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DafriBank Digital

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DafriBank Digital
Dafribank Digital 2.png
ISIN🆔
IndustryFinancial Services
Founded 📆2020
Founder 👔DafriGroup PLC
Area served 🗺️
Worldwide
Key people
Ziggy Xolane Ndhlovu
Total assets$110 million (2021)
Members
Number of employees
50
🌐 Websitedafribank.com
📇 Address8 Riversands Boulevard, Riversands, Johannesburg, South Africa, 1684
📞 telephone011 568 5053

DafriBank Digital is a branchless financial technology company that provides electronic payment gateway solutions for entrepreneur| digital entrepreneurs and merchants. The company is a member of DafriGroup PLC, a multinational public company duly registered in South Africa, Nigeria and Botswana.[1][2]

History[edit]

DafriBank Digital was founded in 2020 and awarded an offshore banking license by the Central Bank of Comoros to operate as a financial technology company.[3] In April 2021, DafriGroup PLC (the parent company) invested the sum of $5million to support the development and expansion of DafriBank Digital's short and long term goals.[4] Its partnership with other payment platforms and regulatory compliance like Flutterwave, Circle, Ozow, and Sum & Substance Limited has helped the digital bank stretch out its services to over 180 countries around the globe.

Reason For Existence[edit]

DafriBank Digital was founded to address the banking needs of digital entrepreneurial class; a niche that has often been overlooked by the traditional banks. It simplifies payment systems for entrepreneur | entrepreneurs and merchants thereby boosting growth opportunities across geographical borders.[5]

Projects[edit]

DafriBank Digital announced in April 2021 the sale of its native token known as the DBA currency. The 70million DBA units is projected to be on sale till September 2021.[6]

The company also launched a liquidity generating protocol code-named 'SafeBank' which is built on the Binance Smart Chain. This project broke an industry record by becoming the first BSC project to achieve a $1.6-billion market capitalization within the first 24 hours of launch.[7]

Community Service[edit]

DafriBank Digital has repeatedly demonstrated that giving back to the society is part of their overall strategy. Their corporate responsibility has ensured that they give back to the community in a structured and sustainable manner that guarantee the greatest possible impact on the beneficiaries.

The company started a 100million naira educational support fund for school children in Nigeria.[8] This grant is projected to run for ten years so financially struggling students can get back to school. Also, in February 2020, they raised 50,000 rands which helped revive an entrepreneur's poultry business that had suffered losses from a flood outbreak.[9]

Leadership[edit]

Ramaswamy Easwara is the CEO of DafriBank Digital while Ziggy Xolane Ndhlovu | Xolane Ndhlovu is the Chairman of DafriGroup PLC.[10]

See Also[edit]

  • DafriGroup PLC
  • DafriXchange

References[edit]

  1. "DafriBank Digital". Crunchbase. Retrieved June 21, 2021.
  2. "DafriGroup Plc Announced Its Digital Banking Ambition". Daily Afrika. August 9, 2020.
  3. "DafriBank Digital Takes Operations to Over 180 Countries". Vanguard Nigeria. Retrieved July 27, 2021.
  4. "DafriGroup PLC Announces Completion Of $5 Million Investment In DafriBank Digital". The Washington Mail. April 5, 2021.
  5. "Digital Bank of Africa: Ratings & Details". CryptoTotem. April 20, 2021.
  6. "The Digital Bank of Africa Announces Initial Token Offering". The Forbes Journal. April 5, 2021.
  7. "SafeBank token breaks record with 24-hour surge above $1.6B market cap". Coin Telegraph. May 6, 2021.
  8. "Nigerian in South Africa launches N100 million children's education support fund in Anambra". The Sun Nigeria. September 13, 2020.
  9. "DafriBank Saves The Day on Twitter". Daily Afrika. February 10, 2021.
  10. "DafriBank Appoints New CEO". The Nation. September 22, 2020.