- Be Mobile Africa, a South African digital-only bank (sometimes referred to as a “neo bank”), is said to have created a crypto payment gateway that enables merchants to convert payments made in digital currencies to fiat money.
- The new gateway “is a game-changer,” according to Cédric Jeannot, CEO of the digital-only bank, and it also enables small firms to “preserve wealth amid unfavourable economic situations.”
According to a report, the digital-only bank Be Mobile Africa recently developed a cryptocurrency gateway that enables South African businesses and merchants to accept payments in digital currency.
Users of the new gateway can choose to convert incoming cryptocurrencies into South African rand, US dollar, or euro, it was said. Additionally, users have the choice to store their cryptocurrency with the online bank.
Itweb reported that the launch of the digital-only bank’s crypto gateway coincides with the local banks’ targeting of accounts linked to cryptocurrencies. However, the CEO of the digital-only bank, Cédric Jeannot, is quoted in the article outlining the rationale behind the development of the crypto gateway. He stated:
“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 continued by saying that SMEs using the gateway will also profit from much lower fees. He added that his business is giving SMEs access to cryptocurrency so they may “preserve wealth in unfavourable economic times.”