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For Ghanaians living abroad, sending money home to support family and friends is a vital lifeline.These remittances contribute significantly to Ghana's economy, approaching US$40 billion in total flow to and within Africa.However, this essential service often comes with hefty fees.Imagine sending $200 from the UK to Ghana and losing 7.4% to transfer costs!That's where innovative solutions like Beam come into play, aiming to revolutionize the way money moves across borders. Join Modibe and the team on their trip to Ghana for the Africa Bitcoin Conference. Our very own CEO Ray Youssef and Deputy General Counsel Jude Ogene both spBy leveraging the power of Bitcoin and other blockchain technologies, companies are seeking to provide faster, cheaper, and more efficient remittance services.This article explores how Beam and similar initiatives are paving the way for Ghana to join the ""African Bitcoin Club,"" examining the challenges, opportunities, and the broader landscape of cryptocurrency adoption in the region.We'll delve into how Bitcoin remittances work, alternative platforms available, and the potential impact of these technologies on financial inclusion and economic growth in Ghana and beyond.So, let’s explore how Ghana is taking its place in the digital currency revolution.

The High Cost of Traditional Remittances to Ghana

Sending money internationally through traditional channels like banks and money transfer services can be surprisingly expensive.These fees eat into the amount that recipients actually receive, diminishing the impact of these crucial financial flows.The World Bank highlights the significant cost associated with remittances, emphasizing the need for more affordable alternatives. 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 theConsider these pain points:

• High transaction fees: As mentioned earlier, fees can range from 5% to even higher percentages of the total amount sent.
• Exchange rate markups: Senders often face unfavorable exchange rates, further reducing the value of the remittance.
• Slow processing times: Traditional transfers can take days to reach the recipient, causing delays and inconvenience.
• Limited accessibility: In some areas, access to traditional money transfer services may be limited, particularly in rural regions.

These challenges create a strong incentive for exploring alternative solutions, which is where Bitcoin and other cryptocurrencies enter the picture.

Beam's Initial Vision: Bitcoin-Powered Remittances

Recognizing the problems associated with traditional remittances, the Ghana-based startup Beam initially set out to disrupt the market by utilizing the Bitcoin blockchain. The Ghana-based startup Beam also failed to build a business based solely on bitcoin remittances in Africa. Beam launched its service in October 2025, with the aim to improve remittances into Ghana through the use of the Bitcoin network.Founded by Nikunj Handa and Falk Benke, Beam aimed to provide a faster, cheaper, and more transparent way for Ghanaians in the diaspora to send money home.Their initial idea stemmed from their own experience in the Bitcoin space, buying and selling the cryptocurrency in Ghana. The idea came out of the co-founders' interest in buying and selling Bitcoins: Falk and I were working in Ghana and we started buying and selling Bitcoins from the public there. Soon we hadTheir approach was to act as a payment gateway.

Their vision was to automate the entire process of sending money using Bitcoins instantly and at an affordable rate. Beam relaunched their service as payment gateway for Ghanaians living abroad to buy services and products for family or friends living in their home country earlier this month. The firm will nowThe attraction of Bitcoin was its potential to bypass traditional intermediaries, reduce transaction fees, and offer near-instantaneous transfers.

The Promise of Bitcoin for Cross-Border Payments

Bitcoin's decentralized nature and global reach made it an appealing solution for international money transfers.Here's why:

• Lower fees: Bitcoin transactions typically incur significantly lower fees compared to traditional remittance services.
• Faster transfers: Bitcoin transactions can be processed much faster than traditional bank transfers, often within minutes or hours.
• Transparency: The Bitcoin blockchain provides a transparent and auditable record of all transactions.
• Accessibility: Anyone with an internet connection and a Bitcoin wallet can send and receive Bitcoin, making it accessible to a wider population.

Beam's Pivot: Focusing on Services and Products

Despite its initial focus on Bitcoin remittances, Beam eventually shifted its strategy. [Falk] said he was not saying that bitcoin would not work in Africa, but said it was no longer on Beam s agenda for the time being. Despite the closure, other African startups remain focused on using bitcoin to unlock new savings in remittance markets, with $1.7m startup BitPesa focusing on East African markets.According to reports, the company decided to no longer focus on using Bitcoin as a direct means of payment. Ghana remittances. Source: World Bank Compelling use case Sending all that money comes at a cost for consumers. On average, a 200 transfer from the UK to Ghana will encounter a 7.4% feeInstead, Beam relaunched its service as a payment gateway for Ghanaians living abroad to buy services and products for family or friends living in their home country. Remittances in Africa: A Vital Lifeline Amid Economic andThis means they facilitated the process of individuals in the diaspora paying for specific needs within Ghana rather than directly sending money.

While the exact reasons for this pivot aren't explicitly stated, it's possible that challenges related to Bitcoin adoption, regulatory uncertainty, or market demand influenced the decision. People in Nigeria, Kenya and Ghana can now receive instant, low-cost remittance payments in local currency through Bitcoin s Lightning Network. Bitcoin payments app Strike said in a statement Tuesday that it had launched Send Globally, a new feature that lets U.S. users instantly and cheaply send money to Africa.Falk Benke indicated that while he wasn't discounting the possibility of Bitcoin working in Africa, it was no longer part of Beam's strategy.

Other Players in the African Bitcoin Remittance Space

Despite Beam's shift, other African startups remain committed to utilizing Bitcoin and other cryptocurrencies to improve remittance services.These companies are exploring various approaches, including leveraging the Lightning Network for even faster and cheaper transactions.

• BitPesa (now Chipper Cash): This East African startup has focused on using Bitcoin to unlock savings in remittance markets.
• Strike: This Bitcoin payments app launched ""Send Globally,"" a feature allowing U.S. users to send money to Africa instantly and cheaply using the Lightning Network.
• Bitsika Africa: Operating in Ghana and Nigeria, Bitsika Africa reported processing significant remittance volume using cryptocurrency.
• Bitnob: Bitnob helps bridge the gap between continents by connecting local African financial institutions with the Lightning Network.

The Role of the Lightning Network

The Lightning Network is a layer-2 scaling solution built on top of the Bitcoin blockchain. Strike and Bitnob bridge the two continents by connecting local financial institutions with the universal Lighting network, Bitcoin s overlay protocol for cheap and fast payments. Now, using Lightning rails under the hood, Strike s Send Globally feature provides users in the U.S. a cheaper, faster, and more innovative way to instantlyIt enables faster and cheaper transactions by allowing users to conduct multiple payments off-chain before settling the net balance on the main chain.This technology holds significant promise for improving the efficiency of Bitcoin remittances. Beam Helping Ghana Join 'African Bitcoin Club' with Fast and Cheap 'ReBittances'By facilitating near-instantaneous and low-cost payments, the Lightning Network can make Bitcoin a more viable alternative to traditional remittance services.

How to Transfer Money to Africa Fast and Cheap Using Bitcoin

While Beam is no longer directly focused on Bitcoin remittances, the option remains open to individuals wishing to send value using cryptocurrency. Africa is one of the fastest-growing regions for cryptocurrency adoption, with blockchain technology driving financial inclusion, remittances, and decentralized finance (DeFi). Leading conferences bring together industry pioneers, developers, and investors to discuss the future of crypto in Africa.Here are the general steps on how to transfer money to Africa fast and cheap using Bitcoin:

1. Acquire Bitcoin: Purchase Bitcoin through a reputable cryptocurrency exchange like Binance or Coinbase. Choosing the right crypto exchange is critical for anyone trading Bitcoin and altcoins in Ghana. With the increasing popularity of cryptocurrencies, finding a reliable platform that offers security, competitive fees, and a great user experience is essential for smooth transactions. More In thisIn Ghana, OKX offers several payment methods that might make acquiring Bitcoin easier. Timothy Stranex, chief executive officer of African Bitcoin exchange BitX, says the digital currency can have a major impact on international remittances, in terms of both speed, efficiency and cost.Consider joining Coinbase One for perks like 4.5% APY on USDC, zero trading fees, and priority support.
2. Choose a Wallet: Select a secure Bitcoin wallet to store your cryptocurrency.Options include hardware wallets (e.g., Ledger, Trezor), software wallets (e.g., Electrum, Exodus), and mobile wallets.
3. Find a Recipient: Ensure your recipient has a Bitcoin wallet and provide you with their Bitcoin address.
4. Send the Bitcoin: Initiate the transaction from your wallet, specifying the recipient's address and the amount of Bitcoin you wish to send.
5. Confirmation: The transaction will be confirmed on the Bitcoin blockchain, typically within minutes or hours.
6. Exchange for Local Currency: The recipient can then exchange the Bitcoin for Ghanaian Cedis (GHS) through a local cryptocurrency exchange or peer-to-peer platform.

Important Considerations:

• Volatility: Bitcoin's price can fluctuate significantly, so be aware of potential value changes during the transaction process.
• Fees: While Bitcoin transaction fees are generally lower than traditional remittance fees, they can vary depending on network congestion.
• Regulations: Be aware of any regulations or restrictions regarding cryptocurrency in both the sending and receiving countries.

Choosing the Right Crypto Exchange in Ghana

Selecting a secure and reliable cryptocurrency exchange is crucial for anyone trading Bitcoin and altcoins in Ghana. Remittance flows to and within Africa approach US$40 billion in total, but Beam believes the cost of remitting money is too high. We started looking into how using Bitcoins could solve these problems, ran a Bitcoin brokerage for a while, and finally settled on Beam, Handa told Disrupt Africa.Consider these factors when choosing an exchange:

• Security: Look for exchanges with robust security measures, such as two-factor authentication, cold storage of funds, and regular security audits.
• Fees: Compare the trading fees and withdrawal fees charged by different exchanges.
• Payment methods: Ensure the exchange supports convenient payment methods for depositing and withdrawing funds in Ghana.
• User interface: Choose an exchange with a user-friendly interface that is easy to navigate.
• Customer support: Opt for an exchange that offers responsive and helpful customer support.

OKX, for example, offers several payment methods convenient for users in Ghana and high-level security protocols.

Bitcoin Adoption in Africa: A Growing Trend

Africa is experiencing a surge in cryptocurrency adoption, driven by factors such as financial inclusion, remittances, and decentralized finance (DeFi). Backend for a Beam Remit - a Platform for Bitcoin Remittances into Ghana - fbenke/BeamRemitCountries like Nigeria, Kenya, and South Africa are leading the way in Bitcoin adoption, with Ghana also showing significant growth.

Several factors contribute to this trend:

• Limited access to traditional banking services: Many Africans lack access to traditional banking services, making Bitcoin an attractive alternative.
• High mobile penetration: Africa has a high mobile penetration rate, making it easier for people to access and use cryptocurrencies through their smartphones.
• Remittance dependence: As discussed earlier, remittances play a vital role in many African economies, and Bitcoin offers a cheaper and faster way to send money home.
• Devaluation of local currencies: In some countries, the devaluation of local currencies has led people to seek refuge in Bitcoin as a store of value.

Events like the Africa Bitcoin Conference in Ghana and the Africa Tech Summit in Kigali highlight the growing interest in cryptocurrency and blockchain technology across the continent.

The ""African Bitcoin Club""

The term ""African Bitcoin Club"" represents the growing community of individuals, businesses, and organizations that are embracing Bitcoin and blockchain technology in Africa.This club encompasses a diverse range of stakeholders, including:

• Startups: Companies like BitPesa (Chipper Cash), Strike, Bitsika Africa, and Bitnob are pioneering the use of Bitcoin for remittances and other financial services.
• Developers: African developers are building innovative blockchain applications and contributing to the Bitcoin ecosystem.
• Investors: Investors are pouring capital into African cryptocurrency startups, fueling innovation and growth.
• Educators: Organizations and individuals are providing education and training on Bitcoin and blockchain technology.
• Community members: A growing community of Bitcoin enthusiasts are driving adoption and promoting the benefits of cryptocurrency.

Initiatives like the Bitcoin Ekasi village demonstrate the potential of Bitcoin to empower communities and foster economic development.

Challenges to Bitcoin Adoption in Ghana

Despite the growing interest in Bitcoin, several challenges remain to widespread adoption in Ghana:

• Regulatory uncertainty: The regulatory landscape for cryptocurrency in Ghana is still evolving, creating uncertainty for businesses and individuals.
• Lack of awareness: Many Ghanaians are still unaware of Bitcoin and its potential benefits.
• Volatility: Bitcoin's price volatility can be a deterrent for some users.
• Internet access: Reliable internet access is essential for using Bitcoin, and connectivity can be limited in some areas of Ghana.
• Security concerns: Concerns about the security of Bitcoin wallets and exchanges can also hinder adoption.

Overcoming these challenges will require a concerted effort from governments, businesses, and the Bitcoin community to raise awareness, promote education, and establish a clear regulatory framework.

The Future of Bitcoin Remittances in Ghana

While Beam may have shifted its focus, the potential for Bitcoin to revolutionize remittances in Ghana remains significant.As technology advances and adoption increases, Bitcoin and other cryptocurrencies could play an increasingly important role in facilitating cross-border payments, promoting financial inclusion, and driving economic growth.

Looking ahead, we can expect to see:

• Greater adoption of the Lightning Network: The Lightning Network will likely become more widely used for Bitcoin remittances, enabling faster and cheaper transactions.
• Increased regulatory clarity: Governments are expected to provide greater regulatory clarity for cryptocurrency, creating a more stable environment for businesses and individuals.
• More educational initiatives: Efforts to educate the public about Bitcoin and blockchain technology will continue to grow, raising awareness and promoting adoption.
• Integration with traditional financial systems: We may see greater integration of Bitcoin with traditional financial systems, making it easier for people to buy, sell, and use cryptocurrency.

Conclusion: Ghana's Journey in the Bitcoin Landscape

While Beam's strategic shift away from direct Bitcoin remittances marks a change in approach, it doesn't diminish the broader potential of cryptocurrency to transform financial services in Ghana.Other players in the African fintech space are actively leveraging Bitcoin and the Lightning Network to provide faster, cheaper, and more accessible remittance solutions. Final word on bitcoin adoption in Africa. Here is the complete list (for now) of startups and events that have emerged in Africa and are based on blockchain. For example, we could have cited the Africa Tech Summit in Kigali,Africa Bitcoin Conference in Ghana or even initiatives like the Bitcoin village Ekasi.As Bitcoin adoption continues to grow across Africa, driven by factors like limited access to traditional banking and the need for affordable remittance options, Ghana is well-positioned to become a key player in the ""African Bitcoin Club."" Overcoming challenges like regulatory uncertainty and promoting greater awareness will be crucial to unlocking the full potential of Bitcoin in Ghana and ensuring that its benefits reach all segments of society.The journey towards widespread adoption may have its twists and turns, but the underlying trend points towards a future where cryptocurrency plays a significant role in shaping Ghana's financial landscape.