31 Aug '15, 7am

Ghana’s Beam pivots, ditches bitcoin as means of payment

Ghana’s Beam pivots, ditches bitcoin as means of payment

Ghanaian startup Beam, launched in October of last year to facilitate remittances via bitcoin, has pivoted into allowing Ghanaians abroad to pay for gifts and bill payments back home, while also scrapping bitcoin as a means of payment. Beam was launched by Nikunj Handa and Falk Benke based on the realisation of how many problems existed in the payments industry in Ghana. An estimated three million Ghanaians live in the diaspora, with US$120 million remitted to the country in 2013 according to the World Bank. Beam was banking on the fact heavily undercutting other remittance services would lead to large uptake of bitcoin across Africa . This has evidently not been the case, with Handa leaving the business and Benke overseeing a pivot that has resulted in Beam leaving bitcoin behind. The new Beam allows Ghanaians abroad to care for loved ones back home with gifts and bill pa...

Full article: http://disrupt-africa.com/2015/08/ghanas-beam-pivots-ditc...

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