Neobank Be Mobile Africa Launches Crypto Payments In SA

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Neobank Be Mobile Africa Launches Crypto Payments In SA
Credit: © Reuters.

Neobank Be Mobile Africa has announced the launch of its cryptocurrency payments gateway which will allow businesses and merchants in Africa to accept and make payments with Bitcoin (BTC) and other cryptocurrencies such as Ethereum (ETH), as well as USD stablecoins such as USDC and USDT.

Customers will be able to automatically convert incoming crypto payments in ZAR , USD or EUR or have the option to keep crypto with Be Mobile Africa providing full custody.

“International payments have always been a pain point for African SMEs. Sending or receiving money from customers outside of one’s country is expensive and often takes days.” says CEO Dr. Cédric Jeannot.

“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 new cryptocurrency payment gateway will offer SMEs fees up to 10 times cheaper than traditional banks and real-time transactions.

“It’s important to remember that for a multitude of reasons, Africa is one of the fastest-growing crypto markets in the world. Many African businesses don’t have access to the same tools that are available in western market and are therefore leapfrogging to crypto when it comes to payments. This is especially true in countries where the values of local currencies are losing value – using crypto to preserve wealth in unfavourable economic conditions.” says Dr. Jeannot.

Also read: Canada-Based Neobank Be Mobile Launches In South Africa

Canada-based neobank Be Mobile has announced its official launch in South Africa to target the unbanked and underbanked in South Africa and offers ‘low to no-fee’ banking products through its app.

According to Oxford Business School, an estimated 23.5% of the population is unbanked, and R12 billion or $1.04 billion, in cash is believed to be held outside of banks.

The company aims to accelerate financial inclusion throughout Africa by delivering innovative digital banking solutions to serve these users.

By opening a Be Mobile Africa account, customers can hold, send and receive funds in multiple currencies including USD and EUR, send money abroad in seconds and earn 5% interest per annum in USD and EUR with Be Mobile Africa’s savings offering. Added to this, customers can transfer and request money instantly and at no cost from anyone in the Be Mobile Africa network and exchange currencies with low FX fees.

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