With many Africans finding work and residence abroad, remittances are a key aspect of economies – especially in East Africa where the number of citizens traveling and working outside their countries of origin is steadily increasing. The result is that more and more money is flowing back into African countries from abroad.
In order to address this BitPesa, a Kenyan digital currency exchange start-up, has launched a new service which is expected to improve the overall experience of sending money back to Tanzania.
“Anyone from any where looking to transact with someone in Tanzania can now do so using Bitpesa,” said the Kenyan start-up.
The company also told its customers that they: “can now make a payment to any Tanzanian mobile money number instantly from anywhere in the world for a 3 percent fee.”
All major mobile money operators have signed on to the service. The move should help to bolster the Tanzanian economy and create an ease of doing business across the East African Economic Community, where citizens of those countries are able to travel and work with limited restrictions. The remittances are vital to families living in Tanzania in order to survive.
BitPesa launched its international money transfer in Kenya last year; In November 2014 the start-up celebrated its first birthday, with goals of expanding throughout Africa. The company has slowly been working toward this goal, something that is shown by the fact that, besides its remittance product, the company operates an exchange in Kenya and Ghana.