Digital DafriBank proves a tough nut to crack among the best digital banks in the industry
One of the best African business journalists, Ngeke Leteba, recently wrote in a review of the best digital banks in Africa: âDafriBank is the best and is a game changer. The financial solution could never be better.
In the context of digital banks in Africa, three challenger banks have clearly made their mark and are still in the lead.
One of them is DafriBank digital, designed by Ziggy Xolane Ndhlovu
had gone through a phase of strategic planning, policy and development prior to its commissioning in July 2021.
DafriBank Digital, a borderless financial technology company founded by Xolane Ndhlovu,
serving more than 180 countries, including 50 African countries through its global network of banking agents, is a subsidiary of DafriGroup PLC, a company incorporated in South Africa, Nigeria, Botswana and the Comoros, but headquartered in Africa from South.
Part of the reasons why DafriBank led by
Xolane Ndhlovu, was able to achieve this remarkable feat thanks to its personalized features such as merchant API, cross-border payment and the global network which gives them an advantage over other digital banks.
âI love how quickly the money is transferred to the account without any delay,â Mamu Debibie commented on trustpilot.
Despite being a digital-only bank, Xolane Ndhlovu, DafriBank has found its way into the hearts of 600,000 users in 180 countries following its decision to issue its market share via digital currency. Oversubscribed DBA who recorded $ 2.8 billion in market cap in their first week of trading on major exchanges and focusing heavily on building great relationships with their clients through frequent giveaways.
Speaking about DafriBank’s products and services, Xolane Ndhlovu said: “We offer savings account, business account, merchant API, cross-border payment, private bank, offshore account.”
To provide much more efficiency and satisfactory services, the bank offers zero account opening balance, zero daily minimum operating balance, no monthly maintenance fees, and easy movement of funds for traders through its API. ePay merchant.
TymeBank is another doing well. One of Africa’s largest digital banks by funding and also holds a commercial banking license. Alongside TymeBank is Nigeria’s Kuda Bank, formerly known as Kudi.
Kuda is a licensed digital bank that offers full and free banking service to Africans. In August, the bank had more than 1.4 million registered users, more than double the number it had in March when it had 650,000 registered users – a figure it revealed during the announcement. of its $ 25 million Series A run by Valar Ventures.
In December, Kuda Microfinance Bank announced that it had passed the two million customer milestone, just six months after the bank signed its millionth customer.
Speaking on the Bank’s achievements, Bradley Want, Head of Growth and Analytics at Kuda, said: âNigerians seem to be more willing to avoid the queues and hassle of doing business. be in a physical bank. Everyone knows that it can be quite uncomfortable. We are taking advantage of this positive change in perception by being where people are all the time and providing them with value they cannot ignore.
Valued at $ 500 million (making it the 7th most valuable bank in Nigeria), the capital of this digital bank is approaching the $ 100 million mark, according to Crunchbase, of which $ 80 million has been raised this year.
DafriBank, TymeBank and Kuda are currently undisputed precursors of digital banking in Africa. At the same time, several other players have also emerged in this space, creating more buzz for digital banks in Africa. These are mainly concentrated in Nigeria, Egypt and South Africa.
According to Disrupt Africa, the global number of fintech startups in Africa has increased by around 90% since 2017.
Of the three countries, Nigeria, South Africa and Kenya that dominate the ecosystem of fintech startups in Africa, Nigeria is unquestionably a strong player with a bright prospect of becoming Africa’s fintech powerhouse.
Others are FairMoney, a digital bank in Nigeria with a credit-based model. Founded in 2017 by Laurin Hainy, Mathieu Gendreau and Nicolas Berthozat, Fairmoney started out as an online lender that offers fast loans and payments to Nigerians.
FairMoney holds a microfinance banking license from the Central Bank of Nigeria and also operates in India. In July, the bank announced a Series B round of $ 42 million to diversify its offerings and grow to “become the financial center of its users.”
Last year, the company disbursed a total loan volume of $ 93 million to more than 1.3 million users who made more than 6.5 million loan requests, according to techcrunch.