Congo DRC,Uganda,Tanzania,Senegal,Nigeria and Kenya. It focuses on offering real-time settlements at wholesale exchange rates to emerging and frontier markets around the world.
How does BitPesa work?
Sending and receiving money in and out of Africa has always been a challenging process. It is for this reason that BitPesa steps in with a solution. The company operates base on the traditional financial procedure of receiving and converting local currency into US dollars. After conversion, the money is then passed through several banks and finally converted to the destination currency.
Being an online payment platform that focuses on the main African Markets, BitPesa generally allows her users to accomplish two main tasks. The first being the ability to easily send and collect business payments between Africa and other parts of the world. The second has to do with its ability to receive trades online and execute them within minutes.
BitPesa allows users to send and receive payments in multiple currencies. Among these are international currencies which can be used to purchase supplies from abroad. We also have African currencies which can be used to purchase home made goods as well as pay bills. BitPesa uses the latest blockchain technology which stands out as the secret behind its superfast and cheap international transactions.
BitPesa also uses the Bitcoin network which has recently gained one of the highest positions in the digital world of finance. By using this network, it operates much like other money transfer services that are completely built on Bitcoin. Before it transfers your money into another currency, it first transfers it to the bitcoin blockchain. It offers its services at a cheaper rate when compared to other conventional foreign exchange transfer services around the world.
With BitPesa, you can direct money from your bank account to a destination account. Given that it operates on the blockchain, it eliminates the middleman, and greatly saves on transfer and conversion rates.
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