SBI teams up with BitPesa for faster African payments
Japanese financial services giant SBI Group is continuing its close association with blockchain technology, teaming up with Kenya-based treasury management company BitPesa to make it easier to send money to Africa.
Remittance subsidiary SBI Remit is leveraging BitPesa’s blockchain technology and treasury management services to simplify the process of sending money to some of world’s most underbanked regions.
Cutting out the middlemen
The use of middlemen used to be common to exchange Japanese yen into dollars or euros and then exchange these common currencies into domestic African units. BitPesa’s system uses the bitcoin blockchain to help create new currency pairs.
This cuts down the process of cash transfers between Japan and African nations from three or four days to less than an hour.
Supply chain economics
The process is particularly important for supply chain economics and trade finance and allows Japanese companies conducting business in Africa to simplify remittances.
BitPesa is licenced by the Financial Conduct Authority in the UK and by the Bank of Spain in Europe, and says it will be looking for further partnerships with companies in these areas looking to improve their African services.