Ghanaian Startup Bitsika Africa Processed $40 Million in Crypto Remittances in 2020, up three,900% Year-on-Year

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Bitsika Africa, a crypto startup working out of Ghana and Nigeria, mentioned Monday that it processed virtually $40 million in remittances in 2020, up from slightly below $1 million the earlier yr.

Founder and chief government officer Atsu Davoh mentioned that deposits accounted for $18.87 million of the entire quantity, with payouts making up $17.89 million. Inner peer-to-peer transfers made up $three.19 million of whole quantity, he added.

Davoh didn’t reveal how a lot of the entire quantity constituted bitcoin (BTC)-denominated remittances. The CEO had not responded to questions despatched to him at Press time.

Bitsika, which permits customers to purchase and promote bitcoin, in addition to to ship or obtain cash in crypto or fiat, reported that income soared to $1.03 million in 2020 from simply $329 in 2019. That’s a 312,000% enhance year-on-year.

To transact on the platform, customers can deposit the Ghanaian cedi, Nigerian naira, U.S. greenback or the CFA franc, a foreign money utilized by 14 former French colonies in West and Central Africa, into the Bitsika account by way of financial institution switch, money, and cellular cash. Bitcoin and the BUSD stablecoin will also be deposited.

Davoh mentioned about 96,000 persons are utilizing the Bitsika app, with 95% of the registered customers coming in 2020. Some 16,507 particular person customers made at the least one profitable transaction in the course of the yr. In whole, 268,430 transactions had been processed by way of the platform in 2020.

“These volumes are from self-determined, autonomous [successful] transactions that customers initiated and carried out themselves. We didn’t depend system transactions that customers didn’t provoke,” Davoh asserted, in a thread on Twitter.

Going ahead, Bitsika Africa is planning to boost an undisclosed sum of money in 2021, “get our personal licenses in all of the markets we function, begin our internship program for the design and tech communities and supply extra options in our app to develop our attain in and past fintech.”

Crypto-based remittances are booming in Africa primarily as a result of they’re significantly cheaper and sooner in comparison with fiat remittances. For instance, it prices a fraction of 1 cent to ship any sum of money by way of the Bitcoin money community. By comparability, banks will cost a median of 10.89% of the quantity being remitted, in line with a brand new World Financial institution examine.

In December, Nigeria’s Yellow Card revealed that it had processed $165 million in crypto remittances in the course of the first 11 months of 2020.

What do you consider the crypto remittance enterprise in Africa? Tell us in the feedback part beneath.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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