Addressing Persistent Challenges in Intra-African Transactions
Although Africa is a dynamic market for monetary transactions, challenges persist in the form of costly, time-consuming and inefficient remittances. Millions of individuals regularly send funds across African borders, facing obstacles such as exorbitant fees and unfavorable exchange rates. On the business side, businesses face significant obstacles to expansion due to these challenges, particularly in the context of thriving intra-African trade.
Be Mobile Africa, the strategic approach of Be Mobile Africa
In response to these challenges, Be Mobile Africa is strategically separating its blockchain-based payments infrastructure from its other operations. The move aims to expand access, providing a more efficient, faster and more cost-effective payment solution to a diverse audience of individuals and businesses.
Dr Cédric Jeannot, Co-founder and CEO of Be Mobile Africa, highlights the importance of Cheetah and its potential impact on the market. He notes that Be Mobile has designed an advanced technological solution to facilitate real-time payments almost free of charge in Africa. The decision to establish the payment network as an independent entity aligns with Be Mobile’s mission to lift 100 million people out of poverty by significantly reducing the cost of intra-African money movement.
Cheetah’s role in the Web3 revolution
As an independent entity, Cheetah is able to improve accessibility, bringing the cost of intra-African money movement to near zero. By embracing the Web3 revolution, Cheetah is enabling African businesses to harness the potential of decentralized finance (DeFi), providing access to financial services previously out of reach. Cheetah streamlines payment processes, facilitating fast and cost-effective transactions directly from local African currencies. Additionally, it allows businesses to adopt digital currency without the volatility associated with traditional cryptocurrencies. With Cheetah, businesses and their customers can enjoy the benefits of speed, affordability and security while transacting in their preferred local currency.
In conclusion, the launch of Cheetah marks a significant milestone in the advancement of Web3 technology for intra-African transactions. Be Mobile Africa’s strategic decision to establish Cheetah as an independent entity underlines the commitment to addressing the challenges of the African financial landscape, driving economic growth and providing inclusive and efficient payment solutions to individuals and businesses.