Nukkleus Inc and its subsidiary, Digital RFQ (DRFQ) have partnered with Tantel Group to expand their footprint in the rapidly growing African B2B payments market, which the World Bank estimates to be valued at over $1.5 trillion.
Through the collaboration, the firms are aiming to address the challenges of costly, slow, and unreliable cross-border payments in Africa, factors that have hindered economic growth in the region.
The deal will see DRFQ combine its technology with Tantel Group’s local expertise to tackle payment infrastructure in the region while overcoming FX limitations.
Emil Assentato, CEO of Nukkleus said: “Our integrated approach prioritises execution speed and privacy, fostering the growth of online transactions and digital wallets while reducing friction in Africa’s payments landscape. As Africa’s electronic payment market continues to grow, this collaboration with Tantel Group represents a significant step in our strategy to expand our services and influence across the continent, which we anticipate will result in substantially increased transaction volume for DRFQ.”
According to the World Bank report, developing and accelerating acceptance of electronic payments by micro, small and medium retailers is key to expanding financial access since a basic transaction account for payments and deposits is considered an entry point to the formal financial system.
Not only this but it can act as a gateway for individuals to adopt other relevant financial services. It also points out that more needs to be done than simply equipping individuals with basic transaction accounts such as expanding payment services to keep up with the move to a cashless economy.
