Bitsika app is a simple remittance platform that uses cryptocurrencies and fiat money to provide quick money transfer services at no fees within a specific transaction threshold.
After Bitsika was launched in 2019, the company managed to process 1 million USD transactions on its platform in three months.
How to Sign Up
You need to use Gmail account to sign up into the Bitsika app. Google takes that responsibility to manage the passwords of the users to ensure safety. You will need to download the app onto your phone. Each user is assigned with a username starting with a Dollar Sign (e.g. $joseph, $atsu, $mary, etc.). Bit Sika is available on Google Play Store and Apple Store.
Bitsika App Features
Bitsika supports cross-boarder money transfers in select African countries. Since the app uses blockchain technology, users have cryptocurrency wallet, which you can use to send and receive Bitcoin and other cryptos.
Bitsika app also facilitates peer-to-peer transactions. This means you can send and receive money from anyone on on the app. Moreover, you can generate a virtual shopping card to make online payments.
How Bitsika Works
How to Deposit Money to Bitsika App
You can deposit money on the app via a variety of payment methods such as bank transfer or debit card. Each deposited amount is virtually exchanged into a USDC stable currency, issued by Coinbase and stored in the app as your balance. If not spend, the deposited amount never changes its value.
How to Pay for Money Transfer and Send Money With Bitsika
Supported payment methods at the moment are mobile money, bank transfer, Credit/Debit cards, and Bitcoin.
You can send money to anyone who has the Bit Sika app in the supported countries by using their username. The process is instant. You can send as little as $0.01 (micro-transactions). The receipient receives the money in less than 5 minutes.
$yele in Lagos wants to send $100 to $atsu in Accra, he loads/deposits $100 credits on the Bit Sika app via credit card or bank transfer. He sends that 100 dollars to $atsu within the app. $atsu withdraws the money via Mobile Money immediately a process which happens within 3 minutes maximum.
How to Withdraw Money With Bitsika
Bitsika users can decide to withdraw from the app to their private bank accounts or other digital wallets such as mobile money.
Moving money between countries happens with the help of crypto in the background, but our users are not even aware of this. These USD credits are believed to be the best way the African market woman or trader will get access to the USD without hustle and toil. It is also believed to be a great store of value for the user who wants to hedge their assets from unstable currencies.
Bitsika Exchange Rate and Fees
For any transaction on Bitsika up to 300 USD, there are no any fees. Neither does the service add a markup on exchange rate. There will be a small fee as shown on this table after you cross the required threshold.
Generally, Bitsika earns money from interest on fiat and crypto reserves and from the percentage it charges on merchant API for businesses that want to collect money from users from all over Africa and beyond using Bitsika credits.
Which Countries Can I Send Money With Bitsika?
At the moment, Bitsika allow its customers to use the platform to send money to their friends and family in Nigeria, Cameroon, and Ghana. Bitsika money transfer in Cameroon was launched recently. Users in Cameroon can access the Central African CFA franc features to make deposits and withdrawals using MTN Mobile Money and Orange Mobile Money.
Final Thoughts on Bitsika Money Transfer
Bitsika has entered the money transfer market in Africa to reduce the cost of sending money, which is the highest in the world. The fintech plans on becoming the leading money transfer in Africa using blockchain technology to save time and money in international money transfers.