DafriBank Digital LTD is a fully-fledged digital bank licensed and regulated by the Central Bank of the Comoros Islands, as well as a member of the Mwali International Monetary Service Authority of the Comoros Islands, with clients in more than 180 countries, including 50 African countries.
When a recent poll of Africa’s leading digital banks was done, DafriBank was found to be towards the top of the list.
DafriBank was founded by Xolane Ndhlovu and is a subsidiary of DafriGroup PLC, a South African conglomerate. It began operations in 2021 and has since won the hearts of 600,000 users in 180 countries after deciding to issue its market share through the oversubscribed DBA digital currency, which clocked $2.8 billion in market capitalization in its first week of trading on major exchanges.
The new kid on the block, whose chairman is millionaire entrepreneur Xolane Ndhlovu, brags about its zero account opening balance, zero daily minimum operating balance, no monthly maintenance cost, and simple fund movement for merchants using its ePay merchant API.
Xolane Ndhlovu, the founder and chairman of DafriBank Digital LTD, is the only African on the crypto rich list.
He is also one of the top 50 cryptocurrency billionaires.
TymeBank is another successful bank. Nigeria’s Kuda is also on the list.
DafriBank, TymeBank, and Kuda are the clear frontrunners in Africa for digital banking at the moment. At the same time, a number of new players have entered the market, generating even more interest in digital banks in Africa. These are primarily concentrated in Nigeria, Egypt, and South Africa, which are three of Africa’s current hotspots for fintech innovation. Here are seven African digital banks you should be aware of.
FairMoney, a Nigerian digital bank with a credit-based strategy, is one of the others. The Nigerian Central Bank has granted the startup a micro finance bank license, and it is also available in India. It just secured US$42 million in a Series B investment “to become its users’ financial hub.” Loans of up to NGR 1 million are available to FairMoney subscribers.