What Is Digital Bank of Africa (DBA)?

Digital Bank of Africa (DBA) is a proficient and developed bank, namely DafriBank Digital Ltd. DafriBank Digital is duly licensed and regulated by the Central Bank of Comoros Island. In addition, DafriBank aims to be a leading-edge financial technology company seeking to integrate advanced payment approaches in the banking system to explicitly support digital entrepreneurs to evolve their business. Besides, DafriBank seeks to offer a secure, agile, and low-cost method to pay, receive, transfer and store money. The ultimate objective of DBA is to replace conventional banks—the banks that are inefficient and unable to cope with the rapid expansion of the digital revolution. 

DafriBank aims to democratize financial services, thereby helping individuals and businesses worldwide participate in the ongoing global economic scenario. Additionally, DafriBank seeks to offer a virtually limitless number of automated services to assist entrepreneurs, merchants, and the general public without asking for any bank accounts.As the digital world is expanding day by day, DafriBank is aiming to advance services to meet the uprising demands of the community. 

DafriBank is the first bank in Africa to publicly assist crypto technology by seeking to offer its market share via introducing a digital currency, 'DBA.' The DBA token is of the ERC-20 standard of Ethereumblockchains. That is introduced along with the modern IoT and AI. IoT and AI technologies help one to enable smart communications, even including problem-solving and digital capabilities. DafriBank has also enabled cryptocurrency transfers. However, DafriBank is not a cryptocurrency exchange but a supportable payment medium to trade cryptocurrency and forex wallets. 

DafriBank operates in a decentralized finance (DeFi) environment. DafriBank has linked several DeFi protocols to seek to regulate and develop the system. To illustrate, for the circulation of financial technology, the bank has linked digital financial services, including collateralized debts, loans, fundraisings, and the development of cryptocurrency. 

To summarize, DafriBank has embedded the system with all complex blockchain smart contracts. Due to such a modern approach and methodologies, DafriBank is rapidly expanding in African states and meeting the primary goal.

History of Digital Bank of Africa (DBA)

DafriBank Digital is a division of DafriGroup PLC, a public company duly registered in South Africa, Nigeria, and Botswana. DafriGroup held an unrestricted operating license in South Africa under Public Companies Act 71 of 2008. 

The idea of the Dafri Bank initiative was first conceived by Catherine Anajemba, the chief marketing officer of DafriGroup PLC in 2018. However, DafriBank Digital was established in Q3, 2020. Immediately after the establishment, Dafri Bank's digital token DBA was issued.