In addition, a lot of the money transfer service providers are brick and mortar and operate only a few hours a day. Being heavily reliant on the availability of cash also limits these service providers, especially in countries like Zimbabwe facing a fiat crisis.
According to Tsvetu, BitKesh comes to solve these challenges.
How BitKesh Works
BitKesh uses a fungible digital token on the platform to enable transactions. The Ethereum-based token, the DCXi, is then traded in different markets on a peer-to-peer basis for the equivalent fiat value.
The service allows users to both receive and deposit funds in ZAR and USD RTGS. A chat service is also enabled allowing the user to talk with merchants via WhatsApp for any help or queries regarding the service.
Once you download the app, available on both Android and iOS, you see an easy-to-use interface as shown below:
Here are the steps to use the service when sending money from South Africa to Zimbabwe:
Click on ‘Buy’
Select ‘Deposit ZAR’ to get your banking details using your BitKesh number
Navigate to the Home Page and enter the amount you wish to send
Hit ‘Send Money’ and edit ‘Beneficiaries’ section
Select either ‘EcoCash’ or ‘Bank’ and enter the account number
Hit ‘Next’ to save the beneficiaries details
Use the ‘Search’ feature to now search for the added beneficiary
Enter your 4-digit PIN
You will receive a confirmation of transaction SMS on your BitKesh number
BitKesh makes money from the difference between the prices of its digital asset in different markets.
“All possible partnerships have died because the first question everyone asks is ‘are you licensed?’ There is room for collaboration amongst new players, with the old players, and with the regulators.”