Recently, MyBucks SA and Naga Group AG reached an agreement that will see the former’s banking infrastructure work with Naga’s digital currency technology in the African market. Naga intends to extend its cryptocurrency services to MyBucks’ clientele, located across the Africa and Australia.
The two companies have since issued a joint statement regarding the market, concerning the speculation started by Bloomberg, a website that covers business news. Using the Naga wallet, users can seamlessly send and receive virtual currency payments through email and convert them into fat currency. The technology is also compatible with stock trading and financial investments.
Additionally, the Naga digital wallet provides a fast and cost-effective way to manage digital assets. The wallet supports instantaneous, real-time and subsidized transaction fees, particularly when users transact in NAGA coin. Nonetheless, the support of multiple tokens and coins is perhaps the most notable advantage of the Naga wallet.
The collaboration will substantially help the Frankfurt-based MyBucks to delve into the promising African Market. The developing world, especially Africa, is plagued with payment and remittance issues, as most of its residents are either underserved by banks or entirely unbaked. Currently, this space is dominated by household names such as Western Union and Transfer Wise Ltd. By doing this, MyBucks will have made a significant step towards achieving its vision, which is to become a fully-fledged digital banking institution. Consequently, MyBucks’ revenue stream will significantly increase.
According to MyBucks’ chairman, Dave van Niekerk, the partnership is an ideal example of companies working together to tap into the upcoming markets. As a result, both firms will boost their client base while spreading their service to new markets. Dave also reiterated MyBucks’ commitment to playing an active part in the cryptocurrency revolution.
On its part, Naga will not only benefit from a fresh market for its digital wallet, but as outs own virtual currency, the NAGA coin. Last year, the World Bank disclosed that it expects remittances to Sub-Sahara African countries to hit the $38 billion mark by the end of 2018.
Of late, cryptocurrencies such as Bitcoin have been gaining traction amongst Africans. The reasons behind the acceptance are the persistent cases of political and economic instability which have resulted in weakening of local currencies. Furthermore, central banks in Kenya, Zimbabwe, South Africa and Nigeria are open to the idea of formulating cryptocurrency policies, despite the notion that virtual money should not be regulated