Kenyan company, Kipochi Limited has launched Africa’s first Bitcoin wallet with MPESA integration. Through Kipochi, Kenyans will be able to send and receive BitCoin and convert it to and from an M-Pesa balance. As a result, for instance, Kenyans will be able to receive money transfers from the Diaspora in an easier, faster and cheaper way, compared to using banks and money transferring services such as Western Union and MoneyGram.
Here is how the founders describe the technology:
Kipochi is a light weight easy to use BitCoin Wallet that allows users to receive and send BitCoin all over the world, this will help Big Giant that are coming to Africa. Even for people using simple low cost feature phones.
Now with Kipochi, the remittances into Kenya has a faster and cheaper way to reach even the most remote areas in Kenya, villages with no banks or Western Union services – in an instant.
Imagine a world where your dear grandmother in northern Kenya suddenly does not have to travel 1 day to reach a bank, only to find out transfer has not yet arrived. Kipochi, M-Pesa and BitCoin can together assist the developing countries in creating faster remittances and growth on GDP, M-Pesa currently accounts for 31% of Kenya’s GDP