South Africa : DafriBank announces massive expansion plans – Including stablecoin launch
- 14 April 2022 / News / 86 / Fares RAHAHLIA
DafriBank Digital LTD has announced that its Series A pre-seed funding round is officially open, as it aims to raise funds to expand its operations and infrastructure.
The digital bank describes itself as the evolution of cross-border banking and has its sights on dethroning major competitors through its broad outreach and wide product offering.
It aims to achieve this through low-fee, 5-minute processing and a real-time currency exchange that bridges the gaps between the banked, underbanked, and fully banked.
“DafriBank is leveraging its impressive technology and logistics capabilities to rapidly formalise informal channels and provide an affordable, safe alternative to risky informal remittance channels,” said Chairman of the DafriGroup PLC, Xolane Ndhlovu.
The first round of funding aims to raise $80 million, which comprises minimum participating entries of $1 million per private investor.
One aim of this funding round is to acquire commercial banking licences in India, Botswana, and across Africa, including Nigeria, South Africa, and Kenya.
The innovative digital bank will also launch DafriBank Stablecoin to compete with other major global stablecoins.
DafriBank Stablecoin will provide customers with access to a non-volatile cryptocurrency that is tied to real world assets.
“DafriBank did not want to be a follower but wanted to lead the way, which is why we built our own digital currency backed by a real company with multiple subsidiaries,” said Ndhlovu.
“Stablecoins have the possibility to become a promising alternative system amid global inflation,” added DafriBank Stablecoin Project Director, Phumzile Malinga.
DafriBank is a branchless financial technology company that describes itself as the “bridge maker” for cross-border banking.
It integrates financial inclusivity, transparency, and convenience to give digital entrepreneurs the first-mover advantage on a global scale.
Through DafriBank, customers can send and receive payments, shop online, and hold funds in over 50 currencies across the world, which enables it to reduce the impacts of currency volatility and provide transparency, low costs, and fast processing times.
Another great advantage of choosing DafriBank is that it boasts partnerships with an extensive range of major financial institutions such as Visa, MasterCard, Apple Pay, Google Pay, American Express, and Discover.
DafriBank also provides its customers with deposit methods across many countries, including various overseas countries such as the Philippines, India, Brazil, and the USA, as well as many African countries – including South Africa, Nigeria, Ghana, Botswana, Zimbabwe, Lesotho, Kenya, Cameroon, Rwanda, and Zambia.
“DafriBank’s strong and stabilising presence in the markets and regions in which we operate provide inflows vital to immigrants and central banks alike,” said Ndhlovu.
“We work closely with regulators and central banks in this highly regulated industry to lead in compliance and provide innovative products that are affordable and accessible to our customers.”