A digital-only South African bank (also known as a neo bank), Be Mobile Africa has just launched a crypto payment gateway that will enable merchants and banks to convert digital currency into fiat currencies. Cédric Jeannot, Chief Executive Officer of the digital-only bank, sees this as a “game changer” and believes it will benefit small businesses by providing a way to “preserve wealth in unfavorable economic conditions.”
Cryptocurrency Storage Solutions
Be Mobile Africa’s cryptocurrency gateway allows users to send and receive cryptocurrencies. Reports show that merchants and businesses are now open to receiving digital currency payments. Users of the new gateway have the option to convert any incoming cryptocurrency into South African Rand, US Dollar, or Euro. They also have the capability to store their crypto in the digital bank.
According to a report by Itweb, the digital-only bank is launching the crypto gateway at a time when many local banks already have accounts for cryptocurrencies. Cédric Jeannot, CEO of the digital bank, explained why the portal was established.
“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 customers outside of their own home market, including other African countries. This new payment gateway changes the rules of the game.”
Jeannot also said that SMEs who use the portal will enjoy significantly lower fees. He believes that his company offers cryptocurrency access to SMEs, which he considers a way to make it easier for them to get started. “preserve wealth in unfavorable economic conditions.”
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