On August 8, 2024, Daniel Opeyemi of Vanguard News reported the official launch of TransferXO’s operations in Ghana, marking a significant milestone in the company’s growth.
This expansion allows the introduction of our innovative crypto-backed lending products to a new market, enabling users in Ghana to secure loans using digital assets as collateral.
This move taps into Ghana’s rapidly growing digital financial ecosystem, further solidifying TransferXO’s position in the African market.
Having already facilitated over US$10 million in loans across its existing markets, TransferXO aims to capitalize on Ghana’s strong mobile money adoption, which boasts 23 million mobile money accounts and over $40 billion in annual transactions.
The decision to expand was informed by our breakthrough in Nigeria, where we successfully maintained a low non-performing loan ratio of just 4.2%.
“We are excited to expand into new African markets with our crypto-backed lending products, which enable users to unlock liquidity from their digital assets,” said Chidinma Ndego, Product Owner at TransferXO.
“Our strategy focuses on reducing traditional lending friction and providing fast, collateralized loans. By doing this, we can serve more users, including both the banked and unbanked, more efficiently.”
“Our goal is to provide a comprehensive digital financial experience, including P2P transfers, lending, and debit card services across our new markets,” added Emmanuel Ukoha, Co-founder/CEO of TransferXO.
TransferXO Success Stories as a Fintech:
TransferXO’s success in Nigeria has already had a profound impact on its users. Entrepreneurs like Ngozi Adebayo, who unlocked capital using her digital assets to expand her small business, are prime examples of how crypto-backed lending can transform lives. “TransferXO has given me the ability to access capital without the hassle of traditional bank loans,” she said.
Looking ahead, TransferXO plans to further expand its footprint across the African continent, with additional markets slated for launch in 2025.
The company remains committed to bridging the gap between traditional financial systems and digital currencies, helping underserved communities access fast, secure, and collateralized loans.
To further support the adoption of its services, TransferXO has partnered with leading mobile money providers in Ghana, including MTN Mobile Money and Vodafone Cash. This collaboration aims to make financial services more accessible to Ghanaians, particularly in rural areas, where mobile money has become the primary means of financial transactions.
You can learn more about how TransferXO is revolutionizing lending with crypto-backed solutions. Visit our website at TransferXO and sign up for our services today to unlock the potential of your digital assets.