#LifeChangingMoney As he put it simply: “If money doesn’t flow, life doesn’t flow.”
Llanos explained how this flow is hard to keep up due to high remittance fees from banks – in some countries in Africa remittance fees spill over 20%. According to the World Bank, if these fees were cut by 5%, over US$16 billion dollars would reach their destination country.
Citing this estimate, Llanos elaborated: “Imagine if a mother (in Zimbabwe) were to receive two additional dollars from her son in London. Two dollars is probably more than she can make in a month.”
With the rising growth of internet users in Africa (Llanos cites an 82% growth in 2013), Llanos transitioned to what he considers the best money transfer system sans a third-party: Bitcoin.
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