After raising an undisclosed round of funding in February from BitFury Capital, BitPesa has revamped its platform to make global FX payments easier, safer, and more efficient and introduced transfers between Africa and China.
According to Elizabeth Rossiello, CEO at BitPesa, “businesses rely on our technology to send or receive payments faster and cheaper than anywhere else. With this integration, they now have a direct way to make a payment in local currencies between China and Africa.”
With BitPesa, businesses and individuals can send or receive payments between Africa and China as trade between the two continent surges, estimated to be more than $170 billion in 2013, according to the World Bank.
Using BitPesa’s digital platform, businesses can now send instant payments in local currency directly from African bank accounts to Chinese bank accounts. According to BitPesa, it offers low-cost, instant payments from Nigerian Naira and Ugandan Shillings directly into Chinese Yuan compared to any other method of sending payments from Africa to China.
According to the firm, businesses can now make easy payments for employees, distributors, or suppliers without using cash or the US dollar as a middle currency. African importers can use BitPesa.co for secure payout to their Chinese suppliers or vice versa.
“BitPesa’s digital platform was built as an infrastructure solution to meet this growing demand in this important corridor,” adds Rossiello. “It is essential that African and Chinese businesses can connect directly, without first sending their payments through a middle currency.”
BitPesa’s digital platform currently offers payments to, from, and within Nigeria, Kenya, Uganda, Tanzania, and the Democratic Republic of Congo.