“The Kenyan Fintech-Project AFRIBIT AFRICA has introduced BTC payments in one of the poorest regions of the country-the cyber area. Bitcoin provides financial inclusivity for people with no access to banking services. Fortune reports the results of the initiative. According to the co -founder of the project Ronnie Mavida, thanks to Bitcoin, the residents of Cyber do not need documents to open a bank account – “This gives them […]”, – WRITE: Businessua.com.ua
The Kenyan Fintech-Project AFRIBIT AFRICA has introduced BTC payments in one of the poorest regions of the country-the cyber area. Bitcoin provides financial inclusivity for people who do not have access to banking services. Fortune reports the results of the initiative.
According to the co -founder of the project Ronnie Mavida, thanks to Bitcoin, the residents of Cyber do not need documents to open a bank account – “it gives them the basis for financial freedom.”
View of the wilds of the Kiber of the city of Nairobi, the capital of Kenya. Data: Wikipedia.
The introduction of bitcoin in the region began in 2022. Afribit africa began to provide BTC grants to local garbage collectors. Those who wish could get a few dollars in cryptocurrency for cleaning the territory.
According to estimates, about $ 10,000 was invested in the community. Many of the locals live for $ 1 a day, so even such a relatively small support matters.
Subsequently, the local merchants and drivers of Moto Tax also began to pay in bitcoins.
Residents say that bitcoin is a “more profitable” means of payments than Kenya’s popular M-PESA electronic money service. Cryptotranacactations are cheaper and faster, and BTC wallets are safer than cash.
According to one of the vegetable sales, about 10% of buyers pay cryptocurrency. The woman saves bitcoins on his wallet and uses cash to purchase the goods.
However, experts point out that such financial freedom creates significant risks. Some people retain up to 80% of BTC wealth, so fluctuations in the course and lack of regulators’ protection can be a significant problem.
“This is an excessive risk. If I can’t afford to lose 80% of my money, then what to say about a person from Cyber? We open access to the ecosystem for the vulnerable community, in which they cannot fully participate, ”explained Fintech Alliance Kenya, Ali Hussein Cassim.
The Afribit Africa team, on the contrary, considers the lack of regulations. The company invests in financial education in the area, teaches the basics of cryptocurrency and literacy.
We will remind, in April 2024 the farmer from Kenya received from the cryptocurrency to the purchase of goats.
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