Bitpesa now offering B2B and Forex payments solution to businesses in Africa

Announcements | January 4, 2017 By:

Bitpesa is now offering B2B and Forex payments solution to businesses in Nigeria, Tanzania, Democratic Republic of Congo and Uganda. The service allows companies in these four countries to make payments to any bank account in China in an efficient way.

The trade between China and Africa increased to more than $170 billion in 2013 according to the World Bank and is estimated to have hit $220 billion in 2016, as Chinese companies invest heavily in small businesses across the continent.

The new service comes as a welcome change to African businesses which have so far been relying upon traditional money transfer channels or independent agents. According to reports, over 70 percent of the businesses in Africa currently use independent money transfer agents, who offer better pricing in comparison with conventional players. However, the risks associated with independent agents is much higher and the delays, significant.

BitPesa which was built as an infrastructure solution to meet the growing demand in this important corridor is now growing in demand as businesses increasingly rely on their technology to send or receive payments faster and cheaper than anywhere else.

BitPesa is driven about eliminating the middleman and middle currency in Africa-China trade and to help them connect directly. The company further hopes to expand, hoping bitcoin to be embraced as a tool which connects the continent.