BitMama started as a P2P digital currency exchange in 2017. Over time, it became a vast cryptocurrency trading and exchange platform with the aim of becoming the infrastructure for cross-border payments. BitMama leverages blockchain technology to solve societal problems and improve how Africans carry out transactions.

These are some milestones BitMama has achieved since its inception.

BitMama’s Milestones

BitMama’s Acquisition of PayDay

Image Source / Technext24

On the left, Ruth Iselema (BitMama), Right, Favour Ori (PayDay)

An exclusive article shared by TechCabal on the 5th of December, 2023 divulged that talks about BitMama acquiring PayDay had been finalized. PayDay is a fintech application backed by MoniePoint used for global financial transactions. It has features such as being a payment partner for Starlink, individual ownership of several bank accounts for different denominations, and virtual MasterCards.

PayDay was founded by Favour Ori and gathered a lot of traction on social media, Twitter especially. Its user base grew rapidly as its services proved to be reliable.

On the 5th of September, 2023, a TechCabal exclusive relayed that PayDay was looking for prospective buyers after raising a $3 million seed round. At this time, there were talks that MoniePoint had an interest in acquiring the company, but the deal fell through. PayDay also battled internal and internal issues and took measures to lock up customer funds after fraudsters took advantage of a loophole in their infrastructure.

The CEO, Favour Ori, was also reported to have a full-time job at GitHub, aside from PayDay, which he referred to as a “side hustle”. PayDay’s co-founder is also reported to have a full-time job at Revolut.

The acquisition of PayDay was led by BitMama’s CEO, Ruth Iselema. She reportedly their investors $1 million in equity in BitMama at a $30 million valuation. The deal was prompted by BitMama’s Changera, an international money transfer app.

Launching the Changera App

Image Source / Changera

BitMama’s focus has spread towards partaking in global remittances. A solid example of this is their Changera application. It was created with the sole purpose of handling international transfers. The countries supported include Nigeria, Kenya, Ghana, Congo, countries in Central Africa, countries within the EU region, and the United States of America.

Since its inception on the 5th of August, 2020, it has gotten over 10,000+ downloads. The app offers a global virtual card for users, multi-currency wallets, and seamless transfer sessions.

Integration with Algorand Network

Image Source / BitMama

On the 27th of November 2023, BitMama announced the integration of Algorand Network to its USDT and USDC wallets through its official blog. Algorand, a Layer 1 solution, with its native coin as ALGO, is a cryptocurrency protocol that provides proof–of–stake (PoS) on a blockchain network. This integration allows BitMama’s users to fund their USDC and USDT wallets through the Algorand network with ease, and get charged a minimal fee of 1USDC/USDT for each transaction.

Integration with Base Chain Network

Image source / BitMama

On the same day of Algorand’s integration announcement, another exciting update was also released. BitMama integrated the Base Chain network with its USDC wallet. Base Chain is a Layer 2 solution that conducts transactions faster and cheaper than Ethereum L1. With this upgrade, BitMama users can easily conduct transactions with reduced congestion at affordable rates.

BitMama’a Unique Features

Image Source / BitMama

Other unique features BitMama offers are;

BitMama crypto card (physical and virtual) can be used for daily global transactions. These include shopping virtually from international shopping outlets like Amazon and ASOS and paying international bills like Spotify, and others.
Trading can be conducted amongst BitMama users on the BitMama P2P marketplace. Users can also buy and sell cryptocurrencies.
Crypto giveaways can be done with BitMama GreenBox. Users can gift USDT, cUSD, and USDC.
Users can lock and stake their funds to earn interest over time using BitMama Earn.
Users can purchase data and airtime with their cryptocurrency wallets.
Users can spend cryptocurrency directly without having to change to fiat currency.

BitMama has witnessed rapid growth since its inception. Its acquisition of PayDay is a big deal that shook the Nigerian fintech industry, and Changera is beginning to gain massive usage. One can only hope this upward trend of good tidings remains constant. Interested in learning more about BitMama and its services, check them out here!