{"id":12843,"date":"2015-02-18T13:40:50","date_gmt":"2015-02-18T18:40:50","guid":{"rendered":"https:\/\/wncen.com\/?p=12843"},"modified":"2020-10-07T11:34:55","modified_gmt":"2020-10-07T11:34:55","slug":"will-bitcoin-foster-new-breed-remittance-market-africa","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/will-bitcoin-foster-new-breed-remittance-market-africa\/","title":{"rendered":"Will Bitcoin Foster a New Breed of Remittance Market in Africa?"},"content":{"rendered":"<p>During the 70s and the 80s, the African banking sector suffered a major liquidity and insolvency crisis. The finance practices were undoubtedly poor, and so do the supervision of counterpart risk.\u00a0Though with time, the sector thoroughly improved with the introduction of more robust and resilient technologies.<\/p>\n<p>But even with vast improvements in Africa\u2019s national and local banking infrastructure, a majority of its people still found themselves deprived of using such services. As noted in an elaborative <a href=\"http:\/\/edition.cnn.com\/2015\/02\/17\/business\/bitcoin-africa-unbanked\/\" rel=\"nofollow\">report<\/a> by CNN, 75% of the sub-Saharan population still don\u2019t have a bank account. In the same report, CNN presented Bitcoin as an anticipative alternative.<\/p>\n<p>And as CCN, and many believe, Bitcoin \u2014 the world\u2019s first and the foremost decentralized digital currency \u2014 seems to be a perfect fit inside a \u2018mostly-elusive\u2019 African banking sector.<\/p>\n<h2>The Need v\/s The Greed<\/h2>\n<p>According to a <a href=\"http:\/\/www.odi.org\/remittances-africa\" rel=\"nofollow\">report<\/a> by Overseas Development Institute, Africa pays the world\u2019s highest transfer fees (around $1.8 billion annually) despite being the poorest region. In the wake of their findings, the global community decided to cut 5% from their remittance charges (earlier it was 12%). But the decision is still waiting to be reflected on the lives of common people.<\/p>\n<p>Even with the cutback, if an average person wants to send $100 to his family back in Africa, the total amount received would be $93. While if the same transaction is implemented using Bitcoin, the received amount would at least be $97.<\/p>\n<p>Michael Kimani, Head of the African Digital Currency Association, a Kenya-based organization to promote the use of Bitcoin, also supports the idea of a simplified and accessible banking sector for African people. &#8220;Bitcoin can greatly alter the remittances industry and beyond,&#8221; he expresses to CNN. \u201dFrom seven days [for a transaction to clear] using banks &amp; <a title=\"PayPal Expresses its Thoughts on Bitcoin Regulation\" href=\"https:\/\/wncen.com\/2015\/01\/14\/paypal-expresses-thoughts-bitcoin-regulation\/\">PayPal<\/a>, down to 20 minutes speaks volumes.\u201d<\/p>\n<h2>New Bitcoin Startups Emerging on African Soil<\/h2>\n<p>The question is not to replace the banking sector, but at least provide enough competition to force them out of monopoly. Emerging Bitcoin businesses in Africa literally thrive on bringing such a professional rivalry to local the remittance market, only to benefit the end-users.<\/p>\n<p>Kenya seems to be receiving a much larger portion in this emerging banking scenario. The country, whose 43% of GDP reportedly flows through the mobile payment service <a title=\"Solving the Last Mile Finance Problem with Bitcoin | Opinion\" href=\"https:\/\/wncen.com\/2015\/01\/20\/solving-last-mile-finance-problems-with-bitcoins-opinion-article\/\">M-Pesa<\/a>, is also hosting a couple of Bitcoin-specific ventures (such as <a title=\"Latest Round a Huge Step Forward for BitPesa and Emerging Market Crypto\" href=\"https:\/\/wncen.com\/2015\/02\/10\/latest-round-huge-step-forward-bitpesa-emerging-market-crypto\/\">BitPesa<\/a>) to boost the remittance sector.<\/p>\n<p>Next in the list is South Africa, which is also scheduled to host a Bitcoin conference in April. The country is already a home to Xoin \u2014 a Bitcoin-based startup through which over 30,000 local stores accept cryptocurrencies. A similar sort of service is also emerging in Ghana.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2015\/02\/Bitcoin-for-Africa-Newsbtc.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-12939\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2015\/02\/Bitcoin-for-Africa-Newsbtc.png?resize=516%2C258\" alt=\"Bitcoin for Africa Newsbtc\" width=\"516\" height=\"258\"><\/a><\/p>\n<h2>Challenges<\/h2>\n<p>There is always an another side of a \u201ccoin\u201d. Bitcoin, despite its larger-than-life technological features, still goes through a series of issues like security and volatility. On the other hand, centralized remittance services such as MoneyGram and <a title=\"Bitcoin Community and Western Union Aren\u2019t Getting Along Right Now\" href=\"https:\/\/wncen.com\/2014\/11\/25\/bitcoin-community-and-western-union-arent-getting-along-right-now\/\">Western Union<\/a> have truly taken over the African market, with availability in over 25,000 and 32,000 locations, respectively. The focus then automatically shifts to improving the core-technology on which Bitcoin is based \u2014 blockchain. Companies like Ripple are constantly working on simplifying, and cheap-e-fying, cross border transactions using the same Bitcoin technology.<\/p>\n<p>The digital currency sector is still an infant. We leave it to time to decide how it manages to catch\u00a0up with the existing banking practices to\u00a0deliver people a robust, cheap, resilient and transparent way to transfer money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>During the 70s and the 80s, the African banking sector suffered a major liquidity and insolvency crisis. The finance practices were undoubtedly poor, and so do the supervision of counterpart risk.\u00a0Though with time, the sector thoroughly improved with the introduction of more robust and resilient technologies. But even with vast improvements in Africa\u2019s national and local banking infrastructure, a majority of its people still found themselves deprived of using such services. As noted in an elaborative report by CNN, 75% of the sub-Saharan population still don\u2019t have a bank account. In the same report, CNN presented Bitcoin as an anticipative alternative. And as CCN, and many believe, Bitcoin \u2014 the world\u2019s first and the foremost decentralized digital currency \u2014 seems to be a perfect fit inside a \u2018mostly-elusive\u2019 African banking sector. The Need v\/s The Greed According to a report by Overseas Development Institute, Africa pays the world\u2019s highest transfer fees (around $1.8 billion annually) despite being the poorest region. In the wake of their findings, the global community decided to cut 5% from their remittance charges (earlier it was 12%). But the decision is still waiting to be reflected on the lives of common people. Even with the cutback, if an average person wants to send $100 to his family back in Africa, the total amount received would be $93. While if the same transaction is implemented using Bitcoin, the received amount would at least be $97. Michael Kimani, Head of the African Digital Currency Association, a Kenya-based organization to promote the use of Bitcoin, also supports the idea of a simplified and accessible banking sector for African people. &#8220;Bitcoin can greatly alter the remittances industry and beyond,&#8221; he expresses to CNN. \u201dFrom seven days [for a transaction to clear] using banks &amp; PayPal, down to 20 minutes speaks volumes.\u201d New Bitcoin Startups Emerging on African Soil The question is not to replace the banking sector, but at least provide enough competition to force them out of monopoly. Emerging Bitcoin businesses in Africa literally thrive on bringing such a professional rivalry to local the remittance market, only to benefit the end-users. Kenya seems to be receiving a much larger portion in this emerging banking scenario. The country, whose 43% of GDP reportedly flows through the mobile payment service M-Pesa, is also hosting a couple of Bitcoin-specific ventures (such as BitPesa) to boost the remittance sector. Next in the list is South Africa, which is also scheduled to host a Bitcoin conference in April. The country is already a home to Xoin \u2014 a Bitcoin-based startup through which over 30,000 local stores accept cryptocurrencies. A similar sort of service is also emerging in Ghana. Challenges There is always an another side of a \u201ccoin\u201d. Bitcoin, despite its larger-than-life technological features, still goes through a series of issues like security and volatility. On the other hand, centralized remittance services such as MoneyGram and Western Union have truly taken over the African market, with availability in over 25,000 and 32,000 locations, respectively. The focus then automatically shifts to improving the core-technology on which Bitcoin is based \u2014 blockchain. Companies like Ripple are constantly working on simplifying, and cheap-e-fying, cross border transactions using the same Bitcoin technology. The digital currency sector is still an infant. We leave it to time to decide how it manages to catch\u00a0up with the existing banking practices to\u00a0deliver people a robust, cheap, resilient and transparent way to transfer money.<\/p>\n","protected":false},"author":50,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87,428,966,1742,2847,3038,13,4460],"class_list":["post-12843","post","type-post","status-publish","format-standard","hentry","category-news","tag-africa-bitcoin","tag-bitcoin","tag-bitpesa","tag-digital-currency","tag-m-pesa","tag-moneygram","tag-opinion","tag-western-union"],"acf":[],"yoast_head":"\n<title>Will Bitcoin Foster a New Breed of Remittance Market in Africa?<\/title>\n<meta name=\"description\" content=\"Bitcoin still faces a series of issues like security and volatility. The main focus is to improve the blockchain which is core technology, Bitcoin is based on.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/will-bitcoin-foster-new-breed-remittance-market-africa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will Bitcoin Foster a New Breed of Remittance Market in Africa?\" \/>\n<meta property=\"og:description\" content=\"Bitcoin still faces a series of issues like security and volatility. The main focus is to improve the blockchain which is core technology, Bitcoin is based on.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/will-bitcoin-foster-new-breed-remittance-market-africa\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-18T18:40:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-07T11:34:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2015\/02\/Bitcoin-for-Africa-Newsbtc-300x150.png\" \/>\n<meta name=\"author\" content=\"Yashu Gola\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yashu Gola\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/will-bitcoin-foster-new-breed-remittance-market-africa\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/will-bitcoin-foster-new-breed-remittance-market-africa\/\"},\"author\":{\"name\":\"Yashu Gola\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/5525937b173cfbe70c9793968201315f\"},\"headline\":\"Will Bitcoin Foster a New Breed of Remittance Market in Africa?\",\"datePublished\":\"2015-02-18T18:40:50+00:00\",\"dateModified\":\"2020-10-07T11:34:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/will-bitcoin-foster-new-breed-remittance-market-africa\/\"},\"wordCount\":574,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/will-bitcoin-foster-new-breed-remittance-market-africa\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2015\/02\/Bitcoin-for-Africa-Newsbtc-300x150.png\",\"keywords\":[\"africa bitcoin\",\"bitcoin\",\"bitpesa\",\"digital currency\",\"m-pesa\",\"moneygram\",\"Opinion\",\"western union\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/wncen.com\/news\/will-bitcoin-foster-new-breed-remittance-market-africa\/#respond\"]}],\"copyrightYear\":\"2015\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/will-bitcoin-foster-new-breed-remittance-market-africa\/\",\"url\":\"https:\/\/wncen.com\/news\/will-bitcoin-foster-new-breed-remittance-market-africa\/\",\"name\":\"Will Bitcoin Foster a New Breed of Remittance Market in Africa?\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/will-bitcoin-foster-new-breed-remittance-market-africa\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/will-bitcoin-foster-new-breed-remittance-market-africa\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2015\/02\/Bitcoin-for-Africa-Newsbtc-300x150.png\",\"datePublished\":\"2015-02-18T18:40:50+00:00\",\"dateModified\":\"2020-10-07T11:34:55+00:00\",\"description\":\"Bitcoin still faces a series of issues like security and volatility. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/wncen.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"Will Bitcoin Foster a New Breed of Remittance Market in Africa?","description":"Bitcoin still faces a series of issues like security and volatility. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. 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