Following its successful expansion into Europe and the United States of America, DafriBank Digital LTD has recorded an unprecedented increase in the number of merchants that subscribed to its service in the first quarter of 2022, the bank revealed.

The development is a boost to DafriBank’s objective of becoming the largest digital entrepreneur-focused bank in Africa. And so far, it has recorded over 50 000 active users since it began operation in August 2021, which implies an increase of more than 500% in the last six months.

Explaining the factors responsible for such phenomenal growth, DafriBank’s chairman, Xolane Ndhlovu, said: “DafriBank’s strong and stabilizing presence in the markets and regions in which we operate, provide inflows vital to immigrants and central banks alike. We work closely with regulators and central banks in this highly regulated industry to lead in compliance and provide innovative products that are affordable and accessible to our customers.”

Since it was licensed in 2021 as a commercial banking license by the Comoros International Banking Authority (CIBA), DafriBank―the flagship brand of the South African public company, DafriGroup PLC― led by its chairman, Xolane Ndhlovu has been on an upward trajectory and has become the continent-wide bank of choice for digital entrepreneurs.

Underscoring the fact that DafriBank currently operates in 180 countries, Xolane Ndhlovu further avowed: “DafriBank Digital solution is a modern alternative to traditional banking, providing all banking basics with added value features and benefits to fit the changing lifestyles of today’s society.”

On why the bank is appealing to digital entrepreneurs across the continent, Xolane Ndhlovu explained: “Our newest partner connects @DafriBank to some of the biggest financial institutions in the world, including Visa, MasterCard, Bank of America, Chase, Citi, Figo, Apple Pay, Google Pay, American Express, and 2000 others [such that] you can now add and withdraw money from your DafriBank Account, irrespective of your location.”