Africans seek financial safety in Gibraltar


Seamus Rocca

JOHANNESBURG, (CAJ News) – GIBRALTAR is emerging as an unlikely safe haven for affluent up-and-coming market citizens looking to secure their money offshore.

It is a favourite for those turning to crypto-friendly international private banks and crypto currencies.

The Gibraltar-based international private bank, Xapo Private Bank, saw a 16 percent growth in clients from emerging markets since the beginning of 2023 and new memberships tripled from February to March – at a time when the global markets and many financial institutions went the opposite direction.

Of Xapo Bank’s new members, 12 percent were from South Africa and 2 percent from Nigeria respectively, which signifies a significant movement of capital – both in fiat and cryptos – from African banks to Gibraltar.

International private banks in Switzerland and Luxembourg have long been popular with wealthy families around the globe.

“Gibraltar is setting itself apart as a modern banking hub because it is able to properly regulate private banks with strong fiat currency and crypto currency offerings,” said Seamus Rocca, Chief Executive Officer of Xapo Bank.

Xapo Private Bank is the first fully licensed bank in the world to enable members to transact in both the dollar and the digital dollar (USDC) as well as Bitcoin.

“But what appealed to African customers most this year was that we launched a few world-first solutions including USDC Out and Lightning-enabled metal debit cards,” said Rocca.

A recent study by Bank of America Private Bank has predicted that international private banks would increase in popularity in 2023 as they start to offer younger clients from around the world access to new and more diverse asset classes, including alternative assets such as private equity, private debt, specialist funds, collectables and crypto assets.

“We’re seeing the shift,” Rocca said.

– CAJ News




scroll to top