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:
- 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.
- 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.
- 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.
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.
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