As the adoption of digital currencies grows, Bitcoin is gaining popularity in Kenya as consumers ditch traditional banking systems and mobile money services like M-Pesa.
While the Central Bank of Kenya (CBK) was initially wary of cryptocurrencies, citing concerns over their potential use in illegal activities and lack of consumer protection, more Kenyans are embracing Bitcoin for day-to-day transactions, personal savings, and investment purposes.
In Kibera slums, Nairobi, residents are turning to Bitcoin for their day-to-day transactions unlike in other areas where M-Pesa is the widely used transaction too.
The currency shift in Kibera began in 2022 through Afrobit Africa, a Kenyan fintech startup, which launched a Bitcoin-based grant programme targeting Kibera’s garbage collectors.
The aim was to pay workers in Bitcoin rather than shillings, and empower them to transact digitally without the need for bank accounts or mobile money services that require IDs and Ki
“I have been using Bitcoin for like one and a half years. Since I have known Bitcoin, it has been good. It helps not to carry bulky cash in the pocket — when you have cash, you become a target for thieves,” Onesmas Manning, a waste collector in Kibera, told the Associated Press.
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The program was warmly received by residents, with business people including vegetable vendors, accepting Bitcoin as a mode of payment.
“We collect waste door to door,” says another waste worker. “After sorting and recycling, we get paid in Bitcoin. I just scan and receive the payment on my phone. Then I can go shower, eat, and relax.”
Diyam, a vegetable vendor who started accepting Bitcoin in 2023, says it has brought her closer to a new kind of customer — younger, tech-savvy residents who prefer digital transactions.
“Around 9 to 15 customers a day pay with it when business is good. I like it because it’s cheap, fast, and doesn’t have transaction costs. I save in Bitcoin and use cash to restock.” She said.
Afrobit Africa says that the introduction of Bitcoin in Kibera aims to give residents an opportunity to secure their lives with normal savings.
“In many cases, people from Kibera are excluded from the main financial systems, but Bitcoin is trusted, permissionless, and gives them a sense of control.”
Opening an account is simple, and all one needs is a smartphone — no identification, no paperwork — to open a digital wallet and start transacting.
