It is great news for all those who have been paying hefty transaction fees charged by companies like Western Union and MoneyGram – now, they can just use Africa’s first Bitcoin transfer service called ‘Kipochi’ which has been launched in Kenya. Kipochi will be available for all those who use M-Pesa, the country’s leading mobile banking platform.
Customers can use Kipochi on M-Pesa to transfer money by text message within the country. M-Pesa will allow the customers to send and receive Bitcoin across borders to and from its balance. According to the sources at the company, customers will be able to exchange money at a cheaper cost as Bitcoin only charges $0.04 (£0.03) per transfer.
It Will Be a Great Respite for Kenyans
The continent which has long been marred by the poverty and famine will definitely benefit from the initiative. For instance, in Kenya where 70% people don’t have bank accounts will be able to cash in the opportunity using mobile phones which most of the countrymen have. Thus, the measure from the company will help non-governmental, cashless systems like M-Pesa and now Bitcoin popular.
Kipochi is a Well Thought Decision
It is not that the Kipochi was launched without any thought; in fact, its CTO Pelle Braendgaard ran a Q&A on Reddit to judge what is the public opinion about Bitcoin, how many people know about the crypto currency and several others. According to Braendgaard Kipochi will use a combination of web and SMS for quite some time.
He was cited saying that his organization is testing a USSD implementation that will allows it to bring Bitcoin to every single feature phone user in about 20 countries in Africa.