Be Mobile Africa, a South African digital-only bank (also referred to as a “neo bank”), is said to have launched 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 businesses to “preserve wealth in unfavourable economic conditions.”
Keeping Cryptocurrency in a Digital Bank
the solely digital bank According to a report, 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 cryptocurrency into South African rand, US dollar, or euro, it was added. Additionally, users have the choice to keep
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:
“For African SMEs [small-to-medium enterprises], dealing with international payments has always been difficult. It is expensive and frequently takes days to send or receive money from clients outside of one’s home country. African SMEs are increasingly doing business with clients outside of their own domestic market, including other African nations. This brand-new payment gateway is revolutionary.
The CEO continued by saying that SMEs using the gateway will also profit from significantly lower fees. He added that his business is giving SMEs access to cryptocurrency so they can “preserve wealth in unfavourable economic conditions.”