The digital payment and banking options in DafriBank Digital have provided new experiences unknown in non-digital businesses. With these new models, banks and financial institutions serve unbanked African players in this multi-billion dollar industry.
This has led many new-age entrepreneurs to try out alternative payment solutions such as Apple Pay, PayPal, Payoneer, Skrill, and more. Though, these gateways are not in sync with the African market due to their exorbitant transaction fees and several restrictions. PayPal denies many African countries full access to its transfer and withdrawal functionalities, leaving many African businesses unable to attract prospects in many regions.
The eagerly awaited digital, DafriBank, entrepreneurial class choice platform which has been dubbed “the Chime of Africa,” is a subsidiary of DafriGroup PLC, a multinational conglomerate headed by a renewed South African philanthropist/businessman, Xolane Ndhlovu, who established UMEH Group Ltd.
DafriBank Digital is assembling a team of outstanding professionals and thought leaders across several fields. It recently announced its new Chief Executive Officer, Ramswamy Easwara, a cosmopolitan award-winning banker with more than 18 years of experience in the banking sector across multiple roles previously held in several leading financial institutions.
The bank commences operations to the public today. Consequently, from today, everyone would be able to use DaftBank Digital platforms. Before now, only private persons were making use of DaftBank Digital platform.
DaftBank Digital is an offshore bank licensed by the Central Bank of Comoros.
To bypass restrictions by any government, e.g like CBN crypto ban, DaftBank Digital adopted certain measures, including adding extra feature called Bank Agent. These agents work as P2P exchanger for bank. And you know you can’t regulate something on P2P structure.
With these feature, DaftBank Digital can operate in any country. DaftBank just recruits agent in that country. He/she will collect deposit on behalf of DafriBank Digital, then do withdrawal payout on behalf of DafriBank Digital. All that users want is to get their money fast to its destination , it doesn’t matter if its through transfer, wire, agent as long as the funds reach where they want it. So DafriBank Digital is available in any country.
According to Easwara, “our success will be largely based on a product of our client base. Once a customer believes that there is value derived from our business they will come to us. Growth will definitely be subdued because of the economic downside caused by COVID-19, but in the long term, the potential is massive and will present investment opportunities. From a banking perspective, we mirror the economy. When the economy is under pressure, it resonates in the financial system. We are committed to looking at innovative ways to gain even more market share.”
Apart from Easwara, DafriBank also announced the appointment of a Harvard University alumnus, Dr. Edward Obasi as non-executive director. “Dr. Obasi brings to DafriBank more than 20 years of professional experience with a proven track record in the banking sector as he now becomes a pivotal member of the team, in joining the company’s Board of Directors,” the bank’s statement read in part.
Dr. Obasi who has served at various financial institutions, including Ecobank Nigeria PLC, Intercontinental Bank PLC, Hallmark Bank PLC, Savannah Bank PLC amongst others and is expected to lead the delivery of DafriBank’s ambitious growth plans on a global scale. His areas of competence include Wealth and Credit Risk Management, Commercial Banking, Human Resource Management, Internal Controls, Performance Management, and Business Process Improvements. Prior to joining DafriBank, he held various important positions in many other industries including Chief Accountant, Senior Financial analyst, Treasury Manager with top organizations in Canada and United States of America.
The Nigerian/Canadian alumnus of the prestigious Harvard University Business School holds a first degree in Finance and Banking and a Masters in Business Administration (MBA) amongst several other professional certifications and memberships including Fellow Chartered Certified Accountants of UK (FCCA), Certified Professional Accountant of Alberta and Canada (CPA, CGA), Associate Chartered Institute of Bankers of Nigeria (ACIB). Obasi has a Honorary doctorate in Business Administration from Pebble Hills University Delaware, U.S.A.
On the coming on board of Dr. Obasi, Xolane Ndhlovu had this to say: “I am beyond thrilled to welcome Dr Obasi to the DafriGroup family. His global experience in driving significant business growth, his knowledge of the banking industry and his management expertise will be invaluable as we continue to strengthen and grow DafriBank.”
The bank is confident about its future growth and sustainability under its expert leadership. Indeed, DafriBank is a dream come true for countless Africans who are eagerly anticipating its launch in the 3rd quarter of 2021 given its focus on digital banking and the ease it is expected to bring in the culture of banking across some African nations.
DafriBank according to Ndhlovu is set to give traditional banking model a big fight with its revolutionary digital banking system. It opens new opportunities for the rising African digital entrepreneurs accompanied with attendant jobs along the banking value chain. This digital-only bank is projected to begin operation in the third quarter of 2021 and will have physical presence in Nigeria and South Africa, and envisions expanding to Kenya, Botswana, and Ghana, amongst more.
For the DafriBank boss, his success story would have been a mere dream if not for his personal discipline, self determination and faith and love displayed by the people around him. “My story brings to mind the words of Nelson Mandela, “Difficulties break some men but make others. No axe is sharp enough to cut the soul of a sinner who keeps on trying, one armed with the hope that he will rise even in the end” Ndhlovu stressed.
DafriBank is an offshore digital bank duly licensed by Central Bank of Comoros Island.
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