A concern you and I have always had about mobile money is how we have to pay money to use money. That seems a bit too much. We are willing to pay for the service but the cost of transaction should be negligible for any amount. If you have never asked for “pesa ya kutoa pia,” you have my permission, you should stop reading this.
A reason for high transaction costs in this, and any other thing, is presence of middlemen. If they are many or few and powerful, you will end up paying more for services and products. Digital money is no different. But what if there was a way to eliminate middlemen?
Blockchain technology is the answer you’re looking for. This innovation, behind Bitcoin, enables transactions to be conducted by people who do not know each other without a central administrator. Blockchain in Kenya is already being used to make sections of the public sector more efficient and less corrupt.
Eliminating high cost of money transfer
The private sector has not been left behind in exploiting opportunities presented by blockchain in Kenya. One startup is promising to make your mobile money transactions free. More, they are also promising to bring your business closer to prospective customers. This startup is called bitsoko.
Bitsoko is offering this through its bits wallet and sokoPOS services. All you need is the bitsoko app which comes with the most simple user interface
Another complaint we all have, about mobile money, is having to click upon layers of instructions to do simple things like sending and receiving money. Bitsoko allows you to do all of this on opening the app. You can also check your account balance on the 1st page.
POS stands for point-of-sale. This feature will allow you, the entrepreneur, to determine what you want to sell and develop a banner to promote these goods or services. Bitsoko has also developed for you billing, inventory management, loyalty program and feedback collection systems.