Beam Launches Cheap ‘Rebittance’ Solution for Ghana
Controversial and unjust though it often was, the British Empire left a legacy of political and cultural ties, not to mention a large and vibrant expat community in the UK, that exist to this day.
As many of these expats regularly send money to family and friends back home in their countries of origin, a vast flow of cash ($3.2bn in 2011) makes its way from the UK around the world. creating a lucrative market currently dominated by banks and money transmitting services like Western Union and MoneyGram.
This is a market ripe for disruption from bitcoin, which excels at making international transfers of value speedily and cheaply.
Ghana alone has almost 100,000 people living in Britain – more than a tenth of the global expat total for that country – many of whom support relatives at home by sending regular money remittances.