Bitcoin Service Targets Kenya Remittances With Cut-Rate Fees
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BitPesa Ltd., a Kenyan start-up, will take on remittance providers like Western Union Co. by using the Bitcoin virtual currency to cut transaction costs for Kenyans working abroad who send home $1.2 billion a year.
The online service plans to start on a trial basis by March, after obtaining regulatory approval, and gain 1 percent market share within a year by handling 6,500 transactions a month, Chief Executive Officer Elizabeth Rossiello said yesterday in an interview in the capital, Nairobi.