TL:DR,
- Bitmama and MANSA have joined forces to revolutionize cross-border payments across 18 African nations by providing enhanced liquidity and blockchain solutions.
- Nigerian cryptocurrency exchange Bitmama announces a strategic alliance with blockchain payment provider MANSA to expand multi-currency services and cater to Africa’s expanding Web3 community.
- MANSA will provide liquidity infrastructure in support of Bitmama’s continental expansion strategy.
Africa has become a beacon of hope for the web3 community. We at Web3Africa have poured out content showcasing the untapped potential the continent truly holds.
Africa houses several prominent names within the industry, like Flutterwave, Yellowcard and many more. This article dives into a Nigerian crypto exchange, once considered an underdog, that has spread its wings throughout Africa’s crypto community, Bitmama.
In recent developments, Bitmama has officially announced a collaboration with MANSA, a blockchain payment solutions provider specializing in cross-border payments and trade financing. According to the official announcement, the Bitmama MANSA partnership has set its sights on overhauling Africa’s financial inclusion rate through blockchain.
Overhauling Cross-Border Payments with Bitmama and MANSA
Blockchain technology has revolutionized the very concept of finance. After operating for over a century, the financial sector has transitioned into a new, safer, faster and more flexible franchise, Decentralized Finance.
Initially, many claimed that DeFi platforms originated from mobile money and to some extent, the statements hold some truth. Through mobile money, the world has understood that there are better forms of financial services. This eventually inspired many to utilize the foundations of both groundbreaking achievements to bring about blockchain payment solutions.
This new feature has radicalized startups, allowing easier access, avoiding the hurdles that come with dealing with traditional banks, and increasing the size of such transactions.
Currently, Africa stands at the cusp of a great revolution. In less than two decades, cross-border payments have transformed the financial inclusion rate of Africa from a low 20% to 55%, according to the World Bank.
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This fact has led to the emergence of numerous startups, each seeking a slice of Africa’s untapped potential.
In recent developments, right from the heart of Africa’s crypto community, Nigeria, Bitmama has announced a partnership with MANSA. The collaboration has set its sights on Africa’s growing blockchain community, introducing new blockchain payment solutions tailored for the common African.
As per the agreement, MANSA will provide Bitmama with the necessary liquidity to pre-fund multi-currency account services across 18 countries.
 Mouloukou Sanoh, CEO and co-founder of MANSA, said;
“Our collaboration with Bitmama marks a key milestone for MANSA. Providing the liquidity needed to pre-fund accounts enables individuals and businesses to benefit from enhanced cross-border payment services. This partnership aligns with MANSA’s mission to close the liquidity gap that hampers entrepreneurs and businesses across Africa and other emerging markets.“
Bitmama’s Strategic Growth and Expansion
Bitmama has had a steady incline within the crypto community. The platform garnered quite the attention, raising $1.65 million via preseed extension while closing its preseed funding round at $2 million. This funded its expansion, offering a better and cheaper alternative to sending money.
Bitmama team.[Photo: Bitmama]
This feat introduced its users to global accounts dominated by USD, EUR, and GBP. This was the turning point of the organization.
Ruth Iselema, CEO of Bitmama, said;
“Favour reached out to me because we’re building products beyond crypto, and it made sense to me.”
By opening its doors to emerging markets beyond Africa, Bitmama gained the traction it required to focus its efforts on transforming Africa’s financial inclusion rate.
The DeFi protocol, MANSA, has also dedicated its efforts to providing liquidity to multinational blue-chip companies. The organization recognized that Bitmama is propelling the need for collaboration.
MANSA has facilitated the requirements organizations need to traverse the Web industry. Since 2017, the organization has continued to aid the Web3 community by providing services and a network that reaches many desperately needy regions.
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Recently, the platform has eyed Africa and is taking every measure to solidify its position in fast-paced African nations.
The Future: Web3, Virtual Cards, and a Financially Inclusive Africa
The Bitmama MANSA partnership showcased how fast-paced adoption is within Africa. With better cross-border systems, startups and organizations will have access to a broader market, increasing cash inflow.
Despite still facing some regulatory issues, if applied well, it could be an extra source of income for an economy. In addition, payment companies have turned to virtual crypto cards to add digital assistant features to banking solutions, tapping into a $2.22 trillion market.
The future of Africa lies with Web3, and its population is becoming aware of this grand shift. All we can do is tally and see where Africa will fall in the futuristic economy.
