Two key players in the blockchain remittance space, BitPesa and SBI Remit, have teamed up to lower the cost and improve the speed of payments and cost of payments for goods and services between Africa and Japan. This major partnership will ensure that businesses operating between Japan and Africa are able to enhance the quality of their business interactions.
In reference to the nature of transactions at BitPesa, Elizabeth Rossiello, founder and CEO of Nairobi, Kenya-based Bitpesa, stated that,
“They don’t need to do any conversion…our fees are much lower than most banks’ transfer fees.” BitPesa is able to ensure that its transfers are faster than the two weeks it would take most banks, depending on the amount to transfer.
The two organisations will focus on providing payment solutions for transactions in relation to cosmetics, electronics and used cars. These are products which are in high demand in the Kenyan market.
The partnership promises to simplify cross-border trade for businesses and consumers. Issues that stem from currency risks and currency controls inherent in cross-continental business agreements between the two nations, Japan and Kenya, will likely be solved to significant lengths as a result of the collaboration between BitPesa and SBI Remit.