DafriBank Digital and Other African Digital Banks Raise Competition in 2021 | The Guardian Nigeria News
Founded by Ziggy Xolane Ndhlovu, DafriBank Digital is transforming legacy commercial banking systems with its revolutionary digital banking model. It opens up new opportunities for burgeoning African digital entrepreneurs, a niche that is often overlooked.
This all-digital bank which commenced operations in 2021 has been ranked among the top 10 best performing digital banks in Africa due to its advanced technologies providing 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 an oversubscribed DBA digital currency that has recorded a market cap of $2.8 billion in its first week of trading on major exchanges.
Thanks to the bank’s dual API strategy, businesses such as crypto exchanges and stockbrokers are allowed to instantly accept deposits and issue withdrawal settlements. Additionally, DafriBank guarantees customers zero account opening, zero daily minimum operating balance, zero monthly maintenance fees, and easy funds movement for merchants through its ePay merchant API.
TymeBank, a digital bank built on simplicity, transparency and affordability, is also on the list of top 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 Nigeria’s central bank with its capital pool approaching the $100 million mark, according to Crunchbase, of which $80 million was raised this year alone. .
Valued at US$500 million, Kuda now has 1.4 million registered users, a 124% growth from 650,000 registered users, a figure it revealed when announcing its Series A $25 million led by Valar Ventures, according to Techcrunch.
As things stand, DafriBank, TymeBank and Kuda are currently undisputed leaders in 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, 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 began as an online lender that provided fast loans and bill 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 fundraising round of $42 million to diversify its offerings and expand to “become the financial hub of its users.” According to techcrunch/