Los Angeles, CA, January 18, 2024 –Abba Platforms Inc., the parent company of Abba Payments Ltd., the developing owner of Africa’s fastest growing peer-to-peer mobile payment and digital wallet app, Abba Wallet, seeks to raise USD 800 million to establish a digital bank, slated to be online by 2025, with a vision to serve more than 500 million unbanked people across Africa.
To be integrated within the Abba Wallet ecosystem, Abba Digital Banking aims to revolutionize the banking transactions, solutions and services in providing financial services for the general public, offering loan facilities to the consumers and businesses for the African market all on the Internet. The services to be offered include; opening and setting up bank accounts, transferring funds, making withdrawals for the general consumers and specialty banking services for businesses all over Africa.
Abba Platforms Inc. through its wholly-owned subsidiary, Abba Payments Ltd, has developed a “super everything mobile app,” Abba Wallet, available on Google Play Store for Android, which brings financial solutions to Africa, enabling people all over Africa and beyond where applicable to send and receive money in real-time, make payments for goods, services and other financial transactions through multiple payment methods, such as debit cards, credit cards, QR codes, USSD codes and email to be easier, faster, safer and more secured.
“With the fast growing population in Africa to surpass 1.4 billion by 2024 and a large buying power of over USD 3 trillion per year, we see Africa’s financial sector as the fundamental key to helping Africa’s economy to grow exponentially and help improve the lives of hundreds of millions of people across Africa,” Exclaims Julius T. Gbayange, Abba Payments President.
With the current pre-seed valuation of US$3.7 billion and built to handle a payment volume (PV) of more than USD 500 billion monthly throughout Africa, Abba Wallet uses the latest encryption technologies to deliver the most secure, fast, friendly and reliable transactions using the company’s mobile applications, designed as the exclusive payment platform for Abba Platform’s marketplace, Abbain.com. The company equally seeks to establish itself as the payment processor of choice for e-commerce websites, mobile applications and other commercial users across Africa.
“We foresee Abba Wallet becoming ‘a super everything app’ where our customers can perform most of their daily tasks such as buy their recharge credits for their MTC, MTN, Airtel, TNM, Unitel and even pay for their DSTV, Multichoice, Starlink, insurance, and buy electricity, movie tickets, and more across Africa,” states Edgar Songanga, Abba Payments CEO.
In general, digital banking is part of the broader context for the move to online banking, where banking services are delivered over the internet. The shift from traditional to digital banking has been gradual, remains ongoing, and is constituted by differing degrees of banking service digitization.