Nedbank has partnered with Crypto.com to roll out payment, settlement and liquidity solutions in Africa.
Nedbank has partnered with global crypto-currency exchange Crypto.com to develop blockchain-based payment, settlement and liquidity solutions across Africa.
As global trade evolves, Africa’s reliance on legacy payment rails has introduced significant challenges – including high settlement costs, currency volatility and exposure to geopolitical risks associated with correspondent banking networks.
Through Crypto.com’s digital asset platform, Nedbank aims to build a compliant, blockchain-enabled payment infrastructure that integrates with traditional banking systems. The goal is to offer retail and commercial clients real-time, low-cost settlement options in both South African rands (ZAR) and on-chain US dollars (USDC).
According to the companies, the initiative will enable clients to:
- Seamlessly convert between ZAR and USDC in real-time via secure digital channels.
- Access digital dollar liquidity for trade, remittance and treasury operations.
- Benefit from daily net settlement between Nedbank and Crypto.com.
Subject to regulatory approvals, the rollout will be implemented in phases over the next 12 months, commencing with individual clients before extending to juristic entities.
Simon Marland, managing executive for automation, blockchain and analytics at Nedbank, says the move is critical for the continent’s competitiveness: “Africa’s future depends on how effectively we integrate modern financial technologies into the heart of trade and commerce.
“By leveraging Crypto.com’s blockchain capabilities, Nedbank is building the foundation for a more resilient, inclusive and future-ready financial ecosystem – one where South African and African businesses can transact seamlessly on a global scale.”
Karl Mohan, EVP of financial services and GM, international of Crypto.com, adds: “Africa represents one of the most dynamic frontiers for digital finance, and by working with a trusted institution like Nedbank, we can jointly enable secure, compliant and efficient access to digital assets for businesses and individuals alike.”
