Global bitcoin remittance firm Bitwala, has introduced bitcoin to M-Pesa transfers in Kenya, Nigeria, Tanzania and Uganda for free in a move the firm says will make money transfers to any part of the world should be simple and convenient.
According to Jörg von Minckwitz, CEO of Bitwala, “We want to be a part of the mobile money revolution, and we’re stepping it up a notch by enabling anyone to send money to any mobile money account in Kenya, Nigeria, Tanzania and Uganda using bitcoins.”
Bitwala says mobile money will provide everyone with the fastest, safest and most affordable way to send and receive money in Kenya, Nigeria, Tanzania and Uganda where many users send money straight from their mobile phones without the need of having a bank account.
Though this is a welcome move, TechMoran is not sure if Bitwala is working with M-Pesa directly as a player or with any other mobile mobile money providers in the region as a similar move by Kenya’s BitPesa ended sourly.
With over 40 million users in all these countries, Mobile money paves the way to making easy and affordable money transfers for anyone and Bitwala is set to gain by allowing its customers to make money transfers to mobile money accounts using Bitcoin.
In May last year, the bitcoin remittance and utility bill payment service raised $900,000 (800k Euros) from Barry Silbert’s Digital Currency Group, Federal Ministry of Economics, the KfW Banking Group, Carl Zeiss, Daimler, Deutsche Post DHL & Deutsche Telekom, among others for global expansion.Minckwitz said the funds will mainly be used for technical improvements and expanding globally which the firm is now embarking on.
“We are the market leader in Europe but in our next steps we are expanding to Asia, Africa and the US. We will grow massively within the next months,” he said.
The 2012 founded startup had bootstrapped until its May 2016 raise and serves over 10,000 customers and sending millions of Euros in transfer volume in Africa, Asia and Europe. The introduction of BTC to mobile money will even double this amounts and help the firm reach more users in a short period of time.