The Digital Bank of Africa popularly called DafriBank is an all encompassing digital bank founded by Xolane Ndhlovu, a South African/Nigerian billionaire, to serve as an electronic payment platform for digital entrepreneurs and traders.
Specifically, it addresses the banking needs of the continent’s expanding digital entrepreneurial class. DafriBank Digital is borderless as anyone with access to the internet anywhere in the world can transact business, open and operate an account with the bank. According to Ndhlovu, the bank also provides coverage for the unbanked and underbanked population of Africa.
The bank officially opened operations to the public July 7th, meaning from now, any individual can use DaftBank Digital platforms. Before now, only private persons were making use of DaftBank Digital platform.
DaftBank Digital is an offshore bank duly licensed by the Central Bank of Comoros.
In 2020, the firm raised $6 million from a group of private investors in series A funding led by the parent company, DafriGroup PLC, a South African based public company with branches in Nigeria and Botswana.
“DafriBank Digital enterprise grade solution is suited for businesses aiming to enter African digital market. It acts as a fiat-to-digital currency bridge for African growing digital entrepreneurs an inch that has been largely ignored by the conventional banks,” said Chief Architecture, Catharine Anajemba
According to Anajemba , “stock market and crypto traders who trade with platforms that enabled DafriBank Digital as a method of payment are able to instantly add funds to their trading account without having to involve brick and mortar bank cards that have often been restricted or expensive for such transactions.
“My eight years as a digital entrepreneur afforded me the opportunity to understand the fiat bridge issues faced by digital entrepreneurs. DafriBank Digital addresses these issues which explain why 80 per cent of African digital entrepreneurial class preferred the bank.”
DafriBank Digital is set to give traditional banking model a big fight with its revolutionary digital banking system. It opens new opportunities for the rising African digital entrepreneurs accompanied with attendant jobs along the banking value chain.
The bank uses advanced technologies which allow access to a wide range of financial services without entry hassles. It will house the best digital banking systems, providing payment solutions to a number of businesses. DafriBank lives up to its promise to open up new opportunities to the African population through future-centric ideals that centres on achieving an economically viable continent that all Africans will be proud of.
Already, DafriBank Digital boasts of respected subscribers in the mould of Omaha hotels, Deriv Limited, DafriXchange, B-Exchange, and Umeh Motors among others; a telling reminder of its huge prospect in the years ahead.
“We are pleased to continue to support DafriBank Digital’s rapid expansion and extensive reach through organic growth and acquisitions across the globe. DafriBank Digital is an exciting, large fintech player that is leveraging its impressive technology platform and logistics capabilities to rapidly formalize informal channels and provide an affordable, safe alternative to risky informal remittance channels,” Xolane Ndhlovu, chairman, DafriGroup PLC, stated recently.
“DafriBank Digital is a strong and stabilizing presence in the markets and regions in which we operate, providing inflows vital to immigrants and central banks alike. 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,” he added.
With the world fast embracing the internet buzz in virtually every aspect of life; it will be no exaggeration to state that in the next few years, DafriBank will give most of the Deposit Money Banks in the continent, a run for their money. The excitement is real particularly amongst digital entrepreneurs who may have found a home in the bank that does business for them in the speed of light.