Will Bitcoin work in Uganda?
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
The Ugandan community was a covered with a wave of excitement when Ronah, a Ugandan immigrant to the United States, in a short film/documentary chronicled her struggle with sending her 20 year old brother Ronald money for tuition fees through banks and western union because of the high transaction rates until she discovered Bitcoin. This documentary has received a lot of backlash with the discovery of how Ronald’s “exchanger” has gone MIA since then leaving him stuck with Bitcoin he still needs to turn into dollars.
But the question still remains, can Bitcoin work in Uganda? Well, despite the challenges that it has faced and is yet to face, it remains the most adaptable route for money transfer in a country like Uganda. Bitpesa, an affiliate of Kenyan based Mpesa has invested over 3 million dollars in this sector and was launched in Uganda recently operating on MTN and Airtel mobile networks.
This goes to show how far Bitcoin transfer is going benchmarking on its very low transfer fees and budding FinTech companies like Intel world International that accept payments in Bitcoin currency making transfers and transactions seamless. Therefore, the answer is yes, bitcoin, in the long run will absolutely work not only in Uganda but Africa as a whole.
Intelworld is a FinTech company that simplifies transactions for businesses by enabling them to transact with their customers on any mobile device.