Ghanian startup Beam has announced to shutdown its international Bitcoin remittance services, the Disrupt Africa reported.Launched in October last year by Nikunj Handa and Falk Benke, the company was launched to address the growing inward remittance needs of Ghanian people.According to The World Bank’s latest report, a 70% of the Ghana’s population doesn’t have access to even basic banking facility, a factor that makes Bitcoin a potential contender in this territory.But even these supportive factors have failed to impress Beam’s owners.As reported, Handa has left the business and Benke has preferred to pivot the firm into gift and bill payment services in Ghana.Both the owners, meanwhile, has shied away from explaining the true reason behind their decision to ditch Bitcoin.“Using an international debit or credit card, you can pay for utility bills, top up airtime, send gifts or even get errands done back home in Ghana,” Benke told Disrupt Africa.“So no direct cash payouts anymore and we no longer accept bitcoin as means of payment.” Benke, however, said that they haven’t sidelined Bitcoin entirely, as he still believes in its potential in the African markets.

, emerging entrepreneurs in Ghana have expressed their disappointment in the country’s banking infrastructure.They have always blamed the financial giants to bring unfair set of conditions, that could easily impede the growth of young startups.ethereum colombia“The banks are not ready to assist us the local entrepreneurs because they think we are vulnerable to the conditions they set”, a trader had said.“The banks are just not being innovative in their credit-delivery role”.bitcoin core ubuntu serverWhile Beam has shied away from mentioning anything further, it had confirmed to have faced certain restrictions while running a Bitcoin-based businesses.bitcoin купить qiwiAs Benke suggested, their company did face troubles due to costly Bitcoin-to-Fiat exchange services, limited adoption and price volatility.litecoin miners uk

NewsBTC has contacted Beam to provide additional comments.This article will be updated accordingly.Large financial companies like PayPal and VISA have blacklisted entire African countries, making it extremely difficult for average Africans to transact legitimate business online.armory bitcoin safeBanks and money transfer services like Western Union also slap on huge charges on even the smallest transactions.bitcoin fog newsStarting in Ghana and Nigeria, Kitiwa helps ordinary Africans send and receive money, cheaply, instantly, using the bitcoin technology.bitcoin armory vs electrumThis venture has not initiated a round of financing on this platform.bitcoin to usd bloombergIf they choose to, the summary of the fundraising round will appear to registered investors here.bitcoin value in indian rupees

Summary Plan Funding History Quickscan Documents Idea We have an elevator pitch.We have a revolutionary new idea that will change the rules of the game.Kitiwa helps ordinary Africans in Ghana and Nigeria send and receive money, cheaply and instantly, to and from anyone in the world, using the Bitcoin technology.It also helps them bypass the Paypal ban by allowing them to make online transactions using Bitcoins.Team Our founder has the business savvy and persistence to turn ideas into a company.We have a business network and can get introduced to the right people.We are not going to build this ourselves.Our plan is to hire people to support us through the implementation.Founder: Mawuli Adzoe, a Bitcoin evangelist who started several Bitcoin ventures in Ghana.Product We have a working product and you can request a demonstration.It only allows users to buy Bitcoins in Ghana.Over the next 2 months, we plan to launch a service that allows users to sell Bitcoins for fiat money in both Ghana and Nigeria.

We plan to launch this during the DEMO 2014 event.Revenue We plan to start by building a community of passionate customers.We will earn revenue from an advertising model.We have a cash-flow prognosis.We already have revenue from paying customers.Pro investors onlyFunding history is only visible to registered investors.Pro investors onlyThis information is only visible to registered investors.Idea and Stage Are you working on this business full time?Is there a demo, prototype or working product?Do you have paying customers?Are you making a profit?Has the business existed longer than one year?Has the business existed longer than three years?Do you have more than five employees?Do you have more than 10 employees?Is your annual turnover more than USD $50,000?Is your annual turnover more than USD $100,000?Team and Organization Is this your first time running a company?Have you started a business before in a similar/same sector?Have you exited a previous business successfully?Do you have co-founders?

Is there technical/product development experience in the team?Is there sales and marketing experience in the team?Do you have an advisory board?Do you have a board of directors?Are you already incorporated?Do you have references?Market and Marketing Do you know the size of your market?Do you know your customer acquisition cost?Do you know your profit margin per customer?Do you know how many customers you need to break even?Do you have signed contracts with marketing partners?Do you have signed contracts with customers?Finance Do you have a finance expert in your team?Do you have a three year financial forecast?Have you calculated your break even point?Do you have audited financial statements?Have you invested your own money in the company?Have you received grant funding?Have you received outside investment?Investment Do you need working capital?Do you need capital investment?Are you willing to give up equity?Are you willing to give up a majority share?Are you looking for debt finance?