South African Digital Bank Announces Launch of Crypto Payments System

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A South African digital bank (also known as a “neobank”), Be Mobile Africa, has launched a crypto payment gateway to allow users to convert their cryptocurrency payments into cash.

Cédric Jeannot, chief executive of neobank, said that “the new system is a game changer” and that it also helps small businesses to “preserve their wealth in difficult economic conditions”.

Cryptocurrency storage in a digital bank

Be Mobile Africa recently created a cryptocurrency system that allows South African businesses and merchants to accept cryptocurrency payments, according to a press release.

The text added that users of the new system have the option of converting the input cryptocurrency into South African rand (the official currency of South Africa), US dollar or euro. Users also have the option to store their digital assets with the neobank.

According to one itweb post, the launch of this cryptocurrency-focused system came at a time when local banks had specific accounts associated with this asset class. The report, however, quotes Cédric Jeannot, the CEO of the neobank, explaining why this cryptographic system was created. According to him:

“International payments have always been a pain point for African small and medium-sized enterprises (SMEs). Sending or receiving money from customers outside of your own country is expensive and often takes days. We are seeing an increase in the number of African SMEs transacting with customers outside of their own home market, including other African countries. This new payment gateway changes the rules of the game”.

The general manager added that SMEs using the system will benefit from significantly lower rates. He also argued that by exposing SMEs to the crypto industry, his neobank provides the means to “preserve wealth in unfavorable economic conditions.”

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