• Bitcoin enables unbanked Kibera residents to earn and transact without documentation.
• Over 200 locals now use Bitcoin, expanding beyond initial garbage collection groups.
• AfriBit’s model offers lower-cost payments than M-PESA but faces volatility concerns.

In Soweto West, a neighborhood within Kenya’s sprawling Kibera slum, a new initiative is using Bitcoin to bring digital financial services to low-income residents who have long been excluded from the traditional banking system. The project, introduced by local fintech firm AfriBit Africa, is a powerful real-world example of how cryptocurrency can foster financial inclusion.

The operation began in early 2022 by partnering with local garbage collection groups, which are largely composed of young residents. After completing community clean-ups on Sundays, these workers are paid a few dollars’ worth of Bitcoin for their labor.

Related: Kenya’s Crypto Ban Nears End: Legal …

The post Local Fintech AfriBit Africa Uses Bitcoin to Pay Community Workers in a Kenyan Slum appeared first on Coin Edition.

• Bitcoin enables unbanked Kibera residents to earn and transact without documentation.
• Over 200 locals now use Bitcoin, expanding beyond initial garbage collection groups.
• AfriBit’s model offers lower-cost payments than M-PESA but faces volatility concerns.

In Soweto West, a neighborhood within Kenya’s sprawling Kibera slum, a new initiative is using Bitcoin to bring digital financial services to low-income residents who have long been excluded from the traditional banking system. The project, introduced by local fintech firm AfriBit Africa, is a powerful real-world example of how cryptocurrency can foster financial inclusion.

The operation began in early 2022 by partnering with local garbage collection groups, which are largely composed of young residents. After completing community clean-ups on Sundays, these workers are paid a few dollars’ worth of Bitcoin for their labor.

Related: Kenya’s Crypto Ban Nears End: Legal …

The post Local Fintech AfriBit Africa Uses Bitcoin to Pay Community Workers in a Kenyan Slum appeared first on Coin Edition.