Centbee de SA graduated from regulatory sandbox and adds new countries to money transfer service
South African fintech startup Centbee has successfully completed testing of its Minit Money money transfer service as part of the regulatory sandbox of the South African Intergovernmental Fintech Task Force.
Launched in 2016 by co-CEOs Lorien Gamaroff and Angus Brown, Centbee launched its Bitcoin Cash wallet on the market end of 2018, allowing users to send bitcoin cash directly to their phone contacts.
The startup has secured funding worth over US $ 1 million, more recently last year, and saw its low-cost money transfer service Minit Money selected for the First Cohort of the Intergovernmental Financial Technology Working Group (IFWG) to test the regulatory treatment of crypto assets for low-value cross-border money transfers between South Africa and Ghana.
The IFWG is a collective of South African financial sector regulators including the National Treasury, Financial Intelligence Center, Financial Sector Conduct Authority, National Credit Regulator, South African Reserve Bank, South African Revenue Service and the Competition Commission.
Minit Money has since expanded its operations to include sending money from South Africa to Nigeria, Senegal, Benin, Cote d’Ivoire and Uganda, and plans to add Mali, Tanzania, Kenya, Mozambique and Zimbabwe in the coming months.
“We are proud to have graduated from the first IFWG regulatory sandbox and are actively developing our winning money transfer solution. We anticipate incredible growth in the money transfer application market in the coming years and are confident in our ability to deliver fast and inexpensive transactions to everyone, ”said Angus Brown, Co-Founder of Centbee.