Admittedly, Kenya has yet to legalize bitcoin, but when it comes to adoption, it tops the list across the entire African continent. Because Kenyans have chosen to turn a deaf ear despite warnings from the local central bank. Globally, Kenya has some startling statistics for cryptocurrency adoption: it ranks 5e position. If the missions of local players such as M-PESA and Bitnob are successful, it will be easy for him to join the Top 3 of this list.
M-PESA and Bitnon target mass bitcoin adoption in Kenya
” 50 MILLION users in Kenya now have access to #Bitcoin and Lightning payments thanks to M-PESA and Bitnob integration. »
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. Hence its ranking as 5e countries with a very high level of adoption in the world.
Note that the list drawn up by the UN includes, in chronological order, the following countries:
- Ukraine, 12.7%;
- Russia, 11.9%;
- Venezuela, 10.3%;
- Singapore, 9.4%;
- Kenya, 8.5%;
- United States, 8.3%;
- South Africa, 7.1%;
- Nigeria, 6.3%;
- Etc.
In the event of the outcome of the actions of M-PESA and Bitnod, these figures and this ranking will be revised.
What do M-PESA and Bitnod offer?
First, it should be noted that Kenya is among the largest economies in East Africa: $41 billion in GDP. Except that poverty has not yet declined in this region. In Kenya, 50% of the population still lives below the poverty line, and 75% are farmers.
To explain these rates, the CIA World Factbook explain that ” weak infrastructure investment threatens Kenya’s long-term position as East Africa’s largest economy “.
Hence the emergence of phenomena such as the gradual abandonment of physical money in favor of digital currencies.
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 advertises itself as a fast and reliable payment system that offers Kenyans easy access to bitcoin and other decentralized currencies.
M-PESA has quickly become a platform where you can buy BTC, and make crypto withdrawals in Kenya.
Likewise, bitnob also suggests the same amenities to the people of Kenya. This platform conducive to cryptocurrency payments and transactions via the Lightning Network aims to reach as many Africans as possible with a view to mass adoption on the continent.
The more bitnob are the possibilities of:
- make savings in BTC;
- borrow in bitcoin, in just a few minutes;
- make payments;
- buy online via a virtual MasterCard crypto card;
- invest in bitcoin;
- etc
Conclusion
In 2018, Tony Mwongera, CEO of Healthland Spa in Nairobi, said: “ I decided to adopt the use of cryptocurrencies, because there were many thefts in my companies. During Covid-19, reasons for using bitcoin were also not lacking among Kenyans. If The East African has 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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