Managing Director of the DafriGroup, the parent company of DafriBank, Catherine Anajemba has said that the goal of the companys’ recently established DafriBank is to leverage the digitization of the financial sector to serve digital entrepreneurs who have been largely ignored by conventional banks.
According to the Anajemba, who was elated about the positive reviews and warm reception accorded DafriBank across Africa, the bank aims at reducing the costs of finance significantly through the use of more efficient technology.
“We differ from other banks in our very mission. Our goal is to leverage the digitization of the financial sector to serve digital entrepreneurs who have been largely ignored by conventional banks. We also aim at reducing the costs of finance significantly through the use of more efficient technology, which would directly benefit our clients,” she explained.
Anajemba further gave a comprehensive explanation of circumstances that gave birth to the DafriBank, a financial technology company that has clients in over 180 countries and over 200,000 customers around the world.
Her words: “The idea came about following Paysafe LTD, parent company to Skrill & Neteller’s unceremonious dislodge of bank withdrawal feature from their platform in 2019, leaving millions of their African loyal customers stranded with no option to get their money out. I was a victim with my $15,000 stuck in Neteller without any means of retrieving it other than spending it online on things I don’t need. I had to come up with a strategy to help those in similar cases get their money back home.
“This led me to establish B-Exchange, a P2P platform that at the time serviced Skrill and Neteller African stranded users brought their money back home. B-Exchange receives Skrill/Neteller payment and issues payout to clients’ local bank accounts in South Africa, Nigeria, Botswana, Namibia, Lesotho, Swaziland, and Zimbabwe among other African countries.”
According to her, B-Exchange assisted many entrepreneurs at the time before Paysafe LTD closed its account of six years with them.
“This was when I began to explore the idea of having an African own version of payment solution that will aid African growing digital entrepreneurial class endeavours,” she recalled.
Fortunately, her idea got a breath of life when she met billionaire investor, Xolane Ndhlovu, who thought the idea was incredible and invested $5 million through the DafriGroup PLC incubator programme and thus brought DafriBank to life.