A South African entrepreneur, Xolane Ndhlovu has launched The Digital Bank of Africa, also known as DafriBank, an all-encompassing digital bank, to serve as an electronic payment platform for digital entrepreneurs and traders across Africa.
35 year-old Ndhlovu, set up DafriBank Digital to serve as an electronic payment platform for digital entrepreneurs and merchants, and also to address the banking needs of the continent’s expanding digital entrepreneurial class.
It is borderless as anyone with access to the internet anywhere in the world can transact businesses, and open and operate an account with the bank. According to Ndhlovu, the bank also provides coverage for the unbanked and underbanked population of Africa.
At the launch of the platform, only a selected few started making use of the offshore bank licensed by the Central Bank of Comoros, the Dafribank platform has now become accessible to every entrepreneur for use.
DafriBank Digital is creating an edge in digital banking using technologies that will allow access to a wide range of financial services without entry barriers. It will house the best digital banking systems providing payment solutions to an array of businesses and platforms.
The Digital bank lives up to its promise to open up new opportunities to the African population through future-centric ideals that centres on achieving an economically liberated continent.
With its disruptive technology, DafriBank Digital aims to push the boundaries in the African banking community to offer top-class digital banking services that will help many companies uncover the real value of their businesses.
The digital bank platform’s primary focus will be to serve the unbanked and underbanked that have been unjustly excluded from the global financial systems due to several factors.
Poverty and lack of resources are chief amongst the issues impacting the banking system in Africa today culminating in the lack of sustainable banking solutions that meet the people’s needs.
Some important factors that influence bricks and mortar banks are cost and lease, staff salaries, employee training, cash distribution costs, and the plethora of other expenses that has made it near impossible to offer cost-effective services to customers who have been forced to seek out alternatives. These are challenges the bank is successfully addressing today.
The company caters not only for the wealthy but for the average African as well. DafriBank Digital represents an ultramodern financial boutique that unites several services ranging from traditional banking services including savings, deposits, payments, and loans to niche services such as cross-border remittances
All these services will be offered at competitive rates with speed, ease-of-access, and bank-grade security at the heart of its operations.