A global fintech platform operating in Kenya's largest slum, Kibera, has made global headlines with its latest innovation-using Bitcoin to pay residents for participating in waste collection and management in the densely populated estate.
The platform, known as Afribit, was featured in Forbes over the weekend and has since gained traction for revolutionising money transactions in a place not typically associated with fintech innovation-Kibera, as opposed to areas like Kileleshwa, which is known for financial enterprises.
The platform provides coding classes and Bitcoin training to hundreds of residents while also engaging youth in waste management programs where they collect waste from households across the estate and receive payment in Bitcoin.
Additionally, the platform has established an online platform where residents of Kibera can sell their goods online in exchange for Bitcoin. Several garbage collectors at work in Nairobi Photo Roja Cleaners According to the Director of the Afribit project, Ronnie Mdawida, the decision to introduce Bitcoin as a payment method for slum dwellers was driven by existing challenges such as the lack of proper documentation required for obtaining identification needed to access banking and mobile financial services.
