Africa has emerged as a hotspot for crypto adoption, with its market becoming the third fastest-growing globally, marked by a staggering 1,200% increase in the past two years. Countries like Nigeria, Kenya, and South Africa are driving this growth as individuals leverage cryptocurrencies to combat inflation and build wealth.Amidst this rising adoption, Nigerian blockchain startup Bitmama has successfully raised $2 million in pre-seed funding. This includes an initial $350,000 raised earlier, with a $1.65 million extension led by Unicorn Growth Capital and Launch Africa. Other contributors include Adaverse, Flori Ventures, GreenHouse Capital, and several angel investors.
Pioneering Blockchain-Based Payments
Bitmama, established in 2019, is focused on addressing Africa’s fragmented payment systems using blockchain technology. Co-founded by CEO Ruth Iselema, CTO Adam Umar, and COO Akinbola Asalu, the company initially began as a WhatsApp group where users could trade and learn about cryptocurrencies. It has since evolved into a robust platform offering diverse solutions, including crypto trading, peer-to-peer payments, and international remittances.The company’s flagship offerings include a crypto exchange platform and the recently launched Changera app. Changera allows users to conduct remittances, make international payments, and shop online using virtual dollar cards funded with stablecoins. The app is designed to simplify blockchain-based payments, making it accessible even to those unfamiliar with cryptocurrencies.
Solving Everyday Challenges
Bitmama’s innovative solutions address pressing financial challenges across the continent. For instance, Changera’s virtual debit cards overcome local banking restrictions, such as Nigeria’s $20 monthly spending cap for international transactions. With monthly spending limits exceeding $10,000, these cards enable seamless global online transactions.“Our goal is to make blockchain payments more practical for everyday use,” said Iselema. “From buying airtime to making international purchases, our tools are designed to provide ease and reliability.”
Scaling Across Africa
Bitmama operates across Nigeria, Ghana, and Kenya, with a distributed team working remotely. The company plans to leverage the new funding to scale its operations further, enhance its technology stack, and introduce additional features tailored to user needs.As blockchain technology continues to reshape financial systems globally, Bitmama’s focus on solving real-world payment challenges positions it as a significant player in Africa’s burgeoning fintech ecosystem.
