DafriBank Digital and other African digital banks heat up the competition in 2021 | The Guardian Nigeria News
Founded by Ziggy Xolane Ndhlovu, DafriBank Digital is transforming old commercial banking systems with its revolutionary digital banking model. It opens up new opportunities for emerging African digital entrepreneurs, a niche that is often overlooked.
This digital-only bank which began operations in 2021 has been ranked among the top 10 best performing digital banks in Africa due to its cutting-edge technologies enabling access to a wide range of financial services without barriers to entry.
DafriBank Digital, which serves more than 180 countries, including 50 African countries through its global network of banking agents, has warmed the hearts of 600,000 users following its decision to issue its market share via the oversubscribed digital currency DBA which has recorded a market cap of $ 2.8 billion in its first week of trading on the major exchanges.
With the bank’s dual API strategy, companies such as crypto exchanges and stock brokers are allowed to instantly accept deposits and issue withdrawal settlements. In addition, DafriBank guarantees customers zero account opening, zero daily minimum operating balance, zero monthly maintenance fees and easy movement of funds for merchants through its ePay merchant API.
TymeBank, a digital bank built on simplicity, transparency and affordability was also included in the list of the best performing digital banks in Africa, followed by Kuda Bank.
Kuda Bank is designed for your smartphone, with no ridiculous fees, and great for helping you budget, spend smart, and save more.
This digital bank was founded in 2019 by Babs Ogundeyi and Musty Mustapha and licensed by the Central Bank of Nigeria. Its capital pool is approaching the $ 100 million mark, according to Crunchbase, of which $ 80 million has been raised this year.
Valued at US $ 500 million, Kuda now has 1.4 million registered users, a growth of 124% from 650,000 registered users, a figure he revealed when announcing his Series A $ 25 million led by Valar Ventures, according to Techcrunch.
As it stands, DafriBank, TymeBank and Kuda are clearly forerunners of digital banking in Africa right now. 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, making them the three African fintech giants of the moment.
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 /