Who's dominating peer-to-peer bitcoin lending in Africa, according to our Daily news site?
Nigeria leads Africa in peer-to-peer Bitcoin lending with monthly volumes of about $25.8 million, according to recent data. This is closely followed by South Africa with approximately $8.2 million and Kenya with around $7.7 million. Ghana has also seen an increase in Bitcoin trading activities, surpassing Kenya's volumes in some months. Congo and Ethiopia have started recording some activity in Bitcoin peer-to-peer lending in 2020.
August 2020 marked a significant milestone for Bitcoin peer-to-peer trading in Africa, with over $15 million transferred across almost 20 countries, making it the highest month ever.
Meanwhile, in the world of entertainment, DStv, a leading entertainment company, has launched a standalone streaming service, available only in South Africa for now. The new service offers plans ranging from R29 ($1.8) to R819 ($53.4), with additional costs for movies and Dstv India.
DStv recently launched its new Explora Ultra decoder which includes a built-in Netflix app and the ability to add Netflix subscription cost to DStv bill. This move is part of DStv's strategy to meet the needs of its diverse consumers, starting with its most profitable market.
However, the pandemic has taken a toll on DStv's revenue this year, causing a decline. In its half-year report for 2020, DStv crossed the 20 million subscriber mark for the first time, with 43% (8.7 million) in South Africa and 57% (11.4 million) in the Rest of Africa.
Despite its success, DStv's Kenyan counterpart, SportPesa, is currently under investigation for money laundering $278m (Sh30 billion). The Kenyan revenue authority claims that Sh21.4 billion ($190m) is yet to be remitted by SportPesa, covering withholding tax, penalties, and interest for the period between January 2018 and May 2019.
SportPesa's daily bets are worth Sh408 million or $3.68 million, and the financial records of the sports betting company have been disclosed due to an ongoing court case. The company was blocked in Kenya after returning under a new operator in October 2020.
Interestingly, despite having a larger population in the Rest of Africa category, MultiChoice's revenues are still mainly from its South African audience. Nigeria, South Africa, Kenya, and Ghana have shown the highest activities in Bitcoin-based peer-to-peer lending in Africa in recent months.
Lastly, it's worth noting that despite the challenges faced by both industries, Bitcoin peer-to-peer lending and entertainment companies continue to adapt and innovate, demonstrating resilience in the face of adversity.
