As the human race moves closer to its goal of a world without borders, global tech industry insiders have been talking a lot about making money and payments more open to everyone. Innovators are looking for ways to bridge the gap between the various currencies in the world. This has led to the rise of fintech startups in Africa, offering businesses and individuals products that enable them to own accounts in currencies aside from the local ones in their base.
Leatherback, a fintech startup on the rise, has introduced ways to shake up the ecosystem and do its part to make the world borderless in the future.
On the Leatherback app, features abound. Its marquee product is eighteen different foreign bank accounts for individual users and businesses. Users who onboard the platform automatically get an account in the currency of the country in which they are onboard. In Nigeria, users get a Naira account, and in the UK, users get a pound account.
This feature sets the stage right away for yet another fintech startup that wants to compete in an ecosystem where the dollar is very important. Founders incorporate their companies in countries that have dollars as the legal tender. With the CBN's new policies, which aim to get more transactions done in Naira by companies that only work in Naira, it's up to these fintech startups to fill the gaps these policies have left with creative solutions.
Only a lack of valid IDs and proof of address can deter young Nigerians and the long streak of companies catering to them from transacting in this highly competitive market.
Users setting up business accounts on Leatherback would need to do more than the regular upload of valid IDs and address verification documents. Businesses must provide additional documentation to validate their authenticity in order to open accounts in 18 currencies.
Leatherback unique offering
Leatherback is different from the multiple companies that have sprung up in recent years with the hope of making a killing as the CBN cracks down on international spending, in part because it gives users over 18 accounts in foreign countries. But also because users who hold these accounts are flung into a system in which they are qualified to perform the myriad of transactions that people on the ground in the birthplace of the currencies can. CONTINUE READING.
