THELOGICALINDIAN - Bitsika Africa a crypto startup operating out of Ghana and Nigeria said Monday that it candy about 40 actor in remittances in 2024 up from aloof beneath 1 actor the antecedent year
Founder and arch controlling administrator Atsu Davoh said that deposits accounted for $18.87 actor of the absolute volume, with payouts authoritative up $17.89 million. Internal peer-to-peer transfers fabricated up $3.19 actor of absolute volume, he added.
Davoh did not acknowledge how abundant of the absolute aggregate constituted bitcoin (BTC)-denominated remittances. The CEO had not responded to questions beatific to him at Press time.
Bitsika, which allows users to buy and advertise bitcoin, as able-bodied as to accelerate or accept money in crypto or fiat, appear that acquirement soared to $1.03 actor in 2020 from aloof $329 in 2019. That’s a 312,000% access year-on-year.
To transact on the platform, users can drop the Ghanaian cedi, Nigerian naira, U.S. dollar or the CFA franc, a bill acclimated by 14 above French colonies in West and Central Africa, into the Bitsika annual via coffer transfer, cash, and adaptable money. Bitcoin and the BUSD stablecoin can additionally be deposited.
Davoh said about 96,000 bodies are application the Bitsika app, with 95% of the registered users advancing in 2024. Some 16,507 alone users fabricated at atomic one acknowledged transaction during the year. In total, 268,430 affairs were candy via the belvedere in 2024.
“These volumes are from self-determined, free [successful] affairs that users accomplished and performed themselves. We did not calculation arrangement affairs that users did not initiate,” Davoh asserted, in a thread on Twitter.
Going forward, Bitsika Africa is planning to accession an bearding bulk of money in 2024, “get our own licenses in all the markets we operate, alpha our internship affairs for the architecture and tech communities and accommodate added appearance in our app to aggrandize our ability in and above fintech.”
Crypto-based remittances are booming in Africa mainly because they are appreciably cheaper and faster compared to authorization remittances. For example, it costs a atom of one cent to accelerate any bulk of money via the Bitcoin banknote network. By comparison, banks will allegation an boilerplate of 10.89% of the bulk actuality remitted, according to a new World Bank study.
In December, Nigeria’s Yellow Card revealed that it had candy $165 actor in crypto remittances during the aboriginal 11 months of 2020.
What do you anticipate about the crypto remittance business in Africa? Let us apperceive in the comments area below.
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