Crypto-Based Transfers Can Cut Remittance Costs in Africa by 90%

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Remittances have become a lifeline for many people in Sub-Saharan Africa, but the cost of sending money via banks and money transfer operators remains punitively high. On average, it costs 9.3% (of value transferred) to send the equivalent of $200 to the region, the highest remittance rates anywhere on the planet, according to the new World Bank 2019 report. However, the cost drops dramatically by as much as 90% when money is sent through cryptocurrency-based fintech companies like Bitpesa. Also read: Central Bank Digital Currencies Take Center Stage at IMF Spring Meetings Banks Most Expensive Cash Transfer Agents Africans working…
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Crypto-Based Transfers Can Cut Remittance Costs in Africa by 90%

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