Olaniran
Web application developer, I write and share my understanding of how systems work.
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Cross-border transfers in Africa represent a real headache for the free exchange of goods and services. Faced with this problem, Bitcoin is an innovation that, if properly contextualized, can solve many of the problems facing African societies, from financial sovereignty to the free exchange of value. Today, we're off to discover BitSpenda, an initiative of Bitcoin Dua, a growing Ghanaian community that aims to democratize the daily use of Bitcoin in Ghana and facilitate cross-border transactions.
The genesis
For over two weeks, we've been working to send currency to Ghana for the @freeAfricaRouthing Ghana Lightning Development - X user (formerly Twitter).
BitSpenda is a currency exchange platform that allows you to convert between Bitcoin and Mobile Money with no verification, no personal information and no fees. It comes to solve a specific problem commonly seen in Ghana but also in many African countries: cross-border payments. With BitSpenda, you're able to make fast, anonymous exchanges that you can use in your day-to-day business. BitSpenda's main objective is to enable smooth transactions for the global adoption of Bitcoin in African communities.
Getting started with BitSpenda
BitSpenda is a web-based platform on which you can exchange Bitcoin and Mobile Money while preserving your confidentiality. In fact, BitSpenda is an exchanger that requires no account, no personal data, and no identity verification: it's just you and your transaction.
Making a transaction with BitSpenda is fairly intuitive, requiring few steps. On the official BitSpenda website, click on the "Start" button, and you'll be redirected to the Interface exchange.
BitSpenda currently covers three countries:
- Ghana with Bitcoin exchanges to Mobile Money numbers.
- Nigeria via bank transfer.
- Kenya through M-pesa mobile money.
With these options, it's easier for you to use Bitcoin via Lightning Network to send money to these countries and make day-to-day purchases without local currency.
Banks in Nigeria
Interbank transactions in Africa create enough friction and usually have a considerable processing time. From BitSpenda, you can exchange, send money anywhere, make a bank transfer in Nigeria free of charge and instantly. BitSpenda covers over 50 banks and neo-banks in Nigeria.
On the first page of the BitSpenda application, select Nigeria as your destination country.
Select your recipient's bank and enter their account number. You can send between 1,000 and 2,000,000 NGN (Nigerian Naira) for each exchange.
Then check the information you have filled in to confirm your exchange.
Once your transaction has been confirmed, pay the associated Lightning invoice. The bank transfer is done automatically as soon as your payment is made.
M-Pesa in Kenya
BitSpenda is based on two financial and technological innovations: Bitcoin and Mobile Money. The first enables users to regain their financial sovereignty by making pseudonymous transactions without the intermediary of a central institution, anywhere in the world and instantaneously via the Lightning Network layer. As for the second, it addresses the problem of the very low level of bank penetration in African societies.
BitSpenda serves Kenya through M-Pesa, a popular mobile money service in the country.
Thanks to initiatives like BitSpenda, today you can use Bitcoin to pay in a store, eat in a restaurant, pay your rent and your bills.
Select Kenya as your destination country, then fill in your recipient's M-pesa number and the amount the recipient should receive.
Proceed to confirmation, checking the information you have entered.
Pay the Lightning invoice to validate your exchange and complete the exchange.
Mobile Money in Ghana
You can use BitSpenda in Ghana via MTN Mobile Money in the same way as you would use M-Pesa in Kenya.
Select Ghana as country.
Then enter the Mobile Money number of the recipient of your exchange.
Check and confirm your exchange number and amount, then pay the Lightning invoice associated with your exchange.
Popularizing Bitcoin in Africa
Through BitSpenda, Bitcoin Dua aims to set up an ideal framework for the adoption of Bitcoin in Africa. BitSpenda stands out mainly for :
- Confidentiality: You don't need to create an account on the platform, you don't need to verify your identity, and you don't need to provide any personal information.
- Freedom: You can use BitSpenda from any country to make transactions to Ghana, Nigeria and Kenya.
- Speed: Relying on Lightning payments has enabled BitSpenda to reduce processing times and make transactions instantaneous.
- Transparency: All the transactions you have carried out on BitSpenda are associated with unique identifiers that enable you to trace and track the progress of these transactions. You can also use these identifiers to contact application support on X.
You can now use Bitcoin on a daily basis in countries served by BitSpenda.
Many other initiatives and solutions like BitSpenda are emerging in African communities: we invite you to discover Banxaas, a Senegalese solution for using Bitcoin on a daily basis.
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