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Beam, a start-up that allowed Africans to instantly remit money by using bitcoin, has announced shutdown of its Bitcoin remittance services.

Now Beam provides services allowing Ghanaians to buy gifts and pay for utility bills on behalf of their families at home.

The official website reads: “With a heavy heart, we have decided to discontinue our Bitcoin remittance service. However, this is not the end of Beam. We are working on other exciting services enabling Ghanaians in the diaspora to care for loved ones back home”. 

Nikunj Handa and Falk Benke launched the Accra-based start-up Beam in October 2014.The founders aimed to facilitate money remittances between Ghana and Nigeria and the United Kingdom. 

According to the World Bank’s data, about 70% of the Ghana’s population does not have access to banking services. The aim of the Beam project was to improve remittance industry in Africa with bitcoin network.

The founders did not comment much on the reasons behind the decision to move away from bitcoin. According to Disrupt Africa, Beam’s CEO Benke stated that it was linked to the complexity of bitcoin conversion into the local currency, small number of merchants accepting bitcoin payments, and price volatility.

“Using an international debit or credit card, you can pay for utility bills, top up airtime, send gifts or even get errands done back home in Ghana,” Benke told Disrupt Africa. “So no direct cash payouts anymore and we no longer accept bitcoin as means of payment.”

 

Daria Petushkoa