Kenya Promotes Bitcoin Payments – Experts Warn of Risks From Volatile Cryptocurrency

Last Update: 13,Jun 2025

In Nairobi, the capital of Kenya and home to Africa’s largest slum, about 200 residents are using Bitcoin wallets for transactions. The fintech company promoting Bitcoin payments here says that although experts warn about the high risks of introducing such a volatile asset, for local residents it offers convenience and—since no paperwork is required to open an account—hope for future savings.

Simply scan a QR code with a phone, and payment can be made with a Bitcoin wallet. In Kibera, the world’s fourth-largest slum, even sanitation workers are paid in Bitcoin.

According to an Associated Press report, in Kibera’s West Soweto area, around 200 people now use Bitcoin. Street vendors display large QR codes encouraging mobile payments.

Sanitation worker Onesmas said:

“I’ve been using Bitcoin for about a year and a half. Since I learned about it, it’s been amazing. First, it’s really convenient. Second, I don’t need to carry large amounts of cash in my pocket anymore. If you carry cash, you become an easy target for thieves, and your life is at risk. With Bitcoin, I just scan and can buy anything.”

Kibera residents’ enthusiasm for Bitcoin wallets comes from the promotion of fintech firm AfriBit Africa, which aims to extend financial services to Kenya’s poorest, most underbanked communities.

AfriBit Africa notes that Kenya’s younger generation is highly receptive to new technologies. With Bitcoin, residents no longer need documents to open accounts.

AfriBit Africa co-founder Mudavida explained:

“Many times, Kibera residents don’t have the opportunity to save and protect their livelihoods because they’re excluded from mainstream finance. With Bitcoin, there’s low entry barriers and no paperwork needed. In just two minutes they can open an account, receive payments, transfer funds, and save for the future. Essentially, they become their own bank. Nobody can control their money, and this lays a foundation for financial freedom.”

AfriBit Africa estimates about $10,000 USD (roughly NT$300,000) worth of Bitcoin is now circulating in Kibera. The potential rise in Bitcoin’s value is also an incentive for locals to use it. However, experts caution that if residents hold all their assets in such a volatile currency, introducing it to such a vulnerable community carries significant risks.

Kenya Fintech Alliance chairman Kassim warned:

“In general, cryptocurrencies have many successful cases worldwide. But it’s like building a 50-story building without a foundation.”

In addition to the app, using Bitcoin wallets requires phones and internet connectivity, which come with costs. AfriBit Africa admits there are still challenges and concerns about price volatility, but for local residents, Bitcoin represents hope.