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MyBucks S.A., NAGA Group partner to offer crypto wallet service

By , ITWeb
Africa , 10 Apr 2018

MyBucks S.A., NAGA Group partner to offer crypto wallet service

Frankfurt-listed FinTech firms MyBucks S.A. and The NAGA Group AG have announced a partnership through which MyBuck S.A will implement NAGA's crypto wallet within its client interface and existing MyBucks mobile wallet.

According to a statement issued by MyBucks, the partnership will enable its client base of over 1.5 million customers (across 12 African countries, Australia and prospective markets) to access the offering.

The partners say Sub-Saharan Africa's remittance market amounts to US$34 billion annually and they are confident they will gain significant market share within the next 2 – 3 years.

"MyBucks will be the exclusive business partner for the NAGA WALLET in the countries where it currently operates and in its imminent expansion into new markets. The partnership allows NAGA to focus on developed markets and use its partnership with MyBucks to gain market share in emerging markets," the companies explain.

They add that customers will have access to instant, real-time transactions and up to 50% lower transaction fees when using the NAGA COIN.

NAGA WALLET claims to support 5 coins and more than 1,200 tokens. Its value proposition is based on access to instant, real-time money transfers and a competitive rate.

"This unique feature enables users to send and receive crypto payments using only their email address rather than the hundreds of complicated numbers that currently constitute a cryptocurrency address. Users will not only be able to send cryptocurrencies via their email to other NAGA WALLET members, but they will also pay approximately 50% less transaction fees if they use NGC as a fee payment method," reads an excerpt from the statement.

"When sending or receiving, any cryptocurrency can be converted to and from cash in real-time with very little cost," it adds.

MyBucks' sees the alliance as a unique milestone in its vision to emerge as a fully inclusive digital bank.

Dave van Niekerk, Executive Chairman at MyBucks underlines: "The new Fintech world is about partnerships, collaboration and interoperability. The NAGA and MyBucks partnership is a great example of two companies joining forces to attract new clients in new markets and enabling their existing clients to do more business with us.

Yasin Sebastian Qureshi, Executive Director and Founder of NAGA says: "We are super excited to expand the NAGA platform to new continents, thus making our platform even more inclusive and encompassing."

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