Recently, a South African digital-only bank (also known as a “neo bank”), Be Mobile Africa, has reportedly launched a crypto payment gateway that allows merchants to convert digital currency payments to fiat currency. Cédric Jeannot, the CEO of the digital-only bank, said the “new gateway is a game-changer” that also helps small businesses “preserve wealth in unfavorable economic conditions.”
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Users of the new gateway have the option to convert incoming cryptocurrency into either the South African rand, the U.S. dollar, or the euro. Users also have the option to store their crypto with the digital bank.
the digital-only bank’s crypto gateway launch comes at a time when local banks have targeted accounts associated with cryptocurrencies. The report nevertheless quotes Cédric Jeannot, the CEO of the digital-only bank, explaining why the crypto gateway has been created. He said:
“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 clients outside of their own domestic market, including other African countries. This new payment gateway is a game-changer.”
The CEO added that SMEs using the gateway will also benefit by way of significantly lower fees incurred. He also argued that by exposing SMEs to crypto, his company is making available the means to “preserve wealth in unfavourable economic conditions.”