Minit Money Chosen For The First Cohort Of SA’s IFWG Regulatory Sandbox

SA’s Intergovernmental Fintech Working Group (IFWG) regulatory sandbox has chosen Johannesburg-based BitcoinSV Centbee’s cross-border app Minit Money to join its first cohort.

The IFWG is an initiative that allows innovators to test new products and services under the supervision of relevant regulators.

The IFWG includes participation from the National Treasury, the Financial Intelligence Centre (FIC), the Financial Sector Conduct Authority (FSCA), the National Credit Regulator (NCR), the SA Reserve Bank, the SA Revenue Service (SARS) and the Competition Commission.

Centbee’s Minit Money is a cross border app that allows people in South Africa to send money at a low cost to loved ones in Nigeria, Uganda, Zimbabwe, and Ghana.

Centbee uses BitcoinSV as the blockchain underpinning its offering, which processes thousands of transactions per second and is a reliable open-source protocol.

Angus Brown, co-CEO of Centbee, said, “We are proud to be the first BitcoinSV business globally to work closely with financial sector regulators in South Africa and are delighted to be selected for South Africa’s first regulatory sandbox.”

Registration through the app is simple, and money is cleared in the receiver’s bank or mobile money account in minutes. Money can be loaded at any of over 100 000 retailers across the country.

Brown concludes, “Centbee through Minit Money is demonstrating how BitcoinSV solves real-world problems that affect many millions of people.”