DataMynt ensures security and transparency in cross-border payments using blockchain technology, driving financial inclusion and economic empowerment for businesses across Africa.African businesses are stifled with limited support for cross-border trade and payments and a limited ability to purchase USD or EUR to pay suppliers. Bitcoin Lightning Network changes that.
Cross-border payments for African businesses are the most expensive in the world, paying 2% more of the transaction value than the global average. DataMynt’s cross-border business payments using the Lightning Network are a fraction of the cost and offer African businesses secure, transparent, and affordable cross-border payment options for their suppliers and customers. DataMynt’s web and mobile applications also offer USD and EUR wallets, global invoicing, online checkout, and Point of Sale.
Streamlining Cross-Border Payments:
Traditional payment methods limit importers in Nigeria and Kenya to sourcing goods from the US, EU, India, or China. DataMynt solves these problems by offering uncapped currency exchange at the best rates and global disbursements within hours, as opposed to days or weeks.
Liquidity and Last-Mile Settlements:
DataMynt supports businesses in Kenya and Nigeria by facilitating last-mile settlements. The company’s cross-border payment solutions empower businesses and streamline their financial transactions. DataMynt ensures security and transparency in cross-border payments using blockchain technology, driving financial inclusion and economic empowerment for businesses across Africa.
DataMynt plays a vital role in this changing financial landscape across Africa by offering a solution tailored to businesses.
If you are a business in Africa involved in importing or exporting, you need a reliable partner for cross-border payments. DataMynt is that partner.
DataMynt unlocks opportunities for African businesses to participate in the global marketplace.
Don’t miss this opportunity to join the future of cross-border payments. Sign up for DataMynt here.
Innovation in Cross-Border Payments for Africa
Cross-border payments beyond Africa are essential for facilitating trade, remittances, and economic development in Africa, a continent with diverse and growing economies. However, moving money across borders from African countries is often costly, slow, and complex, posing significant challenges for consumers and businesses alike.
Some of the main challenges facing cross-border payments in Africa include:
- Regulatory barriers: African countries often have limited regulatory frameworks and poor monetary policies to support cross-border trade and payments, which create frictions and inefficiencies. For example, some countries only permit banks and foreign exchange bureaus to make cross-border payments, while others impose capital controls or currency restrictions, all at the expense of local businesses and their owners.
- Infrastructure gaps: Africa lacks adequate payment infrastructure and interoperability to enable seamless cross-border transactions. For example, many countries do not have real-time gross settlement (RTGS) systems or national payment switches that can connect different payment platforms and providers.
- High costs: Cross-border payments in Africa are among the most expensive in the world, with an average cost of 8.9% of the transaction value in 2020, compared to the global average of 6.8%. The high costs are driven by factors such as lack of competition, high operational costs, currency conversion fees, and compliance costs.
- Low access: Many Africans do not have access to formal or digital financial services or payment instruments that can enable cross-border payments. According to the World Bank, only 43% of adults in sub-Saharan Africa had an account at a financial institution or a mobile money provider in 2017. Moreover, many African countries have low penetration of cards, bank accounts, and internet access that can facilitate online payments.
Despite these challenges, there are opportunities and solutions for improving cross-border payments in Africa.
Some of the emerging trends and innovations include:
- Solution 1: Mobile money: Mobile money is a digital payment service that allows users to store and transfer money using their mobile phones. Mobile money has been a success story in Africa, with over 280 million registered accounts and $495 billion in transactions in 2020. Mobile money can enable cross-border payments by allowing users to send and receive money across different countries and currencies using their mobile wallets or agents. Some examples of mobile money providers that offer cross-border payments include M-Pesa, MTN Mobile Money, Orange Money, Airtel Money, and EcoCash.
- Solution 2: Fintech platforms: Fintech platforms are technology-based companies that provide innovative payment solutions for consumers and businesses. Fintech platforms can enable cross-border payments by leveraging new technologies such as blockchain, artificial intelligence (AI), and cloud computing to offer faster, cheaper, and more convenient transactions. Some examples of fintech platforms that offer cross-border payments in Africa include DataMynt, Flutterwave, Chipper Cash, Wave, WorldRemit, TransferWise, BitPesa, and AZA Finance.
DataMynt is a fintech company that offers cross-border business payments, specifically catering to African businesses and their favorite trade corridors. DataMynt exemplifies the power of fintech in integrating cutting-edge technologies like blockchain to provide more efficient, inclusive financial solutions in Africa.
With DataMynt, businesses can enjoy instant, secure, and transparent transactions in their currencies of choice, independent of costly intermediaries. The platform also offers invoicing features, enabling businesses to receive payments from anywhere, at any time.
- Solution 3: Regional integration: Regional integration is the process of harmonizing policies and regulations among different countries or regions to facilitate trade and cooperation. Regional integration can enable cross-border payments by creating common payment systems and standards that can reduce frictions and costs. Some examples of regional integration initiatives that support cross-border payments in Africa include the African Continental Free Trade Area (AfCFTA), the Pan-African Payment and Settlement System (PAPSS), the Single African Air Transport Market (SAATM), and the East African Payment System (EAPS).
Simplifying African Car Imports using DataMynt: Kai and Karo’s Story
In the heart of Nairobi, Kenya, a dynamic car dealership is making waves in the industry. Kai and Karo have established themselves as a reputable, customer-focused business, offering a wide range of vehicles, from sleek sedans to robust SUVs and trucks. With years of industry experience, Kai and Karo have earned the trust of car enthusiasts and buyers alike, delivering exceptional service and prioritizing customer satisfaction.
In addition to selling cars, Kai and Karo also import auto parts and accessories. They source spare parts for dealers for all makes and models.
About DataMynt
DataMynt is a fast-growing global payments and business banking fintech product powered by blockchain technology. We are currently based in Kenya, Nigeria, and Ghana, with over 5,000 businesses using DataMynt to complete cross-border settlements alongside other business banking solutions like point of sale and invoicing. With a highly experienced team with a combined experience of 20+ years in the fintech and payment industry, DataMynt unlocks global opportunities for African businesses, targeting a $1T market using on-chain cross-border payments. Trusted by 5,000+ African businesses, here’s a brief overview:
- Cross-border payments supporting major trade corridors with a multi-currency business wallet.
- Generated over $600k in gross revenue in 2022.
- Raised $2.7m from investors such as UOB Bank, Gaingels, Coinbase, and Polygon.
- Currently raising $1.5-$2m @$15m post + token warrant.
We are in the African market to help businesses looking to make import or export payment settlements. We are currently looking for partners and investors in the African market.
Sign up for a DataMynt Account here. You can also E-mail DataMynt if you would like to Partner to enable cross border payments.
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