Kenya: bitcoin makes inroads in informal settlements

In Nairobi’s Kibera slum, 200 residents are experimenting with bitcoin for their daily transactions, via an initiative by local fintech AfriBit Africa. This solution addresses the challenge of banking inclusion in a country where *80% of the population has no access to traditional financial services.

Garbage collectors and small traders (“mama mbogas”) are the first beneficiaries. “In two minutes, you can have a bank account,” explains Ronnie Mdawida of AfriBit, praising the system’s accessibility. But experts like Ali Hussein Kassim warn of the risks associated with the volatility of cryptocurrencies and the lack of basic digital infrastructure.

Despite these reservations, “We accept bitcoins” signs are multiplying in Kibera. For workers like Damiano Magak, this represents a hope of financial autonomy, even if the road to mass adoption remains fraught with pitfalls.

source: Africanews