Approximately 200 residents of Nairobi’s Kibera slum are utilizing Bitcoin through an initiative by AfriBit Africa, launched in 2022, which offers reduced transaction fees and financial access to unbanked populations. This grassroots adoption demonstrates cryptocurrency’s potential to foster economic inclusion in underserved communities.
However, significant infrastructure limitations impede broader implementation. Unreliable internet connectivity, frequent electricity outages, and scarce digital devices restrict Bitcoin usage to a small fraction of Kibera’s population, hindering scalability despite the settlement’s substantial size.
Concerns emerge as many participants treat Bitcoin primarily as a speculative asset, with some allocating up to 80% of their net worth to cryptocurrency holdings. This practice exposes vulnerable populations to heightened financial risks due to market volatility.
AfriBit Africa has distributed over $10,000 in grants to support adoption efforts, but sustainable growth requires continued infrastructure investment, comprehensive financial education, and regulatory framework development. Long-term success hinges on addressing both technological barriers and promoting responsible usage.
Experts emphasize that enduring Web3 adoption in Kenya depends on persistent community engagement, digital literacy initiatives, and regulatory integration to balance innovation with consumer protection in emerging cryptocurrency markets.