Originally published on February 13, 2022
As part of our exploration of Africa’s dynamic fintech ecosystem, Aryze interviewed Atsu Davoh, CEO of Bitsika, a Ghanaian fintech startup founded in 2019 by Atsu Davoh and Samuel Boahen. Bitsika is addressing the challenges of seamless remittances across African countries with its innovative Bitsika payment app, which leverages cryptocurrencies and stablecoins for backend settlements.
The Bitsika app removes reliance on traditional banks by utilizing the Binance chain as a settlement bridge. This allows users to make cross-border payments instantly in local currencies. Beyond payments, the app offers features such as virtual Visa cards, cryptocurrency support, and airtime purchases across supported networks.
According to Atsu Davoh, the segmentation of Africa—across borders, languages, and currencies—creates unique challenges that Bitsika set out to solve:
"While most fintech companies focus on Africa-to-world transactions, we saw a sweet spot in Africa-to-Africa transactions. This is how we emerged, and this is how we are thriving."
– Atsu Davoh, Bitsika CEO
In just two years, Bitsika has expanded to seven countries, including Nigeria, Senegal, Ivory Coast, Togo, Benin, Cameroon, and Burkina Faso. Plans are underway to launch in Mali, Kenya, and Uganda, with a goal of reaching 20 countries by the end of 2022 and eventually covering the entire continent.
Bitsika during a lab session with Binance
In a groundbreaking move, Bitsika is preparing to launch the second generation of its app, combining existing payment features with a social media platform.
"We noticed a lot of friction between social media and fintech. For example, people share GoFundMe links on Twitter due to limited visibility on the fundraising platform itself. With Bitsika, we want to merge these worlds—imagine paying for a meal with the app and posting about it right after."
– Atsu Davoh, Bitsika CEO
Unlike traditional social platforms, Bitsika’s app encourages organic engagement by requiring users to open the app for payments, where they can view posts from friends by default. With over 130,000 registered users, Bitsika is demonstrating how wallets can drive innovation in fintech by offering free, instant transactions with limitless potential for expansion.
In February 2021, Nigeria banned cryptocurrencies for retail use. Despite this, Bitsika was able to continue operations by using cryptocurrencies as a backend settlement bridge, which remained legal.
"Regulations are often driven by fear—fear of losing control or market share. In Africa, legislation is slow, so you can’t wait for governments to plan your company’s future. You must build resilient models instead."
– Atsu Davoh, Bitsika CEO