BitPesa (BTC Africa), the pan-African digital payment platform has partnered up with Sompo Holdings, one of the major Japanese insurance companies, to lower the costs incurred and increase the speed of payments to and from frontier markets, including international remittances across Europe and Africa.
The partnership came after Sompo Holdings invested Sh515 million (570 million yen) to acquire a 10% stake of Bitpesa. The partnership aims to further increase global trade and encourage the digitalization of international financial services.
According to Sompo Holdings, BitPesa’s technology, which was developed through thorough experiments in remittances and settlements, will be able to help the company to extend its presence in the international remittance service market and even consider adopting the technology in its insurance field.
With Sompo Holdings looking to extend its base and reach more people, Elizabeth Rossielo, CEO and Founder of BitPesa, has welcomed the partnership with the Japanese underwriter as it will give customers the ability to easily transact between different currencies.
“We focus on giving our customers the ability to transact between currencies. Now, we are welcoming other partners from around the world who want access to these markets. Sompo Holdings is one of the largest Japanese insurance companies and they are looking for new markets and opportunities. We can give them immediate access to these markets. For all the financial services they offer, we can provide all the cross-currency transactions to remove any currency risk,” she said.
On the other hand with the addition of Sompo Holdings, BitPesa has gained international credibility, geographical presence and customer reach which will enable it to grow. The partnership has come soon after BitPesa recently also partnered with SBI Remit, a Japanese remittance firm, in order to make it easier for African to buy Japanese products, reduce friction, and improve efficiency as well as interoperability for cross-border payments between Africa and Japan.
To date, BitPesa has grown to now offer its services in a number of African countries including Nigeria, Kenya, Uganda, Tanzania, Ghana, DR of Congo and Senegal.