By Tayo Ogungbenro
Digital economy no longer needs introduction. We will therefore not be spending time trying to define neither the term, scope nor coverage. But its pervasiveness and disruption of established business norm is no more demonstrated by the recent valuation of Paystack, a fintech company in Nigeria, with less than ten-year track record.
Stripes, a US-based major investor in the payment technology industry recently paid a whooping US$200m (approximately N76 billion at current official exchange rate) to acquire the company. The value of a relatively unknown company set up by young graduates was more than the combined net asset value of at least three non-first tier banks in Nigeria, each of which has been in existence for more than three decades.
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A new mobile app that allows instant exchange of crypto currency with the naira and other currencies in the globe has debuted in Lagos, courtesy of Tradefada Nigeria Limited.
This, according to Managing Director and Chief Executive Officer of the Company, Mr. Seun Dania, would bring the needed change and confidence to enable individuals to build up their cryptocurrency portfolio.
Dania added that the new app would also ensure “easy crypto-to-crypto trades on the spot on over a 100 trading pairs including Bitcoin, Ethereum, USDT, Dogecoin, Chainlink, Polkadot, Unobtanium, Litecoin, Cardano, DASH, AAVE, Maker and so much more.”
He disclosed that the company had partnered with a third-party service provider, Moon Pay, to enable foreign users buy cryptocurrency with other currencies such as the United States Dollar, the United Kingdom Pound Sterling, Australian Dollar, Swiss Franc, Russian Ruble, Japanese Yen, etc.
By Chimpele Kelvin Tsamwa
Many Africans don’t have a bank account. However, for more than a decade, they’ve been moving from a cash to a digital economy thanks to the proliferation of cheap mobile phones. This has enabled them to participate in the financial market through mobile payment solutions.
And as elaborated earlier, the coronavirus (Covid-19) pandemic has had a huge impact on the digital landscape both in Africa and across the globe. It has further accelerated the adoption of mobile (and digital) payments.
For e-commerce businesses, cross-border payments are an integral part of the day to day operations and allow business owners to transfer funds across different territories most securely and efficiently possible, making real-time international payments a reality.
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