DafriBank Digital and other African digital banks heat up the competition in 2021 | The Guardian Nigeria News


DafriBank Digital, founded by Ziggy Xolane Ndhlovu, is transforming the old commercial banking systems with its revolutionary digital banking model. It opens up new opportunities for emerging African digital entrepreneurs, an often ignored niche.

This digital-only bank, which started operations in 2021, was named among the top 10 best performing digital banks in Africa due to its advanced technologies that allow access to a wide range of financial services without barriers to entry.

Serving over 180 countries including 50 African countries through its global banking network, DafriBank Digital warmed the hearts of 600,000 users after deciding to spend its market share through oversubscribed digital DBA currencies, which in its first market cap 2, Trading week reached 8 billion US dollars on the major stock exchanges.

The bank’s dual API strategy allows companies like crypto exchanges and stock brokers to instantly accept deposits and issue withdrawals. In addition, DafriBank guarantees customers no account opening, no daily minimum operating balance, no monthly maintenance fee and easy money movements for merchants via their ePay merchant API.

TymeBank, a digital bank built on simplicity, transparency and affordability, also made it onto the list of best performing digital banks in Africa, followed by Kuda Bank.

Designed for your smartphone, Kuda Bank is free of ridiculous fees and helps you plan your budget, spend smart and save more.

This digital bank was founded in 2019 by Babs Ogundeyi and Musty Mustapha and licensed by the Nigerian Central Bank. Their capital pool is approaching $ 100 million, according to Crunchbase, with $ 80 million raised this year alone.

Valued at $ 500 million, Kuda now has 1.4 million registered users, up 124% from 650,000 registered users, a number that Techcrunch said when it announced its Series A was under the line of $ 25 million from Valar Ventures.

DafriBank, TymeBank and Kuda are currently clear pioneers for digital banking in Africa. At the same time, several other actors have emerged in this area that are attracting more attention for digital banks in Africa. These mainly focus on Nigeria, Egypt and South Africa, making them the three African fintech giants of the present.

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 offering fast loans and bill payments to Nigerians.

FairMoney holds a microfinance banking license from the Nigerian Central Bank and is also active in India. In July, the bank announced that Series B has raised $ 42 million to diversify and expand its offerings to “become the financial hub for its users.” Last year, the company disbursed a total of $ 93 million in loans to over 1.3 million users who submitted more than 6.5 million loan applications, techcrunch says /

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