UK-based crypto bank Nebeus has launched its services in Africa allowing cryptocurrency traders in Kenya, South Africa, Uganda, Rwanda, Tanzania, Nigeria, Cameroon, and Ghana to buy and sell crypto as well as lend and borrow crypto-collateral loans.
Founded in 2014, the peer-to-peer platform offers a built-in free wallet, low-cost fees, and highly secure transactions.
Promoting Financial Inclusion through Cryptocurrencies
Nebeus aims to promote financial inclusion by leveraging the blockchain while taking advantage of the growing mobile money sector in Africa. For instance, the success of M-Pesa in Kenya has attracted many fintech and blockchain firms offering solutions to financial discrimination.
The company has partnered with mobile payment platforms such MTN and Airtel mobile money in Uganda, Vodacom, Tigo, and Airtel in Tanzania, and MTN and Orange money in Cameroon which cater for more than 400 million people. Users in the other countries can use Verve, MasterCard, and VISA.
“Cryptocurrencies have a potential to make a significant impact on developing countries in many ways by providing a bridge into the global economy. Nebeus is looking forward to playing a major role in that by providing [the] necessary infrastructure for all participants,” said Alex Lempka, Director of Communications, Nebeus.
Nebeus is also targeting the remittances market in Africa with the hopes of becoming the main provider of this service on the continent.