In essence, the collaboration aims to improve access to cross-border payment services across Africa. According to the official press release, establishing cross-border payment services in Africa presents significant challenges, primarily due to the need for pre-funded accounts in multiple countries. Limited capital often hinders payment companies from maintaining these accounts, leading to a liquidity gap that restricts innovation.
Bitmama facilitates cross-border settlements for individuals and businesses but requires adequate liquidity in each of these markets.
Through this partnership, MANSA will supply Bitmama with the necessary liquidity to pre-fund accounts across the 18 countries where Bitmama operates. This collaboration is expected to enhance payment capabilities for consumers and support cross-border trade activities across the continent.
Officials from MANSA emphasised the significance of this collaboration, stating that by providing the required liquidity, MANSA is helping individuals and businesses access better cross-border payment services. They added that the partnership is in line with MANSA’s mission to address the liquidity challenges that affect entrepreneurs and businesses in Africa and other emerging markets.
MANSA was designed to tackle the funding gap in emerging markets by offering liquidity solutions to support economic growth and financial inclusion. The company has expanded its operations across various African markets and collaborates with major liquidity providers within the DeFi ecosystem.
Bitmama, launched in 2017 as a peer-to-peer digital currency exchange, has evolved into a noteworthy payment platform in Africa. It offers users the ability to transact with virtual cards, trade cryptocurrencies, and manage digital assets securely. Operating in 18 countries, including Nigeria, Ghana, and Kenya, Bitmama enables users to trade, make payments with virtual cards, purchase airtime, and pay bills using stablecoins.
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