Traditional cards with limited spending caps can be inconvenient. Users often face declined transactions when trying to make large purchases, struggle to top up their balance quickly, and constantly have to monitor their limits to avoid card blocks.

These issues become even more significant when shopping on international platforms. Due to currency conversion and additional fees, global shopping can become very costly.

The Ultima virtual card from PSTNET offers a solution to all these problems. It imposes no spending limits on its users.

With it, you can easily buy plane tickets, book hotels, pay for digital service subscriptions, purchase clothing and accessories, and even make large transactions. For example, you can order electronics or designer furniture from overseas stores.

PSTNET Virtual Cards for Global Shopping

PSTNET issues virtual cards for media buying with a 3% cashback on online transactions. The Ultima, virtual card for shopping, is ideal for active users who regularly make online payments and use their card for global purchases. PSTNET offers free cards when a certain monthly spending threshold is reached.

All PSTNET cards are highly secure, featuring 3D Secure technology and two-factor authentication.

Ultima is an unlimited card, meaning there are no restrictions on how much you can top up or spend.

Additionally, it has a favorable fee structure:

• 0% transaction fee
• 0% fee for declined transactions or transactions on frozen cards
• 0% withdrawal fee
• 2% top-up fee
• $7 monthly maintenance fee
• $99 annual maintenance fee (currently available at a 48% discount)

Moreover, users can issue an unlimited number of Ultima cards to manage their expenses.

For companies and businesses, PSTNET offers the option to create branded White Label cards. These cards can be integrated into brand products, allowing companies to offer additional services and enhance customer loyalty.

How Does the Ultima Card Work?

To start using the Ultima virtual card, simply complete a quick registration on the PSTNET platform. The process takes just a few minutes and requires you to create an account via Google, Telegram, WhatsApp, Apple ID, or email. Once registered, you can issue the card through your user dashboard.

Immediately after issuance, the card becomes active, and you can top up your balance. It’s important to note that user verification is only required if the top-up amount exceeds $500. This threshold acts as an additional security and transparency measure.

The Ultima card is suitable for converting crypto assets into fiat money with automatic conversion. It’s accepted wherever Visa and MasterCard are, making it a versatile tool for global shopping.

Topping Up Your Ultima Card

The Ultima card can be topped up in several ways:

It supports 18 cryptocurrencies, including BTC, USDT (TRC 20, ERC 20), ETH, BNB, XRP, TRX, BCH, USDC (Ethereum), USDC (Tron), ADA, SOL, MATIC, BUSD, LTC, DASH, DOGE, TON, and USDT.

Additionally, the card supports top-ups via SEPA/SWIFT bank transfers and other Visa or MasterCard cards.

To top up your card, simply log in to your user dashboard and choose your preferred funding method. With a wide range of supported currencies and top-up methods, you can easily manage your finances and transfer funds to your card anytime.

User Interaction and Support

For user convenience, PSTNET offers several channels for technical support. You can reach out for assistance via Telegram chat or use other communication methods like live chat or WhatsApp.

Additionally, there’s a special Telegram bot that sends service notifications and 3D Secure codes, helping maintain a fast interaction with the system and protect user payment data.

Conclusion

The Ultima virtual card from PSTNET is a convenient and secure solution for safe global shopping. Its main advantage is the absence of spending limits and transaction fees, making it ideal for active users. The support for multiple cryptocurrencies and fiat currencies, along with easy registration, makes the card accessible to users of all experience levels in financial technologies.

Moreover, PSTNET offers opportunities for businesses by creating branded White Label cards, which can be a powerful tool for increasing customer loyalty and providing additional services.

For those who frequently shop online or work with cryptocurrencies, the Ultima card is a simple and cost-effective way to manage finances and make purchases worldwide.

One of the major objectives for the creation of AfCFTA is the breaking down of national boundaries and other barriers that hinder cross-border trade, to allow for seamless trade and promotion of economic activities among African countries.

However, despite the very bright prospects of a new era of socio-economic prosperity on the continent, what may pose as an obstacle to the realization of the objectives of AfCFTA is the lack of visibility of African businesses, especially small and medium enterprises (SMEs), in the global business arena.

This lack of visibility, caused by the absence of a legal entity identifier (LEI), is the reason they cannot access the much-needed credit that should enable their growth.

Businesses in Africa face borderless trade financing challenges not only because of size, but because they are mostly unknown outside their domains.

While these businesses are not directly excluded from trade finance, they are often given unfavourable loan repayment terms which result in indirect exclusion.

To participate effectively in international business, therefore, African businesses, including SMEs and startups, must see Legal Entity Identifier as an imperative.

Legal Entity Identifier

Whether a business is registered on the African continent or in offshore locations as in some cases Mauritius.

The LEI is a major requirement due to mandates for trade reporting obligations such as the Financial Markets Act, 2018.

The use of LEI is required by African entities when they are trading and reporting and if conducting activities within the United States, European Union or the United Kingdom.

The global initiative gives business entities worldwide backing to succeed, especially with its roll out for African SMEs.

The LEI provides globally recognized business identities to SMEs. In innovative partnership local banks act as the first Validation Agent in Africa, using the bank’s usual onboarding process for business clients, including “know your client” (KYC) and “anti-money laundering” (AML) checks, to verify the identities and ownership information on businesses.

This helps SMEs access more favourable trade terms in international transactions and improve their access to finance.

The prospect of having African businesses best positioned for the global business arena explains the excitement that greeted the appointment of two African professional including Nigeria’s Dr. Folarin Alayande, a Nigerian international development economist, technology investor and financial services executive, as a non-executive director of the Global Legal Entity Identifier Foundation (GLEIF).

These appointments point to the significant and interest to drive the adoption of Legal Entity Identifier across Africa in alignment with GLEIF’s strategic priority of enabling digital trust for enterprises worldwide, and ultimately bringing more African businesses to the fore.

In 2023, Sub Saharan Africa witnessed significant growth despite the decline in funding over the last two quarters, which reflects global economic realities.

Although, Fintech startups and innovation hubs have thrived, particularly in countries like Nigeria, South Africa, Kenya, Egypt and Ghana, addressing diverse financial needs from payments to SME services.

Block chain and cryptocurrencies also gained traction; regulators worked on fostering innovation, while ensuring consumer protection. The use of AI and data analytics increased for credit scoring and risk management.

The Fintech sector played a crucial role in advancing financial inclusion, improving cross-border payments and addressing the financial needs of small businesses as well as individuals.

However, it wasn’t all rosy as concerns about e-fraud overshadowed some of the fine moments thereby highlighting the need for ongoing vigilance and regulatory adaptation in this rapidly evolving landscape.

This pressure persists, as industry watchers are concerned and worried about the rising global cost of funds and the declining shortage of investment across the continent.

Several startups in 2023, like PayDay, Bundle, Pivo, 54gene, Dash, Vibra, to mention but a few, either closed shop, or are on the verge of doing so, blaming the situation on financial and non-financial challenges, as well as lack of funding.

The year showed greater need to deepen corporate governance structures across Fintechs, and the overall financial service sector, especially for those seeking to explore international markets or seek funding rounds.

This is where LEI comes in to assist. As a globally recognized form of business identity, it would give African entities greater credibility when they apply for finance, engage in international trade and establish new supplier relationships for manufacturing processes.

The African Fintech landscape witnessed 26 publicly announced acquisitions over the last two years, according to Tekedia – a whopping 270 per cent growth from between 2019 and 2021. Industry players should therefore expect more of such moves from 2024. This figure is from publicly known acquisitions and shows significant growth of the African landscape.

It is expected that 2024 would bring in more consolidation of efforts among Fintechs and also between larger corporates and Fintechs, to explore synergies.

Mergers and acquisitions still serve as a strategic tool to allow startups to overcome the current funding landscape, while also delivering returns for existing stakeholders.

“Based on the current funding landscape, it is only fine to predict that more acquisitions would be considered by existing startups and the traditional banks and corporates seeking to leverage the strength and agility of the startups to consolidate on their offerings in the market”, according to Adeshina Adewumi, a renowned finance expert, Chief Executive Officer/Founder of Trade Lenda.

In conclusion, Africa needs improved investments to drive borderless economic activities with off-the-continent opportunity of creating an impact, particularly at a time AfCFTA is expected to boost borderless economic trade significantly, making Africa a single market of 1.3 billion people, and a cumulative GDP of over $3 trillion.

What started as a promising venture aiming to revolutionize Africa’s digital wallets landscape turned into a cautionary tale of mismanagement, exaggerated growth, and financial misappropriation at Dash.

1. Misrepresentation of Growth:

Dash initially garnered attention for its mission to connect mobile money wallets and bank accounts across Africa. The startup claimed significant milestones, including processing transactions worth $1 billion and acquiring a million users from Ghana, Nigeria, and Kenya. 

However, suspicions arose regarding these numbers, leading to internal audits and the eventual revelation that the figures were misrepresented and exaggerated.

2. Leadership Crisis:

The founder and CEO, Prince Boakye Boampong, faced scrutiny for allegedly misappropriating funds and exaggerating user metrics. Boampong was suspended and later fired, leaving the company in a leadership crisis. Kenneth Kinshua took over as the new CEO, but by then, the damage was already done.

3. Financial Irregularities and High Overhead:

Upon closer inspection of Dash’s accounts, a shortfall of at least $25 million was discovered, raising concerns about financial irregularities. Dash’s burn rate was reported to be $500,000 per month, and with no substantial revenue, the startup struggled to sustain its operations across five countries. 

The company’s overhead costs, including high executive salaries and expansive operations, contributed to its financial woes.

4. Alleged Misappropriation of Funds:

Reports surfaced that Boampong, the former CEO, allegedly diverted funds, using them to purchase properties and luxury cars. The alleged misappropriation, coupled with exaggerated growth claims, created a financial crisis that Dash could not recover from.

5. Lessons Learned:

Dash’s downfall emphasizes the importance of transparency, accurate reporting, and responsible financial management in the startup ecosystem. 

Exaggerated growth claims might attract initial attention, but they can lead to severe consequences when the truth is revealed. Investors and stakeholders must conduct thorough due diligence to ensure the integrity of the companies they support.

In summary, the shutdown of Dash highlights the significance of ethical practices, financial accountability, and genuine growth in sustaining a startup. 

While the fintech industry holds immense potential, maintaining trust and credibility is paramount to long-term success. Dash’s story shows cautionary tales for entrepreneurs, investors, and the broader startup community, emphasizing the need for integrity and transparency at every stage of a company’s journey.