South African digital-only bank (a.k.a. “Neo Bank”) ), Be Mobile Africa has reportedly launched a crypto payment gateway that allows merchants to convert digital currency payments into fiat currency. Cédric Jeannot, CEO of a digital-only bank, says “the new gateway is a game changer” and will also help small businesses “maintain wealth in adverse economic conditions”.
Storing cryptocurrencies in digital banks
Be Mobile Africa, a digital-only bank, recently launched a cryptocurrency bank that enables South African businesses and merchants to receive digital currency payments. I have created a gateway. Said. Users of the new gateway will have the option to convert incoming cryptocurrencies into South African rands, US dollars or euros, he added. Users also have the option of storing their cryptocurrencies in a digital bank.
According to a report by Itweb, the digital-only bank’s crypto gateway launch came at a time when local banks were targeting accounts related to cryptocurrencies . Nevertheless, the report quotes digital-only bank CEO Cédric Jeannot to explain why the crypto gateway was created. He said:
“International payments have always been a pain point for SMEs [SMEs] in Africa. We are seeing a growing number of African SMEs transacting with clients outside their domestic markets, including other African countries.This new payment gateway is a game changer.”
CEO of Gateway He added that small and medium-sized businesses that use will also benefit from significantly reduced fees incurred. He also claimed that exposing small businesses to crypto gives his company access to a means of “preserving wealth in adverse economic conditions.”
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