Good People, I noted here that we would be launching a digital bank with focus on immigrants in the US, Canada, Europe and Australia – and the same bank will support expatriates in all continents. Specifically for Africa, we will make it easier for you to sell to Africa’s deepest market: African diaspora. When you open an account in our startup, you will get a US bank account which has been visualized within the US banking ordinance.
The goal here is to reduce the frictions on receiving payment when those in diasporas cannot easily pay you while in Africa. You will like it because you can be paid in a US bank, open US fintech wallets (say Stripe, Paypal, etc), and that payment can also be moved in seconds to your nation. We are launching with support for at least 36 countries.
We are at the last phase of US regulatory approval to go live, and we hope we will do so before Dec 1. Largely, we need to make deposits (like the money you deposit with the Central Bank of Nigeria as it works on your license; the apex bank will return that money later) as the regulator requires. The regulator has approved but is asking for a deposit which must be equity (not loaned).
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As I write, Tekedia Capital Syndicate members are reviewing this startup for further investment (you can join the Syndicate here). Once that money is raised, we will do as the US government wants and then go live. We have close to 30,000 users waiting.
For all those asking, apologies for the delay. We are coming.
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