BitPesa, a Kenya-based bitcoin services provider, has announced that its digital platform will now enable businesses to send or receive payments between Africa and China.
The platform will allow users to make instant payments in local currency directly from African bank accounts to Chinese bank accounts.
BitPesa offers instant payments from Nigerian Naira and Ugandan Shillings directly into Chinese Yuan.
With this remittance service, businesses will be able to make payments for employees, distributors, or suppliers without using cash or the US dollar as a middle currency.
BitPesa CEO Elizabeth Rossiello said: “Businesses rely on our technology to send or receive payments faster and cheaper than anywhere else. With this integration, they now have a direct way to make a payment in local currencies between China and Africa.
“BitPesa’s digital platform was built as an infrastructure solution to meet this growing demand in this important corridor. It is essential that African and Chinese businesses can connect directly, without first sending their payments through a middle currency.”
Currently, the bitcoin startup offers payments to, from, and within Nigeria, Kenya, Uganda, Tanzania, and the Democratic Republic of Congo.
According to the World Bank, China-Africa trade increased to more than $170bn in 2013.