Bitpesa, a bitcoin-based money remittance service that enables transfer of funds through mobile phones has launched in Uganda and Nigeria according to their website and Twitter handle.
JUST IN! BitPesa is now live in 4 countries including #Nigeria and #Uganda! https://t.co/EacxKjMMSx#MoveWithAfricapic.twitter.com/hPAHcxOkPS
— BitPesa (@BitPesa) November 9, 2015
The two-year-old money transfer startup has been operational in Kenya and Tanzania and has raised $2.7 million to aid its expansion across the continent.
According to the company website, the network will work on MTN and Airtel Uganda mobile networks to trade Bitcoin. Bitpesa has predominantly relied on Africans in the diaspora that wish to send money to their home country for their customer base.
Bitpesa will have to compete with Ugandan-based remittance service Remit.ug, Worldremit, Afroremit, Westernunion, Money Gram, traditional banks among other money transfer service providers that support sending money to Uganda.