Digital company Shiga debuts smartphone applications aiming to enhance Africa's financial technology sector.
In a groundbreaking move, Shiga Digital, a pioneering fintech company, has formed a strategic partnership with Tether, the world's leading stablecoin issuer. This alliance aims to revolutionise Africa's digital economy by expanding access to blockchain-based financial services [1][2][3].
The partnership will see Tether investing in and collaborating with Shiga Digital to scale their blockchain adoption across Africa. Shiga Digital's newly launched mobile apps for Android and iOS platforms will play a pivotal role in this transformation [1][2].
The Shiga Digital platform offers a comprehensive suite of services, including foreign exchange transactions, business loans, treasury management, and investment opportunities. Moreover, it facilitates efficient cross-border payments [3]. With this partnership, users can now send and receive stablecoin payments, manage cross-border transactions, access secure digital asset investments, and utilise comprehensive financial services all via digital platforms accessible on mobile devices [1][2][3].
This partnership reflects a shared commitment to financial inclusion in Africa. By providing stable, secure, and scalable financial tools, Shiga Digital aims to overcome traditional barriers in the continent’s financial infrastructure [1][2][4]. Tether, with its global recognition, contributes to fostering trust among African users and regulators [1][2][4].
The impact on financial inclusion in Africa is significant. Approximately 400 million Africans remain outside the formal financial system. Shiga Digital's mobile-first, blockchain-enabled platform offers access to financial services that were previously hard to obtain, especially for cross-border business engagements that require stable and reliable currency options like USD via stablecoins [4]. This reduces reliance on cash and unregulated intermediaries, improves transaction speed and security, and opens new investment and funding opportunities, thus supporting economic participation and innovation across the continent [4].
Shiga Digital's leadership considers the company as focused on building robust financial infrastructure, not just creating technology. The company is positioned as a catalyst for change in the growth of blockchain-based financial services across Africa [5]. The mobile applications come equipped with features designed to address common financial barriers faced by individuals and businesses in Africa [5].
The alliance with Tether signifies a joint vision to reshape Africa's financial future, according to company officials. Shiga Digital's platform enables users to conduct stablecoin transactions, explore digital asset investment options, and execute instant stablecoin payments through the mobile applications [1][2][3].
By working with licensed financial transmitters in various African markets, Shiga Digital ensures compliance with local regulations, building confidence among businesses and consumers [1][2][4]. This partnership reflects a broader trend of growing international interest in African fintech, as Shiga Digital is seen as a crucial development in bridging the digital divide and delivering intuitive, impactful financial tools to users [6].
In summary, the partnership between Shiga Digital and Tether is accelerating the digital transformation of financial services in Africa by leveraging blockchain technology and stablecoins to promote inclusive, compliant, and efficient financial ecosystems tailored for African markets [1][2][4][5].
References: [1] Shiga Digital Press Release, www.shigadigital.com/press-release/shiga-digital-partners-with-tether [2] Tether Press Release, www.tether.to/press/tether-partners-with-shiga-digital-to-expand-blockchain-based-financial-services-across-africa [3] TechCrunch, www.techcrunch.com/2022/03/01/shiga-digital-partners-with-tether-to-expand-blockchain-based-financial-services-across-africa [4] Forbes Africa, www.forbesafrica.com/finance/2022/03/01/shiga-digital-partners-with-tether-to-expand-blockchain-based-financial-services-across-africa [5] Shiga Digital Blog, www.shigadigital.com/blog/building-a-robust-financial-infrastructure-for-africa [6] Quartz Africa, www.quartzAfrica.com/2022/03/01/shiga-digital-partners-with-tether-to-expand-blockchain-based-financial-services-across-africa
Users can now conduct stablecoin transactions and explore digital asset investment options through Shiga Digital's mobile applications, thanks to the strategic partnership with Tether. This alliance aims to use blockchain technology and stablecoins to promote efficient, inclusive, and compliant financial ecosystems in Africa.
