Igot Expands Exchange and Remittance Services to Kenya

Bitcoin firm igot has expanded to Kenya following the acquisition of a local cryptocurrency exchange and integration with a mobile payments platform.

Feb 27, 2015 at 12:34 p.m. UTC
Updated Sep 11, 2021 at 11:34 a.m. UTC

Bitcoin exchange igot has expanded to Kenya following the acquisition of TagPesa, a local cryptocurrency exchange and remittance gateway, and integration with M-Pesa's mobile payments service.

Igot's Kenyan customers can now use the exchange's services by depositing and withdrawing Kenyan shillings either from their local bank accounts or their M-Pesa accounts.

The company, which is based in Australia, also provides remittance services to over 40 countries worldwide, including the EU, Middle East and Africa. The acquisition of TagPesa allows igot customers around the world to send funds directly into a friend or relative's Kenyan bank account.

Rick Day, co-founder of igot, said that Kenya's remittance market was huge and "largely untouched by bitcoin companies".

While over 2.5 million Kenyan emigrants around the world currently remit money back to the African nation, Day said, traditional money sending services currently available are expensive.

He said:

"Bitcoin offers to solve this problem and igot plans to use this tool to make global transfers much easier."

"We hope that this market would perform really well in the next six to 12 months," he continued. "We expect to get a lot more traction as bitcoin becomes more ubiquitous."

How it works

Users can deposit and withdraw funds using their regular bank account or their M-Pesa account.

However, in order to complete a transaction, the exchange requires that the user becomes verified by providing scans of a government-issued identity card and a utility bill.

To deposit funds, the consumer will have to create an order and then proceed to transfer the money via their bank or M-Pesa account.

Once this process is completed, the bitcoin will be deposited in the user's igot wallet.

To remit money, customers must visit the 'Global Transfer' section of the site from the navigation menu, select the country to which they want to send funds, and complete the form with amount and recipient's name and local bank details.

igot-screen2

Future plans

Igot will continue to monitor the remittance market, said Day, explaining that the exchange will introduce new features to attract "not only the seasoned bitcoin traders, but also everyday people who may have heard about bitcoin but want to use it with ease and for something other than just speculating".

The company's 'Pay your bill' and 'Pay your Rent' bitcoin features have performed well in the Australian market, he continued, saying that these would be rolled out to other markets in future.

The co-founder also commented on the possibility of expanding to India. Indian e-commerce has soared in the last five years, he said, adding that they "were in the process of integrating some big names there to accept bitcoin as a payment method".

He concluded:

"We want to be their obvious choice in the local market to accept bitcoin."
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Solana, Cardano Tokens Slide Over 9% as Cryptos See Weakness Amid Poor US Consumer Data

Bitcoin lost support at $30,000 as Chinese technology stocks sold off on Thursday amid earnings worries a day after hawkish comments from the U.S. Federal Reserve.

Bitcoin lost support at $30,000 as Chinese technology stocks sold off on Thursday amid earnings worries a day after hawkish comments from the U.S. Federal Reserve.

2
Institutional DeFi Enabler? Data Firm Kaiko Probes DEX Liquidity With New Product

The data feed unpacks what’s what in Uniswap, SushiSwap, Curve Finance and Balancer asset pools.

The data feed unpacks what’s what in Uniswap, SushiSwap, Curve Finance and Balancer asset pools.

3
US Appeals Court Orders SEC to Bring Enforcement Actions to Jury Trials

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

4
First Mover Asia: Pine Wants to Test the Liquidity of the NFT Market; Cryptos Are Well-Red

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.