Photo by BITPesa
What the heck is Bitcoin?
Not only common small business owners, who have never owned a bank account, might find the idea of the cryptocurrency Bitcoin strange. Also for Europeans savvy with banking this concept is difficult to understand. Their curiosity awakens, when they realize that Bitcoin helps them doing instant international business transactions quicker and easier than traditional banking.
For example, a company headquartered in Kenya, but also operating in Nigeria and Uganda, has switched its payment transactions to Bitcoin. They use Bitcoin to pay salaries to employees abroad within minutes, instead of days as it is the case with bank transfers.
BitPesa is a Kenyan banking platform that enables African importers and exporters to make real time transactions in multiple currencies. The platform now operates in Kenya, Uganda, Tanzania and Nigeria. So far, it helped more than 17,000 users to save on transfer fees and to send out secure bulk payments. This also works between Europe and Africa. KJ Cargo, for instance, operating between the United Kingdom and Nigeria, saves up to 15% on transaction costs using BitPesa.