Xago, an innovative South African Fintech that focuses on an all-inclusive approach to moving money across Africa, announced its partnership with Bitmama, Africa’s most trusted digital currency company with customers in over 10 countries, including Nigeria, Ghana, Kenya, Cameroon, Zimbabwe, Uganda, Angola, Tanzania, UK, Japan and now South Africa.
Founded in April of 2016 by CEO Ruth Iselema, Nigerian-based Bitmama started out as a peer-to-peer currency exchange. It quickly grew into a dynamic platform built on blockchain technology where traders buy and sell cryptocurrencies, allowing Bitmama to eradicate traditional third-party costs and waiting time. Xago’s partnership with Bitmama will now enable their Changera app users to send and receive digital ZAR at an average of 3.8 seconds to family, friends, business partners, suppliers, in fact, anyone they choose across the world, and at a very low cost per transaction. This service is on track to go live in early February.
Xago moves money into or out of crypto in just a few innovative steps and delivers a custom-built exchange to trade, send and receive Xago’s digital ZAR across the globe. Mark Chirnside, Xago’s CEO and Co-Founder emphasises that “the team at Xago is honoured to be chosen by Bitmama as their fiat to digital ZAR on- and off-ramp partner. They are a dynamic, customer-focused company that drives leading-edge technology and is dedicated to bringing new services to market, rapidly”.
Bitmama and Xago Partnerships
Speaking on the partnership, Ruth Iselema, CEO of Bitmama noted, “for us at Bitmama, we are constantly thinking up new ideas to help customers move money around quickly and what Xago is bringing is a unique, innovative solution. This is an exciting partnership for us, as it will bring a whole new experience for our users. We are also happy to be involved with an expert team like Xago, who are changing how things are done and breaking new frontiers in the blockchain industry.”
In the same year that Bitmama was founded, Jurgen Kuhnel, Sonya Kuhnel and Chirnside, co-founded Xago. The start-up has changed the way money flows, what it costs and how long it takes to reach a destination while providing a secure, traceable and effective solution to all elements of the financial ecosystem.
Imvelo Ventures, a venture capital investment company founded by Capitec Bank and Empowerment Capital Investment Partners invested in Xago to expand its reach across Africa and emerging markets.