How Bitcoin Is Enabling Financial Inclusion in Kenya

0 0

Since its creation over a decade ago, cryptocurrencies, especially bitcoin, have become one of the most popular topics of discussion in the financial space. Conversations about how bitcoin has revolutionised the financial ecosystem and enabled financial inclusion have swept the internet and social media. As the crypto gospel spreads across the world, businesses in Kenya are starting to accept bitcoin in payment. Some countries have even adopted bitcoin as a legal tender.

This prompts the question, “why is crypto adoption spreading, and why are more people investing in the crypto space”. The answer is quite simple. Bitcoin, among other cryptocurrencies, has proven itself a medium to easily access financial services providing financial inclusion for the underbanked and the unbanked. 

Financial services like mobile banking, ATM transactions, and more seem easily accessible yet this isn’t the case. While it may seem unbelievable, many people lack access to fundamental financial services such as a bank account, which prevents them from easily sending and receiving money and limits them from credit and insurance options. In fact, the World Bank estimates that 1.7 billion people do not have access to these essential financial services. 

Perhaps this was overlooked in the past, but the Covid pandemic further emphasised the limitations of the traditional financial system. The pandemic affected the economy and resulted in the devaluation of local currencies. The lockdown made it difficult for people to visit the local banks and access POS services and more, prompting Kenyans to seek a better alternative, bitcoin. With bitcoin, a Mwananchi (local Kenyan) can now access financial services more swiftly, cheaply and conveniently from the comfort of their homes.

How Bitcoin Is Aiding Financial Inclusion In Kenya

Bitcoin is praised for having the potential to expand financial access to people by allowing them to bypass the costs and delays of the traditional financial institutions. With bitcoin, you enjoy:

  1. Easy access to financial service

Opening a typical bank account involves a lot of paperwork, which may be stressful and take a lot of time. With bitcoin, you can easily open a bitcoin wallet in minutes without needing to go to the bank, queuing, and completing rigorous documentation. You can do this all in the comfort of your home in minutes. 

  1. Cheaper and faster transactions

Transaction fees which seem reasonable with local transactions can be exorbitant when dealing with cross-border transactions. Not only is it expensive to send money home and abroad, but it also takes hours, days, and weeks in some cases. With bitcoin, you can easily complete local and cross-border transactions in seconds at the cheapest transaction fees possible. 

  1. Control over your own money

Bitcoin is decentralised, which means it is not controlled by central authorities or government but rather by its users. What does this mean for you? It means you control your money. You don’t have to deal with the transaction limitations that traditional banks may impose.

At the same time, bitcoin’s blockchain technology helps to protect your funds from security breaches. This means fake transfers or fraud issues are prevented with bitcoin as the funds cannot be reversed once completed.

That’s not all! With bitcoin, you also enjoy other financial benefits from trading bitcoin and saving in bitcoin, as you earn profit from price gains.

Yellow Card’s Role In Enabling Financial Inclusion For Kenyans

Pan African exchange, Yellow Card, recognises the limitations of the traditional finance system and is dedicated to providing financial inclusion for all. Crypto exchanges like Yellow Card, recognising the potential of bitcoin, have been driven to not only bring bitcoin to Kenyans but have ensured they enjoy the best rates, fast service, and complete transactions easily on its platform.

How Bitcoin is enabling Financial Inclusion In Kenya
Yellow Card enabling Financial Inclusion In Kenya
knife

That’s not all; with Yellow Card’s free and easy-to-use guide, Yellow Card Academy, you learn more about cryptocurrencies and other financial-related topics to guide your journey toward financial freedom. In fact, you even have the option to earn a passive income through Yellow Card’s referral program.   

There’s no doubt that bitcoin can drive financial inclusion and bridge the gap between traditional financial institutions. Kenyans can now easily move money locally and across the globe easily, faster, and at no inconvenience with bitcoin.

Learn how to buy bitcoin in Kenya

Get started with your crypto journey and access true financial freedom.

Buy Bitcoin Today!

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 27,202.29
ethereum
Ethereum (ETH) $ 1,906.54
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 308.03
usd-coin
USD Coin (USDC) $ 0.999795
xrp
XRP (XRP) $ 0.52548
staked-ether
Lido Staked Ether (STETH) $ 1,904.62
cardano
Cardano (ADA) $ 0.378444
dogecoin
Dogecoin (DOGE) $ 0.072746
solana
Solana (SOL) $ 21.26
matic-network
Polygon (MATIC) $ 0.899274
litecoin
Litecoin (LTC) $ 95.22
tron
TRON (TRX) $ 0.076833
polkadot
Polkadot (DOT) $ 5.27
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.52
dai
Dai (DAI) $ 0.999912
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,259.30
uniswap
Uniswap (UNI) $ 5.08
leo-token
LEO Token (LEO) $ 3.59
chainlink
Chainlink (LINK) $ 6.45
cosmos
Cosmos Hub (ATOM) $ 10.64
okb
OKB (OKB) $ 46.31
monero
Monero (XMR) $ 145.54
ethereum-classic
Ethereum Classic (ETC) $ 18.12
the-open-network
Toncoin (TON) $ 1.74
stellar
Stellar (XLM) $ 0.092402
bitcoin-cash
Bitcoin Cash (BCH) $ 114.74
filecoin
Filecoin (FIL) $ 4.97
internet-computer
Internet Computer (ICP) $ 4.82
lido-dao
Lido DAO (LDO) $ 2.33
true-usd
TrueUSD (TUSD) $ 0.998921
aptos
Aptos (APT) $ 9.00
quant-network
Quant (QNT) $ 119.24
hedera-hashgraph
Hedera (HBAR) $ 0.050951
arbitrum
Arbitrum (ARB) $ 1.24
crypto-com-chain
Cronos (CRO) $ 0.059374
near
NEAR Protocol (NEAR) $ 1.62
vechain
VeChain (VET) $ 0.019926
the-graph
The Graph (GRT) $ 0.131381
apecoin
ApeCoin (APE) $ 3.15
algorand
Algorand (ALGO) $ 0.152565
the-sandbox
The Sandbox (SAND) $ 0.56901
paxos-standard
Pax Dollar (USDP) $ 0.999885
eos
EOS (EOS) $ 0.908492
edgecoin-2
Edgecoin (EDGT) $ 1.00
frax
Frax (FRAX) $ 0.999486
elrond-erd-2
MultiversX (EGLD) $ 37.56
rocket-pool
Rocket Pool (RPL) $ 49.31
render-token
Render (RNDR) $ 2.60
optimism
Optimism (OP) $ 1.47
aave
Aave (AAVE) $ 63.86
fantom
Fantom (FTM) $ 0.323008
decentraland
Decentraland (MANA) $ 0.485518
theta-token
Theta Network (THETA) $ 0.853698
blockstack
Stacks (STX) $ 0.615655
tezos
Tezos (XTZ) $ 0.911652
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,047.37
axie-infinity
Axie Infinity (AXS) $ 7.10
immutable-x
ImmutableX (IMX) $ 0.814249
havven
Synthetix Network (SNX) $ 2.40
flow
Flow (FLOW) $ 0.731401
usdd
USDD (USDD) $ 0.999805
radix
Radix (XRD) $ 0.072574
bitdao
BitDAO (BIT) $ 0.500863
neo
NEO (NEO) $ 10.31
gala
GALA (GALA) $ 0.030222
kucoin-shares
KuCoin (KCS) $ 7.40
whitebit
WhiteBIT Token (WBT) $ 4.90
curve-dao-token
Curve DAO (CRV) $ 0.856568
bitget-token
Bitget Token (BGB) $ 0.471862
injective-protocol
Injective (INJ) $ 7.96
bitcoin-sv
Bitcoin SV (BSV) $ 32.75
gatechain-token
Gate (GT) $ 4.39
conflux-token
Conflux (CFX) $ 0.288133
maker
Maker (MKR) $ 668.34
klay-token
Klaytn (KLAY) $ 0.185852
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
bittorrent
BitTorrent (BTT) $ 0.0000005863571
kava
Kava (KAVA) $ 1.01
iota
IOTA (MIOTA) $ 0.199865
chiliz
Chiliz (CHZ) $ 0.101572
pepe
Pepe (PEPE) $ 0.000001
casper-network
Casper Network (CSPR) $ 0.047006
pax-gold
PAX Gold (PAXG) $ 1,958.38
tokenize-xchange
Tokenize Xchange (TKX) $ 6.37
sui
Sui (SUI) $ 0.952996
xdce-crowd-sale
XDC Network (XDC) $ 0.036455
terra-luna
Terra Luna Classic (LUNC) $ 0.000085
compound-ether
cETH (CETH) $ 38.35
mina-protocol
Mina Protocol (MINA) $ 0.545258
gmx
GMX (GMX) $ 56.33
huobi-token
Huobi (HT) $ 2.98
dash
Dash (DASH) $ 42.74
tether-gold
Tether Gold (XAUT) $ 1,958.12
frax-share
Frax Share (FXS) $ 6.64
ecash
eCash (XEC) $ 0.000025
trust-wallet-token
Trust Wallet (TWT) $ 1.08
frax-ether
Frax Ether (FRXETH) $ 1,906.06