• Bitmama and MANSA’s collaboration aims to enhance financial inclusion through improved cross-border payments.

• Blockchain and DeFi are crucial in providing efficient financial services and tapping into Africa’s untapped potential.

• The partnership enables better liquidity solutions, facilitating growth for startups and established organizations in Africa.

Africa has become a beacon of hope for the web3 community. We are at Web3Africa.News has poured out content showcasing the untapped potential the continent truly holds.

As a critical region for emerging markets, Africa houses several prominent names within the industry, like Flutterwave, Yellowcard and many more. This article dives into a Nigerian crypto exchange, once considered an underdog, that has spread its wings throughout Africa’s crypto community, Bitmama.

In recent developments, Bitmama has officially announced a collaboration with MANSA, a DefI platform specializing in cross-border payments and trade financing. According to the official announcement, the partnership has set its sights on overhauling Africa’s financial inclusion rate through blockchain.

Overhauling Cross Border Payments with Bitmama and MANSA

Blockchain technology has revolutionized the very concept of finance. After operating for over a century, the financial sector has transitioned into a new, safer, faster and more flexible franchise, Decentralized Finance.

Initially, many claimed that DeFi platforms originated from mobile money and, to some extent, the statements hold some truth. Through mobile money, the world has understood that there are better forms of financial services. This eventually inspired much to utilize the foundations of both groundbreaking achievements to bring we cross border payments.

This new feature has radicalized startups, allowing easier access to emerging markets, avoiding the hurdles that come across dealing with traditional banks, and increasing the size of such transactions.

Also, Read: Bitmama’s Temporary Deposit Suspension: Navigating Industry Standards and Security

Currently, Africa stands at the cusp of a great revolution. In less than two decades, cross-border payments have transformed the financial inclusion rate of Africa from a low 20% to 55%, according to the World Bank.

This fact has led to the emergence of numerous startups, each seeking a pie of Africa’s untapped potential.

In recent developments, right from the heart of Africa’s crypto community, Nigeria, Bitmmaa has announced a partnership with MANSA, a renowned DeFi platform. The partnership has set its sights on Africa’s growing blockchain community, introducing a new cross-border payment service tailored for the common African.

As per the agreement, MANSA will provide Bitmama with the necessary liquidity to pre-fund accounts across 18 countries.

 Mouloukou Sanoh, CEO and co-founder of MANSA said, “Our collaboration with Bitmama marks a key milestone for MANSA. Providing the liquidity needed to pre-fund accounts enables individuals and businesses to benefit from enhanced cross-border payment services. This partnership aligns with MANSA’s mission to close the liquidity gap that hampers entrepreneurs and businesses across Africa and other emerging markets.“

Road to a Better Tomorrow

Bitmama has had a steady incline within the crypto community. In 2022, Bitmamasuccesfully raised $1.65 million via a preseed extension and closed its preseed- funding round at $2 million. Since then, the Nigerian Crypto exchange has worked tirelessly to improve its systems and expand its reach throughout Africa.

In 2023, after the organization successfully raided a $3 million seed round, Bitmama went on to purchase Payday. This feat introduced Bitmama’s users to global accounts dominated by USD, EUR, and GBP. This was the turning point of the organization.

Ruth Iselema, CEO of Bitmama, said, “Favour reached out to me because we’re building products beyond crypto, and it made sense to me.”

By opening its doors to emerging markets beyond Africa, Bitmam gained the traction it required to focus its efforts on transforming Africa’s financial inclusion rate.

The DeFi protocol, MANSA, has also dedicated its efforts to providing liquidity to multinational blue-chip companies. The organization recognized that Bitmama is propelling the need for collaboration.  

Also, Read Opera MiniPay: Transforming Africa’s Financial Landscape with 1 Million Users in Five Months.

MANSA has facilitated the requirements organizations need to transverse the Web industry. Since 2017, the organization has continued to aid the Web3 community by providing services and a network that reaches many desperately needy regions.

Recently, the Defi Platform has eyed Africa and is taking every measure to solidify its position in Continet’s future wins as Web3 becomes more mainstream.

Conclusion

Bitmama and MANSA are among the many organizations taking steps toward transforming Africa. With better cross-border systems, startups and organizations will have access to a broader market, increasing cash inflow.

Despite still facing some regulatory issues, if applied well, it could be an extra source of income for an economy. In addition, payment companies have turned to virtual crypto cards to add digital assistant features to banking solutions, tapping into a $2.22 trillion market.

The future of Africa lies with Web3, and its population is becoming aware of this grand shift. All we can do is tally and see where Africa will fall in the futuristic economy.