How Bitcoin Is Enabling Financial Inclusion in Kenya

0 12

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

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) $ 19,000.28
ethereum
Ethereum (ETH) $ 1,314.99
tether
Tether (USDT) $ 0.999269
usd-coin
USD Coin (USDC) $ 0.999146
bnb
BNB (BNB) $ 270.66
xrp
XRP (XRP) $ 0.444209
binance-usd
Binance USD (BUSD) $ 0.997249
cardano
Cardano (ADA) $ 0.441608
solana
Solana (SOL) $ 32.42
dogecoin
Dogecoin (DOGE) $ 0.060355
polkadot
Polkadot (DOT) $ 6.32
shiba-inu
Shiba Inu (SHIB) $ 0.000011
dai
Dai (DAI) $ 0.999694
staked-ether
Lido Staked Ether (STETH) $ 1,312.16
matic-network
Polygon (MATIC) $ 0.734974
tron
TRON (TRX) $ 0.059128
avalanche-2
Avalanche (AVAX) $ 17.05
uniswap
Uniswap (UNI) $ 6.29
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 19,020.46
cosmos
Cosmos Hub (ATOM) $ 13.31
okb
OKB (OKB) $ 15.28
ethereum-classic
Ethereum Classic (ETC) $ 28.06
chainlink
Chainlink (LINK) $ 7.75
leo-token
LEO Token (LEO) $ 4.09
litecoin
Litecoin (LTC) $ 52.17
ftx-token
FTX (FTT) $ 23.55
near
NEAR Protocol (NEAR) $ 3.57
stellar
Stellar (XLM) $ 0.110075
crypto-com-chain
Cronos (CRO) $ 0.110920
monero
Monero (XMR) $ 143.39
algorand
Algorand (ALGO) $ 0.343026
bitcoin-cash
Bitcoin Cash (BCH) $ 113.86
terra-luna
Terra Luna Classic (LUNC) $ 0.000273
quant-network
Quant (QNT) $ 126.88
flow
Flow (FLOW) $ 1.64
apecoin
ApeCoin (APE) $ 5.37
filecoin
Filecoin (FIL) $ 5.65
vechain
VeChain (VET) $ 0.022508
internet-computer
Internet Computer (ICP) $ 6.07
chain-2
Chain (XCN) $ 0.072202
hedera-hashgraph
Hedera (HBAR) $ 0.058183
frax
Frax (FRAX) $ 0.997643
chiliz
Chiliz (CHZ) $ 0.246404
tezos
Tezos (XTZ) $ 1.44
decentraland
Decentraland (MANA) $ 0.690400
the-sandbox
The Sandbox (SAND) $ 0.839071
eos
EOS (EOS) $ 1.15
axie-infinity
Axie Infinity (AXS) $ 12.30
theta-token
Theta Network (THETA) $ 1.08
aave
Aave (AAVE) $ 75.44
elrond-erd-2
Elrond (EGLD) $ 46.21
lido-dao
Lido DAO (LDO) $ 1.58
true-usd
TrueUSD (TUSD) $ 0.997720
paxos-standard
Pax Dollar (USDP) $ 0.997953
bitcoin-sv
Bitcoin SV (BSV) $ 49.55
compound-usd-coin
cUSDC (CUSDC) $ 0.022611
kucoin-shares
KuCoin (KCS) $ 8.95
iota
IOTA (MIOTA) $ 0.306826
ecash
eCash (XEC) $ 0.000041
usdd
USDD (USDD) $ 0.998699
cdai
cDAI (CDAI) $ 0.022021
the-graph
The Graph (GRT) $ 0.099173
zcash
Zcash (ZEC) $ 56.38
bittorrent
BitTorrent (BTT) $ 0.000001
huobi-token
Huobi (HT) $ 4.38
pancakeswap-token
PancakeSwap (CAKE) $ 4.62
maker
Maker (MKR) $ 719.99
neo
NEO (NEO) $ 8.83
klay-token
Klaytn (KLAY) $ 0.198413
helium
Helium (HNT) $ 4.70
gatechain-token
Gate (GT) $ 4.18
tokenize-xchange
Tokenize Xchange (TKX) $ 7.57
celsius-degree-token
Celsius Network (CEL) $ 1.41
radix
Radix (XRD) $ 0.058702
evmos
Evmos (EVMOS) $ 1.88
fantom
Fantom (FTM) $ 0.225607
havven
Synthetix Network (SNX) $ 2.26
compound-ether
cETH (CETH) $ 26.50
osmosis
Osmosis (OSMO) $ 1.15
nexo
NEXO (NEXO) $ 0.920364
bitdao
BitDAO (BIT) $ 0.470826
pax-gold
PAX Gold (PAXG) $ 1,616.42
thorchain
THORChain (RUNE) $ 1.55
arweave
Arweave (AR) $ 9.29
zilliqa
Zilliqa (ZIL) $ 0.031127
enjincoin
Enjin Coin (ENJ) $ 0.457524
rocket-pool
Rocket Pool (RPL) $ 24.25
dash
Dash (DASH) $ 41.27
basic-attention-token
Basic Attention (BAT) $ 0.295009
defichain
DeFiChain (DFI) $ 0.730542
blockstack
Stacks (STX) $ 0.324405
compound-governance-token
Compound (COMP) $ 61.97
ravencoin
Ravencoin (RVN) $ 0.036059
tether-gold
Tether Gold (XAUT) $ 1,671.14
stepn
STEPN (GMT) $ 0.685549
kava
Kava (KAVA) $ 1.45
mina-protocol
Mina Protocol (MINA) $ 0.588475
terra-luna-2
Terra (LUNA) $ 2.46
xdce-crowd-sale
XDC Network (XDC) $ 0.029066
waves
Waves (WAVES) $ 3.86