In Kenya M-Pesa is a way of
life. Locals use M-Pesa to pay for goods, pay utility bills, invest in government bonds, pay insurance premiums, deposit and withdraw money from their bank accounts, access short term loans, renew business licenses, pay taxes and even place sports bets. In fact all businesses in Kenya have been impacted by M-Pesa services in more ways than one.
M-pesa was tailored as a money transfer platform. But over the years it has evolved into a digital bank giving millions of Kenyans access to formal financial services. It has
revolutionized banking and reinvented the way Kenyans conduct business.
Before M-Pesa was launched eleven years ago, by telecommunications giant Safaricom Ltd, more than 70% of the population was excluded from formal financial services. Today, more than 75 per cent of adult Kenyans have a financial
account thanks to M-pesa. Moreover, all mobile phone service providers in Kenya have mobile-money
services similar to M-Pesa.
Despite these achievements, there is still room for growth in the mobile banking arena. The Cryptocurrency space is one field that is yet to tap into mobile-money and mobile-banking services. Bitcoin, the pioneer cryptocurrency, is as old as M-Pesa. Both were invented in the year 2007. But unlike M-Pesa, Kenyans took time to understand and adopt Bitcoin, first as a digital currency then as an alternative investment tool.
Bitcoin and a host of altcoins, like Ethereum, have taken the Kenyan middle class by storm. Buoyed by the abnormal returns on investment, Kenyans are now investing in cryptocurrencies.
However, buying cryptocurrencies in Kenya is not easy. There are no trustworthy online services that cater for Kenyans' cryptocurrency needs. This is the largest impediment in the adoption of digital currencies.
Crypterium, a cryptocurrency banking platform, can link Kenya's digital-banking experience to the cryptocurrency world. This is because Crypterium, just like M-Pesa, is mobile-phone based. Such a link would certainly enable Kenyans plunge into the World of unlimited opportunities offered by cryptocurrencies.
Crypterium can help Kenyans buy cryptocurrencies and use them as fiat in their everyday life. It's contactless payment solutions are not different from M-Pesa. Kenyans can also make use of its instant loans service given that mobile loans are very popular in the country.
The cryptocurrency market in Kenya is largely untapped although it is booming with potential. Nevertheless, the framework has been laid. Kenya has one of the largest mobile phone penetration rates in Africa which currently stands at 95%. Fortunately, Kenyans are now appreciating cryptocurrencies as a means of accessing the financial markets hence a viable wealth distribution vehicle.
There is no doubt that Crypterium is best placed to take Kenya's mobile banking experience to the next level.
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