M-Pesa is a mobile phone-based money transfer, financing, and microfinancing service. Its services are available in Kenya, Tanzania, Albania, Ghana, Lesotho, Romania, Mozambique, India, Egypt, Afghanistan, South Africa, and DRC. Bitcoin is a digital currency used to purchase products and pay for services online.
What is Needed to Buy Bitcoin
In order to buy cryptocurrencies such as bitcoin, you need the following:
- A cryptocurrency exchange. A crypto exchange is a platform that allows its users to buy and sell cryptocurrencies. Popular crypto exchanges include Kraken, Gemini, and Coinbase.
- Payment method. Your payment method will depend on the exchange’s supported payment method. It can be a debit card, credit card, bank account, money transfer such as Transferwise, rebranded to Wise, mobile money such as M-Pesa, etc.
- Crypto wallet. Cryptocurrencies need to be safely stored in a secure digital wallet. You can use a hot wallet such as Samourai or a hardware (cold) wallet such as Trezor and Ledger.
Can I Buy Bitcoin With M-Pesa?
Yes, there are several platforms and websites you can use to buy bitcoin through M-Pesa without converting KShs to USD, GBP, or EUR. They include LocalBitcoins, Paxful, LocalCryptos, and Remitano. When buying bitcoin with M-pesa, make sure you find a reliable source of cryptocurrencies because crypto transactions are irreversible.
Binance M-Pesa: The Kenyan Shilling support on the Binance platform was added in June 2020. However, Binance recently closed down the M-Pesa funding option for Kenyan users. The closure follows a directive by the Central Bank of Nigeria (CBN). Users only have the option of purchasing BTC on Binance using debit cards (Mastercard or Visa) and P2P.
How to Buy Bitcoin With M-Pesa on Paxful
Paxful is a global peer-to-peer (P2P) exchange with a simple registration process and an excellent customer support. This makes it simple to buy, sell and exchange bitcoin. To buy bitcoin with M-Pesa, you will first need to register for a bitcoin trading account on Paxful. Then, verify your Paxful Bitcoin Account. Before you buy any bitcoin, it is best to find a trusted bitcoin seller on Paxful with good prices. Thereafter, credit the bitcoin seller’s M-Pesa account with the amount you want to use to purchase bitcoin and the bitcoin value you ordered will be sent to your Paxful bitcoin account. You have the option of withdrawing your cryptos from Paxful to an external wallet.
How to Buy Bitcoin With M-Pesa on LocalBitcoins
LocalBitcoins deals in Bitcoin only. To buy bitcoin on LocalBitcoins, you will need to register for a LocalBitcoins account and verify your email. Your account will come with a free online bitcoin wallet.
To start buying, choose a bitcoin seller with a good reputation (preferably sellers with 100% feedback score) and one that meets your ability. Then, click on the Buy Bitcoins button to get more information such as terms and conditions of trade. Read the terms carefully before submitting your request. After agreeing to the terms, enter the amount you wish to buy in your currency, make M-Pesa payment, then confirm the payment to receive your bitcoins.
How to Buy Bitcoin With M-Pesa on LocalCryptos
LocalCryptos is a peer-to-peer marketplace where traders can buy and sell cryptocurrencies. To buy bitcoin, you will first need to sign up on LocalCryptos then search for M-Pesa bitcoin sellers on the platform. When you find a reputable seller, transfer the amount of money you want to use to buy bitcoin from your M-Pesa account to the seller. Buying bitcoin with M-Pesa on LocalCryptos takes only 7 minutes.
How to Withdraw Bitcoins to M-Pesa
To withdraw BTC to M-Pesa, you will first need to convert it to Kenya Shillings. Converting bitcoins requires you to sell off your bitcoins to a buyer who deals in M-Pesa. You can convert bitcoin to M-Pesa by selling your bitcoin on the exchange platform you bought your crypto from or any other platform listed above.
How to Convert Bitcoins to M-Pesa on Paxful
Log in to your Paxful User Account or if you don’t have one, you will need to register. Transfer bitcoin to your Paxful wallet then scroll down to “sell bitcoins” where there are offers by bitcoin buyers. Evaluate the Buy offers by bitcoin buyers and choose a Trusted Bitcoin Trader you are going to sell your bitcoins to in exchange for M-Pesa. Then, go to “How much you wish to sell?” and enter the amount you want to earn from your bitcoins in KES and click “Sell Now”. Then, go to where you will write a message to the buyer and start a conversation. The buyer will then ask for your M-Pesa number through which he will send you M-Pesa Cash. After a few seconds, the payment notification will check in and you will need to confirm it. After receiving the cash, proceed to release bitcoins to the buyer.
How to Convert Bitcoin to M-Pesa on LocalBitcoins
Log in or create a Localbitcoins account and transfer BTC to your Localbitcoins wallet. Then, go to the main page and click “Quick Sell”. Thereafter, enter the amount you want sell and select M-Pesa as payment method. A list of offers will be displayed for you to study. Click on “Sell” to view more information like the terms of trade. Upon finding a buyer, input the amount you want to sell and send a trade request to initiate the deal. Localbitcoins will move your bitcoin from your wallet to escrow. Then, send your M-Pesa details to the buyer and wait for a confirmation from the buyer that they have sent the payment. After verifying the payment, click “Release Bitcoins” and the BTC will move from escrow to the buyer’s wallet.
How to Convert Bitcoin to M-Pesa on LocalCryptos
Create an account or log in to your existing LocalCryptos account. Transfer BTC to LocalCryptos and search for a suitable buyer. Once you find a buyer, open a trade and enter amount you want to sell and lock in the price. The buyer will receive a notification alerting them of the trade. Then, move your BTC to the decentralized escrow. This will start a countdown timer telling the buyer how long they have to make the payment. Then, send your payment details to the buyer who will send the payment to your M-Pesa account. The buyer will then click on “Mark As Paid” to confirm payment. Release the bitcoin to the buyer after confirming payment.
How to Transfer Money From Bitcoin Wallet to M-Pesa
In 2017, Bitwala, rebranded to Nuri, launched BTC to M-Pesa transfers in Kenya, Tanzania, Uganda, and Nigeria. This service is free of charge. To send money to an M-Pesa user using this service, you will need to register with Bitwala and choose a mobile money payment. Then, an invoice to be paid in bitcoin will be sent to the user.
Final Thoughts on How to Buy Bitcoin With M-Pesa
Cryptocurrencies are increasingly becoming popular in Africa. It is just a matter of time before digital currencies are fully embraced. When trading cryptos, it is important to deal with genuine traders. Do thorough research to avoid falling victim to crypto scams.