There seems to be no end to how much financial inclusion M-Pesa can give its users. The platform has expanded and includes the cryptocurrency- bitcoin. Users of the platform can now send bitcoin to Kenya, Nigeria, Uganda, and Tanzania- wait for it- free of charge.
M-Pesa is a widely used mobile phone-based money system used in Afghanistan, India and Africa. The mobile currency is predominantly used in Kenya and Tanzania, therefore giving users in the region access to much-needed remittance services. The mobile money has allowed anyone without a bank account to transfer funds using a registered sim-card and has become a disruptive force within the region.
According to Bitwala CEO Jörg von Minckwitz “We want to be a part of the mobile money revolution, and we’re stepping it up a notch by enabling anyone to send money to any M-Pesa account using bitcoins,”.
Remittance Solutions for the Unbanked
The payment startup Bitwala believes transferring money should be “fast, cheap and secure” for anyone in the world. In regions such as Kenya, where M-Pesa is used quite a bit to transfer money, Kenyans transacted $28 billion using the service in 2015. This number is sure to rise, says Bitwala, as mobile phone penetration in sub-Saharan Africa grows exponentially.
To send money to any M-Pesa account utilizing Bitwala’s latest service, users simply register with the platform, choose a “mobile money” payment, and then an invoice to be paid in bitcoin is sent to the user. The startup hopes the new service will become a reliable money transfer solution for everyone.