Telegram, a popular messaging app, has partnered with Ivorypay, a crypto payment startup, to bring its new digital wallet service, Wallet by Telegram, to the African market. The move is part of Telegram's strategy to expand its Wallet service beyond its core markets of Russia and the U.S.
Ivorypay will help Telegram connect with local payment providers and offer users in Africa a seamless and secure way to make and receive payments. The partnership will also make it easier for users to send and receive money through Telegram.
It will also enhance liquidity to users in key African markets such as Uganda, Kenya, Nigeria, Ghana, and South Africa. This strategic alliance lays the foundation for the future expansion of these services across the African continent, in line with a common goal of empowering people through improved financial inclusion and technological development. With this initiative, Telegram and Ivorypay are making a significant contribution towards building a more connected and prosperous Africa.
Telegram's Wallet service may face competition from other popular digital wallet services in the African market, such as M-Pesa, Airtel Money, and MTN Mobile Money. Additionally, digital wallet services offered by major tech giants like Facebook and WhatsApp may also pose a challenge.
However, Telegram has the advantage of its well-established user base of over 700 million monthly active users worldwide, as of November 2022, and its focus on security and privacy, which could give it an edge over its competitors.