What is driving Kenya’s Bitcoin demand?

 

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Enterprising young Kenyan have figured out they can use bitcoin as a payment mechanism to take part in global online commerce . They buy bitcoin from a peer to peer market (here) and use it to pay for stuff online. For as little as 200 KES, they can purchase $ 2 worth of Bitcoin to make micro payments to their favorite sports bet pickers.

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How much it costs to send money btwn Kenya & Tanzania via Mpesa

A couple of weeks ago Safaricom and Vodacom announced a cross border money transfer service on the Tanzania – Kenya corridor. Both subsidiaries of UK-based Vodafone Group, are leaders in their respective home markets. Through this partnership, registered Mpesa and Vodacom users can send and receive money in either direction.

With assistance from my friend (Ofio) in Tanzania’s capital, Dar, I set to out to test this service and found out:

It costs 6.24% in total to send 4,000 TZs to Kenya. A 4.74% forex margin spread is applied plus 1.5% sending charges . The same applies for TZ to Kenya bound transactions from Vodacom to Mpesa.

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