Even as it went live on July 10, 2021, DafriBank Digital has already gained traction among business-minded Africans, notably entrepreneurs whose transactions involved cryptocurrencies.

Writing on the bank’s Instagram handle, @dafribank, the bank’s chairman, Xolane Ndhlovu, assured: “DafriBank embraces a value proposition offered by cryptocurrencies, especially with it own digital cryptocurrency and an integrated option that will enable its clients to seamlessly buy, store & exchange a selected number of crypto right in their DafriBank App.”

Ndhlovu, one of the highly successful cryptocurrency investors on the continent, offered insight into why the concept of DafriBank is overdue: “It’s clear that today’s banking system has gaps in terms of payment methods, as a large chunk of the population simply do not trust banks enough to open up a bank account, or don’t do so because of the idea that the fees that come with it and its credit/debit cards are simply too much to handle with their monthly budget.”

He continued: “So DafriBank is creating a new payment method that takes out the need of dealing with traditional banks and the cultural baggage that leads people to not trust them and that cuts off the high fees of credit and debit card usage. What we have done is to show that it is possible to bring these people into the financial system legitimizing the way they move money around, reducing the cost of maintaining paper-money in circulation.”

According to Xolane Ndhlovu, customers and clients of the multipurpose African bank will be able to send and receive money through the platform and also buy, store, stake and sell crypto right in their accounts.

DafriBank Digital, part of the DafriGroup PLC, is a public company duly registered in South Africa, Nigeria and Botswana.