Cross-border remittance in Africa is becoming increasingly necessary, whilst experiencing a surge in the challenges associated with the process. According to reports, Africa has the highest remittance cost in the world, with the cost reaching as high as 9% for a $200 transaction, in contrast to the global average cost of about 7%.
Bitsika has created a solution that eases cross-border remittance in Africa. The company has created a platform, which is available on Google play store and Apple store, that allows Africans to receive money instantly, from anyone, in any location, without paying any extra fee, or attracting just a negligible fee in some cases.
The platform leverages the magic of blockchain to facilitate the movement of money around its users, thereby, making the platform extremely convenient and beneficial to use. An interesting thing about the platform is that the transactions are processed instantly.
If, for example, a trader in Ghana wants to send money to her brother who lives in Kenya, all she needs to do is to deposit the money, in Cedis, on the Bitsika app. After depositing the money, she can send it to her brother, within the app, who would receive the Kenyan Shilling equivalent of the money instantly. It’s as simple as that. No extra fees; no hassles.
Getting started with Bitsika
Getting started with BitSika is very easy. All you need to do is to download the app for Android or iOS. After downloading the app, the next step is to sign in with your Google account, and set your username and pin code. To verify your account, you will need to provide the information in the images below.
After registration, users can begin to explore the full functionalities of Bitsika. By just using the username of a recipient on the Bit Sika app, anyone can send as little as $0.01 to anyone, anywhere, at no cost, as long as the sender and the receiver are both registered Bit Sika users. However, if a user crosses a threshold of $300 within a month, a fee is attached to any other transaction that is initiated within that month. Users can send up to $300 every month without paying any fee.
Bitsika protects the value of deposited monies against the instability of currencies. Every money that is deposited is stored in USD credits/stable-coins. This means that for as long as the balance in your Bit Sika account remains unused, the USD value of your balance will remain the same. This guarantees you that your money will not experience a decline in its value once it has been deposited into your Bit Sika account, regardless of fluctuations in the value of the currency.
Money can also be withdrawn from the Bitsika app to the bank accounts or other digital wallets of users, if a user chooses to do so. In addition, purchase of airtime and payment of goods and services can also be made via the Bit Sika app, although this is currently unavailable in Nigeria. This is made possible through the Bit Sika virtual card which can be generated on the Bit Sika app. The virtual card allows users to make online payments at any store, globally, that accepts a VISA card for payment.
Bitsika’s payment solution is not limited to fiat money. It also provides a way to send and receive cryptocurrency across borders. Users have a free bitcoin wallet that allows them to receive bitcoin in-app. Users can also send the cryptocurrency in their wallet in another currency.
Bitsika gives a wide coverage for payment remittance. Their solution is particularly appealing because of its ease of use and reduced charges. There’s so much that can be experienced from using the BitSika platform. A trial would answer your questions.