First Steps For Crypto Payments in Kenya
A Nairobi-based electronic goods retailer claims it has become the first vendor in Kenya to accept cryptocurrencies as a form of payment.
Kenyan news outlet Business Daily reports that the 5-year-old company, Boxlight Electronics, has one shop and and an online store and distributes imported Chinese TV sets and other home appliances from its headquarters, and is responding to growing demand from its crypto-keen customers.
Trading in cryptocurrencies is not straightforward in Kenya. Both the Central Bank of Kenya and the market regulator have issued warnings to the public, informing citizens that digital tokens will not be considered legal tender.
However, the retailer says that young Kenyans are not heeding that call, and want to enjoy the convenience of crypto pay.
Business Daily quotes the store’s owner, Robinson Murage, as saying, “We have received tons of requests from our customers to pay using [cryptocurrencies]. 90% of our customers are young, tech-savvy and predominantly online, so we choose to be inclusive and adapt to their needs. We allow them to use bitcoin and we cash those in when prices go up. If the prices don’t rise, we hold on to them.”
Most Boxlight Electronics customers are said to be males aged between 24 and 45.
Cryptocurrency trading is on the rise in Africa, with young, South African university graduates leading the charge, as reported.