Bitmari slashes remittance costs

Bitmari slashes remittance costs
Published: 29 November 2017
As efforts to boost Diaspora remittances into the country continue, a local firm Bitmari, says it has launched an affordable platform that can be used to send money from the United States.

Bitmari, which was founded about a year ago but went online almost 10 weeks ago, says it sends money using the blockchain technology, such as is used by crypto currencies such as Bitcoin, which is transparent.

Co-founder of the firm, Christopher Mapondera said yesterday that their main objective is to promote remittances from the US to Zimbabwe at affordable rates.

Bitmari's local partner is Agribank, which has a wider ranch network. Diaspora remittances have become crucial to economic development, and $180 million came in the first quarter of this year.

The Reserve Bank of Zimbabwe projects that $750 million would be raked in by year-end.

Mapondera said the Bitcoin technology is transparent and can be used in the agriculture and mining sectors, as it provides a mechanism for checks and balances.
- The Herald
Tags: Bitcoin,


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