Africa has the fastest growing middle-class and over $250B in payments between its top markets (like Nigeria and Kenya) and the US, Europe and Asia. Yet, there are no pan-African payment companies, only 3% penetration of credit cards, and the average cost of international transfers is 12%+ with 7-14 days of settlement time.
BitPesa was inspired by the mobile money revolution, which allowed instant settlement with an easy user interface for P2P, B2B, and B2P payments in Kenya. Watching mobile money takeover, we saw how the efficient payment infrastructure powered businesses and the economy to grow at astronomical rates. Kenya became the 3rd fastest growing economy in the world. There is no lack of business acumen in sub-Saharan Africa - just a lack of payment infrastructure. In Nigeria, mobile money is not prevalent - but there is an excellent real-time domestic bank switch. These domestic last-mile systems have no way of connecting with the rest of the world. People and businesses can not pay into or out of these systems. Bank transfers are inefficient and companies like PayPal don't have local products in local currency. BitPesa links local last-mile systems in each country to international payment rails. We know the continent and work with the best local payout networks in each region creating pan-African access.
BitPesa accepts global payments instantly and pushes them out into local currency in real-time on to recipient's phones and bank accounts. Reversely, they accept local currency and send Bitcoin to entrpreneurs and businesses in real-time, enabling them to shop and order goods from around the globe. Companies could suddenly hire employees in new markets or pay suppliers across several countries in a snap. Reversely, growing businesses could accept customer payments from abroad or order their own goods from Dubai or Guangzhou or on any global e-commerce site.
Now partnering with the largest bank switch and integrated into the most widespread mobile money networks, BitPesa gives access to 4 African countries and is growing rapidly across the continent.
$2.1M in transaction volume with $42K in revenue to dateNovember, 2015
Expect $4M in transaction volume with $120K in revenue for 2015. Projecting $2.4M in revenue in 2016.November, 2015
Received signed partnership from Interswitch, the largest Switch in AfricaNovember, 2015
Live in our fourth country, Nigeria, in addition to covering Kenya, Tanzania, and Uganda.November, 2015
Newly Licensed in the UK by FCA to process payments to and from AfricaNovember, 2015
The World Bank gives Bitpesa $50,000 grant to explore use of product to reduce the cost of international payments and grow micro- and localJanuary, 2014