Thursday 29 September 2022 ▪ 2:00 pm ▪
5
min read – with
Admittedly, Kenya has yet to legalize bitcoin, but when it comes to accepting it, it tops the list across the entire African continent. Because Kenyans chose to turn a deaf ear despite warnings from the local central bank. In the world, Kenya has some alarming statistics regarding the adoption of cryptocurrency: it is 5e post. If the missions of local players like M-PESA and Bitnob are successful, it will be easy for him to join the Top 3 of this list.
M-PESA and Bitnon are targeting mass bitcoin adoption in Kenya
In July, the United Nations Conference on Trade and Development (UNCTAD) revealed that 4.25 million Kenyans, or 8.5% of the local population, own cryptocurrencies. So ranked as a 5e countries with a very high level of adoption worldwide.
Note that the following countries are included in the list drawn up by the UN, in chronological order:
- Ukraine, 12.7%;
- Russia, 11.9%;
- Venezuela, 10.3%;
- Singapore, 9.4%;
- Kenya, 8.5%;
- United States of America, 8.3%;
- South Africa, 7.1%;
- Nigeria, 6.3%;
- Etc.
In case of outcome of M-PESA and Bitnod activities, these figures and ranking will be revised.
What do M-PESA and Bitnod offer?
First, it should be noted that Kenya is one of the largest economies in East Africa: $41 billion in GDP. Except that poverty in this region has not yet decreased. In Kenya, 50% of the population is still below the poverty line, and 75% of them are farmers.
To explain these rates, the CIA World Factbook explains that “ Poor infrastructure investment threatens Kenya’s long-term position as East Africa’s largest economy “.
Hence phenomena such as the gradual abandonment of physical money in favor of digital currencies emerged.
Aware of this lack of interest in fiat and banking products, Safaricom developed M-PESA (“M” = mobile and “Pesa” = money, in Swahili) in 2007. M-PESA presents itself as a payment system fast and reliable which implies easy access by Kenyans to bitcoin and other decentralized currencies.
M-PESA has quickly become a platform where you can buy BTC, and make crypto withdrawals in Kenya.
The same, bitnob he also recommends the same facilities to the people of Kenya. This platform for cryptocurrency payments and transactions through the Lightning Network aims to reach as many Africans as possible with a view to mass adoption on the continent.
The advantages of Bitnob are the following possibilities:
- make savings in BTC;
- loan in bitcoin, in just a few minutes;
- make payments;
- online purchase via encrypted MasterCard virtual card;
- invest in bitcoin;
- etc
Conclusion
In 2018, Tony Mwongera, CEO of Healthland Spa in Nairobi said: “ I decided to accept the use of cryptocurrencies, because there was a lot of theft in my companies. During Covid-19, the reasons to use bitcoin were also missing among Kenyans. If East Africa argued that 4 million Kenyans must suffer from bear market, these people should not be disappointed. The benefits of these cryptocurrencies are indeed real. And with the help of M-PESA, Bitnob, Machankura and others, adoption will not remain a dream in Kenya, as it is everywhere in Africa.
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The blockchain and crypto revolution is underway! And the day the effects are felt on the most fragile economy in this world, against all hope, I will say that I was involved.
