What Factors Are Driving The Bitcoin Remittance Revolution In Africa? These Ones

The Bitcoin remittance business is blowing up all over the world. South African financial website moneyweb brings us the report directly from the old continent. The conditions that led to El Salvador making Bitcoin legal tender are present all over Africa. The people are unbanked but everybody has mobile phones. Plus, the diaspora is huge and sends money home constantly while big companies rob them blind. Related Reading | Is Largely Unbanked Africa Primed for Bitcoin Adoption? “The African continent has many opportunities for widespread Bitcoin adoption. One of those opportunities is remittance fueled by Africa’s growing ~mobile~ population. There are over 30 million Africans living outside their countries of origin. Since 2012, the African Union considers the African diaspora the sixth Africa’s region.” On one hand, “countries such as South Africa, Nigeria, and Kenya” want to regulate bitcoin and other cryptocurrencies. On the other, “According to the World Bank Global Findex, 60% of the population” in the continent are unbanked. The recipe is there. And Bitcoin remittances might be the use case to bring mass adoption to Africa. Remittance Revolution, Factor 1. Mobile Wallets Not only is the mobile population growing, but the whole continent also has ample experience with other forms of “mobile money.” It’s a concept already entrenched in the culture: “Africa is the global leader in mobile money usage. Sub-Saharan Afric...