Harare12th floor, Suite 4,CYREX
SOUTH AFRICA9th Floor, Sandton City
83 Rivonia Rd,
Where and Why it all began
Remittances are a critical source of income for many in most developing countries, in some cases being the only stable source. It is often difficult to accurately quantify remittance due to their heterogenous nature, with various channels being used. An array of factors determines the channel used, including financial systems in place, demographic characteristics of the sender and receiver, the overall institutional environment of both sending and receiving countries, and chiefly the convenience and costs associated with the different channels. The predominant feature of most remittance transactions is the existence of a network between sender and receiver for the purpose of messaging and settling of funds.
Currently, the remittance sector has failed to progress at a rate that matches the advances in globalisation in the form of transportation infrastructure, mass migration. Sending money across boarders therefore remains expensive, with costs ranging from 5-15 % of the total money sent; slow with people having to travel to collections points and wait in lines for their money; not forgetting the stringent regulations that lead to much bureaucracy and extensive paperwork in the process flow; losses in the exchange rate spreads; and exclusion of the undocumented, unbanked and underserved immigrant community
Who and What is Bitkesh?
Bitkesh is an Africa focused fintech company, founded in December 2017, focusing on disruptive technologies in diaspora remittances. The project is currently wholly owned by Yolft Technology (SA). It is largely digital based and aims to simplify the way money is sent and received across geographical borders whilst still maintaining and improving on the security and convenience for its users.
It arose out of the need to offer a cutting-edge form of technology, which is simple and convenient and allows users to effect international money transfers or payments from their smartphones cost effectively. Bitkesh is a peer-to-peer platform, based on secure technology that eradicates the traditional way of doing things and eliminates the time delay and extra costs incurred when people use the traditional methods. It does so by introducing mobile money in the last mile and cutting out the middle man. The services include bill payments, school fees settling, grocery vouchers, travellers’ vouchers etc.
Milestones and Targets
- Testing of the business model and proven viability over twelve months.
- The Bitkesh App has been developed and deployed and is now live in South Africa and Zimbabwe. Over 3000 downloads
- Opened first office in Harare, Zimbabwe and a second one in Sandton, South Africa.
- Put in place online presence instruments in the form of a webpage, Facebook page, twitter page, Instagram page and LinkedIn profile.
- Interviewed and hired a team to ensure operations are managed and customer queries are always attended to.
The app automatically allocates money received in our bank accounts to the correct Bitkesh user.
- The app sends an SMS to the sender and beneficiary when app user sends money and to the sender when a transaction is completed.
Three things we believe about Sending money
1. It should be LOW COST and FAIR
There's only one fair exchange rate, and that's the one you get with Bitkesh. And there is no fee or hidden costs for using Bitkesh, the amount displayed on the calculator is what you will receive. Why? Because finance hasn’t been fair for a very long time, and it’s time for a better, cheaper way of moving your money.
2. It should be EASY
Sending money should be stress-free – no matter how far it’s traveling. So we’ve built a whole team that’s dedicated to keeping your money safe and the process watertight. It’s bank-level security, minus the banks.
3. It should be FAST
We believe that sending money should be as fast as sending an email. So we’ve made Bitkesh as simple as logging on, signing up, and sending. Smart technology means money never crosses borders. And most transfers happen within minutes .