- Neobank Be Mobile Africa chose SA as one of the first countries to launch its crypto trading platform.
- Be Mobile Africa is a neobank focused on improving the livelihood of the unbanked and the underserviced society.
- The organization will offer Bitcoin, Ethereum, Solana and USD stablecoins such as USDC using South African rands(ZAR).
As blockchain continues to spread across Africa, more organizations are failing to provide the necessary facilities for the growing number of users. Africa’s fintech Industry has seen numerous crucial figureheads partner or invest in various firms and countries. In recent news, South Africa’s crypto space is about to receive a new update. NeoBank Be Mobile Africa plans on launching its first crypto trading platform within the country.
The timing of this initiative is all too strategic. South Africa is currently underway developing a new crypto regulation framework after recognizing crypto as a financial product.
Understanding the importance of a NeoBank
For those unfamiliar with the term, a NeoBank is essentially a by-product of integrating blockchain technology into the traditional financial system. It is commonly referred to as challenger banks. This is because they are fintech firms that offer application software and other technologies that facilitate mobile and online banking.
It is essentially a blockchain application that can cater to the unbanked society within Africa. A new bank goes beyond traditional banking needs and is customer-centric. Neobanks can provide financial inclusion to the decentralized population of Africa by focusing on the customer. In Africa’s fintech industry, Neobanks play a vital role in ensuring each customer can withdraw and send funds.
Unfortunately, not all neo-banks offer digital currency as an alternative. Neobanks are essentially independent entities that have no association with any traditional banks nor do they have branches.Neobanks existed during the dawn of web3, and over the years, developers have learned to integrate blockchain technology into neobanks to make them what they are today. Blockchain in Africa has thrived due to the various strides neo-banks have made, and Africa’s fintech Industry is among the numerous beneficiaries.
Neobank Be Mobile Africa launches crypto platform in South Africa
South Africa’s crypto adoption rate is well-known throughout the globe. SA was one of the first countries in the continent to embrace the concept of Web3. It has one of the largest crypto infrastructures in Africa and hosts some of the well-known crypto exchange platforms in the world; Luno. Thus it is no surprise that Neobank Be Mobile Africa would choose SA as one of the first countries to launch its crypto trading platform.
Be Mobile Africa is a neobank focused on improving the livelihood of the unbanked and underserviced society. It provides basic banking services and has constantly grown its franchise. Like most in Africa’s fintech Industry, the Neobank Be Mobile Africa utilizes blockchain technology and smart contracts to automate all financial transactions made.
The Neobank Be Mobile Africa intends to offer the citizens of South Africa a new and easier way to access trade, and purchase cryptocurrencies. Upon its launch, the organization will offer Bitcoin, Ethereum, Solana and USD stablecoins such as USDC using South African rands(ZAR).
Despite receiving heavy competition and challenges within Africa’s fintech Industry, the Neobank Be Mobile Africa intends to promote blockchain Africa by showcasing that developers that digital currency can solve numerous processes.
It is a known fact that South Africa’s crypto adoption rate is at an all-time high, and its government fully support it. With the current economic hurdles SA is facing, this might be the glimmer of hope they require. According to Dr Cedric, “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.”
He further elaborated that with the consistent rise of SMEs, blockchain in Africa has the chance for exponential growth. The Neobank new payment gateway will revolutionize South Africa’s crypto adoption rate.
South Africa has openly showcased its desire to fully integrate crypto into its economy. The South African Bank’s Prudential Authority recently urged big banks to start considering digital currency as an alternative. SA also contributes significantly to Africa’s fintech industry while still contributing to the continent’s blockchain adoption.