Abu Dhabi, 29 November 2023 – Today, along the sidelines of the distinguished Abu Dhabi Finance Week, Be Mobile Africa proudly announces the official launch of Cheetah, a cutting-edge Web3 intra-Africa payment network accessible at www.gocheetah.io. Leveraging fiat-backed Stablecoins and Automated Market Making (AMM), this revolutionary blockchain-backed infrastructure facilitates secure, cost-effective, and instantaneous money transfers within the African continent. Housed within Be Mobile Africa, this transformative technology is now being spun off into a distinct and independent entity.
The challenge of expensive, lengthy, and inefficient fund transfers within Africa persists, despite the continent representing one of the most dynamic markets for monetary transactions, with millions of individuals regularly sending remittances across African borders. On the corporate front, exorbitant fees for payments and unfavourable foreign exchange rates pose significant obstacles to business expansion, particularly during a period of flourishing intra-Africa trade.
In response to these challenges, Be Mobile has made the strategic decision to separate its blockchain-based payment infrastructure from its other operations, thereby extending access to a broader audience of individuals and companies seeking more efficient, rapid, and cost-effective payment solutions.
Dr. Cédric Jeannot, Co-founder and CEO of Be Mobile Africa, underscored the significance of Cheetah and its potential impact on the market. “At Be Mobile, we have engineered an advanced technological solution to facilitate nearly cost-free and real-time payments in Africa. While this has afforded us a substantial competitive edge, our fundamental mission remains to uplift 100 million people out of poverty. By establishing our payment network as an independent entity and opening it up to external entities, we aim to significantly reduce the cost of intra-Africa money movement, ultimately benefiting African individuals and businesses.”
Operating as an independent company, Cheetah is poised to enhance accessibility, driving the cost of intra-Africa money movement to nearly zero. As an integral part of the Web3 revolution, Cheetah empowers African businesses to harness the potential of Decentralised Finance (DeFi), unlocking access to financial services that were previously out of reach. Cheetah not only streamlines payment processes, enabling swift and cost-effective transactions directly from local African currencies, but it also enables businesses to embrace digital money without the volatility associated with traditional cryptocurrencies. With Cheetah, businesses and their clients can enjoy the advantages of speed, affordability, and security, all while transacting in their preferred local currencies.
About Be Mobile Africa
Be Mobile Africa is a FinTech platform that provides affordable banking services to individuals and businesses in Africa, at a fraction of the cost. In March 2022, Be Mobile Africa was the subject of a Harvard Business School case study. Visit www.bemobileafrica.com for more information.
Cheetah is a Web3 payment network that gives users access to secure, low-cost and instant money transfers intra-Africa using fiat-backed Stablecoins and Automated Market Making (AMM). The company was founded in 2023. Visit gocheetah.io for more information.
Press contact: Jana Kotze