According to a report by Chainalysis 2021, Kenyans are trading cryptocurrencies directly with each other (“peer to peer transactions” or P2P) more than elsewhere in the world and African countries have been adopting crypto quicker than their global counterparts. Cryptocurrency adoption in Africa increased 1200% from July 2020 to June 2021 . Benkiko P2P which is currently available in 5 markets; Uganda, Tanzania, Kenya, Ghana and Nigeria with more than 5 popular payment methods in every country Aims to Transform Shopping and Financial Freedom through Social Media.
Benkiko which is a USD token, P2P traders get the USBD tokens float by buying from Benkiko at real-time dollar rates which they can then trade as P2P traders on the platform facilitating deposits and withdrawals. Benkiko which states that Payment of online shops on WhatsApp, Facebook marketplace, Twitter and Instagram will be made easier.
With the Recent developments of WhatsApp on opening up it’s Cloud API which aims to attract a market of smaller businesses and reduces the integration time from weeks to only minutes, the company had said. It is also free.
Benkiko says it will leverage on the Social Aspect of WhatsApp to create a world that is seamless between crypto and the business world. in a Statement Bankiko says “Social media now enables online shops manage their sale process without leaving their preferred apps. Pay your favorite shop”
— Benkiko Finance (@Benkikowallet) May 20, 2022
Though, with the current state of Crypto in Africa, spcifically Kenya and Nigeria, the gorvenments are high alert on fighting this. Benkiko believes that this will soon change, the Uprise will start and they have to bow. Benkiko which has more than 1000 + Downloads on playstore, this however doesn’t translate to the users of the Platform.
With Crypto Foundations setting hubs in Kenya, Celo Creating roots into Kenya , Different startups in Kenya rising up and trying to bit the normal norm of Buy, sell and send, Benkiko seems to be having a different path above the normal layer so as the Others.
Other Crypto Startups In Kenya
Kotani Pay is a technology stack that enables Blockchain protocols, Decentralized applications (dApps) and Blockchain FinTech companies to integrate seamlessly to local payment channels in Africa with a primary focus on mobile money services.
Pezesha is a lending digital marketplace that connects Small and Medium Enterprises (SMEs) with affordable working capital through productive financing. Founded by Hilda Moraa, the platform takes a collaborative approach to utilize capital from lenders (i.e banks and other financial institutions) in the market, seeking purposeful returns by lending to creditworthy quality SMEs as identified by its robust credit scoring technology.
According to the startup’s founder Steffen Krogmann, the ubiquity of M-Pesa makes Kenya the natural place to start Kukuza. It is already second nature for Kenyans to use their phones for all financial matters.
Kukuza is a mobile-first crypto based micro-investing and loans community for small local groups in emerging and frontier markets. It is structured as a DAO (Decentralized Autonomous Organization) built on the Celo blockchain — and owned by its community members.
Pesabase uses blockchain as a means of moving money quickly and cheaply, avoiding bank settlement times that are measured in days. Through its wallet, Pesabase enables its users to hold tokens, virtual currencies and stablecoins, giving them the opportunity to remit, pay and transact securely.
Swerri is a decentralized platform that enables one to buy, convert, Pay and send to phone or address. Further, on Swerri you can import a wallet a wallet or a token, Create a business wallet, receive and make business payments. The Swerri SWET token powers transactions within the Swerri ecosystem.
The Crypto base in Kenya and Africa is increasing enormously with startups like Mara and Yellowcard levearaging and creating social networks in the country.