Tag Archives: BitPesa
BitPesa: Latest News
Tom Jackson, 6:13 am AFKI Original
While fintech solutions in other parts of the world have not produced consistent success, Africa’s lack of banking penetration has opened up possibilities for fintech startups to serve a mobile-first population. This track record of innovation is resulting in increased funding for African fintech startups, while of all the sub-sectors within Africa’s tech space it has also proven the most likely in terms of exits.
Peter Pedroncelli, 3:49 am
Malaysian bitcoin technology provider Belfrics Global is launching a bitcoin exchange in Kenya, allowing users and traders of the cryptocurrency to transact through additional services. The Kenyan arm of Belfrics will offer a number of digital services revolving around the Blockchain, as well as a payment gateway for merchants to accept bitcoin as payment for products and services. They will then expand to Nigeria, Ghana and Botswana.
Staff, 12:32 pm
There’s a huge unmet demand for small business financing in sub-Saharan Africa. Africa-based bitcoin startup BitPesa and Germany-based Bitbond have partnered to help change that. Bitbond’s role includes checking the creditworthiness of applicants and determining an interest rate. About 10% of Bitbond’s users are from sub-Sahara. The partnership means a small business owner can receive a loan from investors from all over the world within 20 minutes, a stakeholder said — “an unprecedented level of innovation and convenience in the entire online lending space.”
Dana Sanchez, 3:04 pm
BitPesa, a bitcoin payments startup that launched in Kenya and expanded in Africa and beyond, announced a $2.5M round of funding. The Series A round is led by Silicon Valley-based industry investor Draper VC, with existing U.S. investors. Series A investors are willing to take on the risk when a new venture is generating revenue but not yet making a profit. BitPesa will use some of the funds to move to Luxembourg. The firm’s goal is to be the largest payment company in the U.K., Europe and Africa.
Kevin Mwanza, 5:27 am
Uganda could become the first African nation to adopt legal regulations in the use of bitcoin in monetary transactions after hosting an event focused on the policy guidelines, legal and social-cultural issues on the use of crypto-currencies on the continent. The Ugandan government has left the digital currency, which is owned by BitPesa of Kenya, largely un-regulated since its entry into the region’s second biggest economy in November, last year.
Staff, 5:22 am
Right of the bat, the headline ‘caution on Virtual currencies such as Bitcoin’ is not well thought out. Virtual currencies is a broad term encompassing reward schemes we use in Kenya today – Bonga, Nakumatt, Uchumi points and Kenya Airways (KQ frequent flyer) points. According to the European Central bank, they are ‘digital representations of value not issued by government that can be used for payments.
Kevin Mwanza, 3:44 am
Nigeria’s central bank has called for the regulation of Bitcoin to avoid it being used for money laundering. Okwu Nnanna, deputy governor of financial system stability at the Central Bank of Nigeria (CBN) told stakeholders at an Anti Money Laundering workshop that “Virtual currency was dangerous because it was not a legal tender of any country.”
Dana Sanchez, 12:10 pm
A shortage of payment options in Africa is driving bitcoin use among migrant workers. Africa’s history with mobile money services makes it fertile ground for the digital currency, according to the Independent. Liquidity, transparency and volatility remain problems. Anonymity makes it attractive for criminals. In terms of the need for a fast, cheap alternative form of payment, bitcoin has great opportunity in sub-Saharan Africa, experts say.
Kevin Mwanza, 7:40 am
From Bloomberg: BitPesa Ltd., a Kenyan start-up, will take on remittance providers like Western Union Co. (WU) by using the Bitcoin virtual currency to cut transaction costs for Kenyans working abroad who send home $1.2 billion a year. The online service plans to start on a trial basis by March, after obtaining regulatory approval, and […]
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