The transaction, which is expected to close by the end of Q2 2024 for an unknown amount, is Dunes' first official action after coming out of stealth mode. The company is getting ready to launch a new platform that combines traditional banking services with cryptocurrencies.

The Canadian fintech's banking and cryptocurrency technology, including its fiat and cryptocurrency transaction settlement solutions, will be advantageous to the start-up after the transaction.

According to a Dunes representative, "the acquisition aligns with our vision of creating a bridge between crypto and fiat, opening up new possibilities for regulated entities and individuals."

With features including rapid international money transfers, payments, and multi-currency accounts, Be Mobile Africa is an all-in-one money app that uses blockchain technology and artificial intelligence to provide financial services to the African market.

The company's "sale of non-financial assets injects vital financial resources into Be Mobile Africa," according to Dr. Cédric Jeannot, co-founder and CEO of Be Mobile Africa.

"The company's goal of banking the unbanked and underbanked in Africa will be reflected in the use of these resources to double down on major African markets.”

Be Mobile Africa is just one of many fintech companies aiming to offer financial services to the continent. Other recent initiatives include the launch of the new Max it app by French telecoms company Orange and the announcement of Flow48, a start-up based in the United Arab Emirates, about its intention to expand to South Africa.