Centbee now allows its users to shop at major retail outlets and make payments in BSV, further increasing the options for its growing user base.
Centbee users have been flocking to social media to tout the feature that allows them to shop at various outlets including U.S. retail giant Walmart and ecommerce behemoth Amazon.
The Johannesburg-based startup has continued to lead the BSV world in real-world payment services. Centbee users have been able to withdraw their BSV into their bank accounts for a year now; and pay for electricity, data, and airtime since June 2020.
Centbee’s presence in the South African fintech space was recognized recently by the country’s financial regulators when its Minit Money remittance service was invited to join a regulatory sandbox. The sandbox was organized by the Intergovernmental Fintech Working Group, a collective of South African regulators that include the Reserve Bank, the National Treasury, and the Financial Sector Conduct Authority.
Centbee has now graduated from the sandbox. Commenting on the achievement, co-founder and CEO Lorien Gamaroff stated, “We’re proud to have graduated from the IFWG’s inaugural regulatory sandbox and are aggressively scaling-up our winning remittance solution. We expect to see incredible growth in the remittance app market in the coming years and are confident in our ability to bring fast, low-cost transactions to everyone.”
Minit Money has also expanded in that time to bring in other countries. Initially, the service was only available on the South Africa-Nigeria payments corridor, one that connects the two largest economies in Africa.
Minit Money will now be available in more West African countries, and the first East African country. Users in Senegal, Benin, Ivory Coast, and Uganda can now send funds across borders for a fraction of a penny in fees and in just seconds, a great improvement from the very high fees and up to five business days that Africans have had to pay for decades.
Centbee also has plans to increase its Minit Money coverage to Kenya, Tanzania, Mali, Zimbabwe, and Mozambique.
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