Sunday, April 21, 2024
Startups in Africa

Bitmari is Building Financial Solutions for Global African Communities

Africa has proven to be one of the continents of the world that has the fastest growing economies. By the day, Africa continues to give birth to new and vibrant startups that are set to transform the economy of this wonderful and rich continent.

Bitmari is a panAfrican FinTech startup founded in 2015 by Sinclair Skinner and Christopher Mapondera to transform Africa’s economy. The startup claims to significantly lower the cost and increases the speed of remittance payments throughout the African Diaspora using Bitcoin.

It is the first Blockchain startup to receive an international license to use Bitcoin for remittances in partnership with an African Commercial Bank. The industry is focused on Bitcoin, Payment, FinTech and Blockchain.

It uses Blockchain technology and bitcoin to offer quick and low-cost payment transfers as an alternative to traditional remittance platforms and their exorbitant fees. The average cost of remittances in Africa is the highest in the world, with fees as high as 20% per transfer.

In October 2016, Ebony Magazine reported that BitMari intends to be a catalyst for financial empowerment in the global Black community and in that interview, Sinclair, the founder said “We think technology is a better method of solving problems than politics and a lot of these other things that we’re trying.”

In 2017, the startup entered into a partnership with the Agricultural Bank of Zimbabwe to integrate Bitcoin and blockchain technology into their customer offerings. And this marked the first time an African commercial bank officially agreed to partner with a Bitcoin company.

BitMari is breaking all odds and clearing the stereotypes surrounding the usage of bitcoin and are coming up with various innovations to accelerate the understanding and adoption of Bitcoin in various African languages such as Shona, Ndebele, Wolof and Swahili among others.

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