We can’t proceed with this without explaining what Bitsika means. Bitsika is simply a remittance platform that utilizes cryptocurrencies and fiat money to send or deliver quick money transfers. It sends or delivers in Gabon, Ghana, Nigeria, Mali, Senegal, and more African countries within a specific transaction threshold.
Bitsika was launched in 2019. So far, the company has managed to process one million dollars’ transaction on its platform in less than three months.
How to make instant money transfer using Bitsika;
First of all, you have to know the supported money payments for this platform. They are; credit or debit cards, mobile money, Bitcoin, and bank transfer.
Also, you can send money to just anyone who has the Bitsika app in supported countries by simply using their username. And the process is somewhat instant, and you can send as little as one cent. And the recipient receives the money in less than about five minutes.
The signing-up process;
First of all, you need to use your Gmail account to sign up for the Bitsika app. And Google takes such responsibility to manage your password and ensure your overall safety.
Furthermore, you’ll also need to download the app onto your phone, tablet, or any mobile internet-enabled gadget in particular. With that done, you’ll be assigned a username. It starts with the dollar encoded sign— $Martin, $Catherine, $Kate, etc. The Bitsika app is available on the Apple Store and the Google Play Store.
When you have your username, you’ll automatically have your account set up for you. There will be no further hassling procedures.
$Martin in Nairobi desires to send money to $Kate in Cape Town. He makes a deposit of 200 dollars’ credits on the Bitsika app through bank transfer or credit card. Then he proceeds by sending that 200 dollars to $Kate, all within the app. $Kate withdraws the money through mobile money. And the transaction is processed within three minutes in the maximum.
Let’s talk about how you make a deposit using Bitsika;
You can deposit cash on the application through various payment platforms such as debit cards or bank transfers. Each deposited amount is virtually exchanged into USDC currency, issued by Coinbase. It is preserved in the app as your balance. And, the good part about this is, the deposited amount never changes its value.
I’ll like to ask you this, do you know what USDC is?
USDC is simply a stable coin backed by the United States currency or, simply put, US dollars. They are known to be held in reserve by regulated financial institutions. Regulated financial institutions also issue the tokens themselves. Also, every token can be redeemed for just 1$, and that’s providing a price-stable cryptocurrency.
How does $Kate make her withdrawal?
Well, that’s simple. With Bitsika, you can decide to withdraw from the app to your bank account or another digital wallet such as mobile money.
And do you know that transferring money between countries happens with the help of crypto in the background? But you aren’t even aware of this, I guess? As they are fondly called, these USD credits are believed to be the best way the African market trader will access the USD without any form of hustle and toil. It’s also believed to be a great store of value for you. Yes, talking to you! and that’s if you want to hedge your assets from unstable currencies. Quite cheeky.
This is what you’ll be expecting by making transactions with the Bitsika app;
For just any transaction on Bitsika of up to three hundred dollars, there are no charges included! Neither does the service add a markup on the exchange rate. There’ll also be a small charge— just that small, and that’s after you cross the needed threshold.
In general, Bitsika is known to make its money from interest on fiat and crypto reserves. From such percentages, it charges on merchant API for businesses that desire to collect money from its users. It can be users from all over Africa and other parts of the world through Bitsika credits.
Here are countries you can send or receive cash via Bitsika;
As I said, at the moment, Bitsika permits its customers to send money to their friends and family in the following countries;
Mauritius, Gabon, Cameroon, Nigeria, Senegal, and Ghana.
Here are the supported payment gateways;
Presently, the supported payment methods are Bank transfer (if you’re Nigerian), Mobile Money (Ghanaian), Bitcoin (worldwide), and Credit and Debit cards (worldwide).
Reasons on why you should use Bitsika apps to make transfers;
- Bitsika is known to be a multi-currency app.
- You can also generate a virtual VISA card right on this app. Use it to pay on your favorite websites. For example, Netflix, Amazon, and everywhere virtual VISA card is accepted.
- It does a KYC on you for security reasons; this means your transaction details are all safe.
- You can also purchase airtime in Nigeria or Ghana— and that’s if you’re looking for the means to make a quick recharge.
- Bitsika app is known to allow you to make money off the platform, and that’s by simply introducing and referring your friends. And you earn a 1-dollar referral for doing so.
What you can do with Bitsika;
- It serves as a wallet.
- As a form of social payment.
- You can use it to create virtual cards.
- Buy and sell BUSD.
- Buy and sell bitcoin, etc.
Bitsika has entered and is seemingly penetrating Africa to reduce all costs of sending money, which is known to be the highest globally.
This fintech plans on becoming the leading money transfer in the continent, and that’s by simply using blockchain technology to save money and time in international money transfers.
In addition, it has also identified and solved the two major issues relating to Pan-African international transfers: rigorous and difficult modes of sending and receiving cash and pricing. The app also has the much-needed poise to spread to the rest of the continent in a short while.