Report: South African Digital-Only Bank Launches Crypto Payments Gateway
A South African digital-only bank (also known as a “neo bank”), Be Mobile Africa, has reportedly launched a crypto payment gateway that allows merchants to convert digital currency payments to fiat currency. Cédric Jeannot, the CEO of the digital-only bank, said the “new gateway is a game-changer” that also helps small businesses “preserve wealth in unfavourable economic conditions.” Storing Crypto With a Digital Bank
The digital-only bank Be Mobile Africa recently created a cryptocurrency gateway that allows South African businesses and merchants to accept digital currency payments, a report has said. It added that users of the new gateway have the option to convert incoming cryptocurrency into either the South African rand, the U.S. dollar, or the euro. Users also have the option to store their crypto with the digital bank.
According to a report by Itweb, the digital-only bank’s crypto gateway launch comes at a time when local banks have targeted accounts associated with cryptocurrencies. The report nevertheless quotes Cédric Jeannot, the CEO of the digital-only bank, explaining why the crypto gateway has been created. He said:
“International payments have always been a pain point for African SMEs [small-to-medium enterprises]. Sending or receiving money from customers outside of one’s country is expensive and often takes days. We are seeing an increase in the number of African SMEs transacting with clients outside of their own domestic market, including other African countries. This new payment gateway is a game-changer.”
The CEO added that SMEs using the gateway will also benefit by way of significantly lower fees incurred. He also argued that by exposing SMEs to crypto, his company is making available the means to “preserve wealth in unfavourable economic conditions.”
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Tags in this story Be Mobile Africa, Cédric Jeannot, crypto gateway, Cryptocurrency, digital bank, Digital Currency, fiat currency, neo banks, payment gateway
What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Cameroonian Fintech Ejara Raises $8 Million in Series A Investment Round FINTECH | 7 days ago Defichain Co-Founder: FTX"s Collapse Has Rekindled Interest in Defi and Associated Products FINTECH | Nov 18, 2022
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