Sierra Leona-based ethical fashion company Bureh has pioneered in advancing digital currency economy for sub-Saharan Africa when it finally accepted bitcoin through payments processor BitPay.
The currency will transform the way people send remittances to the continent. It also gives the unbanked easy access to money. The ethical fashion line anticipates having more transactions through the platform.
Unlike in South and East Africa, Bitcoin is yet to take root in West Africa. Daniel Heyman, Chief Executive Officer Bureh, told CoinDesk that they have only had few transactions since December when they first introduced the currency. He however pointed out to money movement, rather than consumption, as the main opportunity in using Bitcoin.
Bureh, which distributes in Sierra Leone, the U.S, Europe and China, hopes to make prospects rosier for the company and its possible role in the Bitcoin ecosystem.
According to Heyman, the business is less susceptible to foreign exchange risks in a case “where the Sierra Leonean Leone (SLL) weakens against the dollar, the business is not at risk, as its revenue is mostly in foreign currency.”
In Kenya, BitPesa, the Bitcoin remittance service, and mobile money transfer service M-Pesa, have eliminated the risks and uncertainty of fees, conversion rates, speed and fraud.