Out PayPal: Welcome to the Evolution of Cross-Border Banking - The DafriBank Digital
Gone are days when 99% of digital businesses and entrepreneurs depended on PayPal to pay and get paid online.
The rise in technologically advanced digital wallets, AKA "new kids on the block" is giving legacy rivals a tough time. For years, PayPal has imposed an oppressive policy on African based digital businesses where some saw their money blocked for 650 days. "PayPal locked my money for 210 days for no apparent reason," posted one disgruntled client.
Source: UGC
Sonto Masenya, who runs a small digital agency, accused PayPal of being racist towards Africa. She lamented how PayPal crashed her small business before it could take off. “I lost my job during the peak of COVID and started a small digital business that promoted brands both internationally and locally. I had a few international clients willing to support my newly founded full-time job, however, methods of payment were a bit of a challenge. I was advised to get a PayPal business account which I did.”
She continues “Two of my clients from the US purchased my service and what was supposed to be a good start quickly turned into a two years nightmare when PayPal put the money on hold for 657 days. I got a call from one of the clients who told me that he got off the phone with PayPal and wanted him to admit that the payment was fraudulent despite his protest that there was no such”. I was only allowed access to my money in 2022 March two years later after my story went viral on Twitter.
Sonto’s story echoed the sentiment of thousands of African small business owners who have for years endured unpleasant experiences in the hands of international payment processors. But worry not because DafriBank has just launched its own #ePayMe service aiming to destabilize PayPal dominance in African soil and if numbers are anything to say, it will be just about time. ePayMe by DafriBank Digital™ is an instant payment checkout channel that allows businesses and individuals to pay and get paid online from 200+ countries.
"Why expose your banking details online when you can give them a payment link to tap and pay you or your business and your money enters your bank account while you are home having dinner?" Tweeted the bank.
Describing itself as a global financial ‘bridge maker’ for cross border banking, DafriBank has gathered 50 000 active users within 6 months of its soft launch, of which 500 are merchants and corporations such as Amazon, MTN, Glo and Telkom among others. The bank has partnerships with major financial institutions to avail Visa & MasterCard, Apple Pay, Google Pay, American Express and Discover deposit methods, and has bank agents in the Philippines, India, South Africa, Brazil, Nigeria, Ghana, Botswana, Zimbabwe, USA, Lesotho, Kenya, Cameroon, Rwanda and Zambia.
"The ePayMe Powered by DafriBank™ is easy to use and available to every DafriBank account holder. It supports DafriBank W2W, ePay, OZOW EFT and USDT with more methods scheduled to be added soon," It said in a statement.
"Login to your online banking, tap on the menu, select ePayMe, click on generate payment link if you haven't put in the amount you want to accept, click submit and you are done. Copy your ePay Me link and send it to your clients or add the link on your website pay button," it added.
Through DafriBank, customers can send and receive payments, shop online and hold funds in over 50 currencies worldwide; overcoming current challenges such as high costs, slow processing times, a lack of transparency, and currency volatility. As a fully compliant, multipurpose African bank in the cloud, DafriBank enables low-fee, 5-minute processing and real-time currency exchange to bridge the gaps between the banked, underbanked and fully banked.
DafriBank is Authorised and licensed by the Comoros International Banking Authority (CIBA) the Banking Supervising body of the Central Bank of Comoros. The digital-only bank is a flagship of the South African public company DAFRIGROUP LIMITED, a conglomerate with a portfolio of interest across 16 subsidiaries.
Source: Legit.ng
