Cashout allows you to convert your Devdraft account balances (USDC and EURC) into local currency and withdraw funds to your bank accounts and mobile wallets in supported regions. Currently serving Zambia and Malawi with expanding coverage.

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Supported Regions

Zambia 🇿🇲

Available Withdrawal Methods:
  • Bank account transfers to local Zambian banks
  • Mobile money wallets (MTN, Airtel, Zamtel)
  • Local currency: Zambian Kwacha (ZMW)
  • Processing time: 1-3 business days

Malawi 🇲🇼

Available Withdrawal Methods:
  • Mobile money wallets (Airtel Money, TNM Mpamba)
  • Local currency: Malawian Kwacha (MWK)
  • Processing time: 1-24 hours
  • Banking: Coming soon
More African regions are being added regularly! Malawi banking support and additional countries are in development.

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Setting Up Your Cashout Region

The first step in using Devdraft’s cashout feature is selecting and configuring your target region. This determines which withdrawal methods will be available and what local currency you can convert to.
Cashout region selection showing Zambia and Malawi options - light modeCashout region selection showing Zambia and Malawi options - dark mode

Region Selection Interface

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How Region Selection Works

Choosing Your Target Country

What happens when you select a region:
  • Currency Conversion: Your selected region determines the local currency you’ll receive (ZMW for Zambia, MWK for Malawi)
  • Available Methods: Different withdrawal options become available based on the region’s financial infrastructure
  • Compliance Setup: Region-specific KYC and regulatory requirements are applied
  • Exchange Rates: Real-time rates are shown for converting USDC/EURC to local currency
Important Considerations:
  • You can set up multiple regions if you operate in different countries
  • Each region requires separate verification and setup
  • Exchange rates are locked in at the time of conversion
  • Processing times vary by region and withdrawal method
Zambia Requirements:
  • Valid Zambian national ID or passport
  • Local bank account details (for bank transfers)
  • Mobile money wallet registration (for mobile transfers)
  • Proof of address in Zambia
Malawi Requirements:
  • Valid Malawian national ID or passport
  • Mobile money wallet registration (Airtel Money or TNM Mpamba)
  • Proof of address in Malawi
  • Banking details (when banking support launches)
Verification Process:
  • Document upload and verification (1-2 business days)
  • Identity confirmation via trusted verification partners
  • Address verification for compliance
  • Account status updates via email and dashboard notifications
Operating Across Multiple Countries:If your business operates in both Zambia and Malawi, you can:
  • Set up separate cashout regions for each country
  • Maintain different withdrawal methods per region
  • Convert to different local currencies as needed
  • Track cashout activity separately by region
Benefits of Multi-Region Setup:
  • Flexibility to serve customers in different markets
  • Diversified withdrawal options
  • Separate compliance tracking per jurisdiction
  • Optimized currency conversion strategies

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Cashout Activity Tracking

Monitor all your conversion and withdrawal activities with comprehensive tracking tools.
Cashout activity tracking dashboard showing recent transactions - light modeCashout activity tracking dashboard showing recent transactions - dark mode

Cashout Activity Dashboard

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Activity Dashboard Features

Transaction History

Complete audit trail of all cashout activities:
  • Currency conversions with exchange rates used
  • Withdrawal requests and their current status
  • Processing times and completion dates
  • Fee breakdown for each transaction

Real-Time Status

Live updates on your cashout requests:
  • Pending conversions awaiting confirmation
  • In-progress withdrawals being processed
  • Completed transactions with confirmation details
  • Failed transactions with detailed error information

Financial Analytics

Insights into your cashout patterns:
  • Total amounts cashed out by currency
  • Average processing times by method
  • Fee analysis and cost optimization suggestions
  • Regional breakdown of withdrawal activity

Export & Reports

Comprehensive reporting capabilities:
  • Export transaction history to CSV/PDF
  • Monthly and quarterly cashout summaries
  • Tax reporting assistance documents
  • Compliance audit trail generation

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How Cashout Works

1

Set Up Your Region

Create a cashout region for your target country (currently Zambia)
2

Add Withdrawal Methods

Add your local bank accounts or mobile wallet details
3

Convert Currency

Convert your USDC or EURC to local currency at current exchange rates
4

Withdraw Funds

Send converted funds to your chosen bank account or mobile wallet
5

Receive Money

Funds arrive in your local account within 1-3 business days

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Video Tutorial: Setting Up Cashout

Learn how to set up cashout for your region:

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Withdrawal Methods

Direct Bank Transfers:Supported in Zambia:
  • All major Zambian banks through Lenco ZM integration
  • Secure bank-to-bank transfers
  • Account verification required
Requirements:
  • Valid local bank account
  • Account holder name matching your Devdraft profile
  • Correct bank and account details
Processing Time: 1-3 business days
Banking support for Malawi is coming soon! Currently, mobile money is available for Malawian users.

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Currency Conversion

From USDC to ZMW

USD Coin to Zambian Kwacha
  • Real-time exchange rates
  • Transparent conversion fees
  • Instant rate quotes
  • Market-competitive pricing

From EURC to ZMW

Euro Coin to Zambian Kwacha
  • Live EUR to ZMW rates
  • Cross-currency conversion
  • Clear fee structure
  • Updated every 30 seconds

From USDC/EURC to MWK

To Malawian Kwacha
  • Real-time conversion rates
  • Competitive exchange rates
  • Mobile money ready
  • Transparent pricing

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Setting Up Cashout Regions

Getting Started:
  1. Navigate to Cash Out in your dashboard
  2. Click Add Region button
  3. Select your country (Zambia and Malawi available)
  4. Confirm region creation
  5. Set up your withdrawal methods
Cashout region setup interface
Multi-Region Operations:
  • Each region operates independently
  • Separate withdrawal methods per region
  • Different local currencies and providers
  • Region-specific transaction history
  • Centralized management dashboard
Prerequisites:
  • KYC Verification: Required for all cashout operations
  • Account Balances: USDC or EURC funds available
  • Local Details: Valid local bank account or mobile wallet
  • Identity Match: Names must match across all accounts

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Processing Times and Fees

Expected Settlement:
MethodProcessing TimeAvailability
Mobile Money1-24 hours24/7
Bank Transfer1-3 business daysBanking hours
Currency ConversionInstant24/7
Balance UpdateReal-time24/7

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Security and Compliance

Protection Measures:
  • End-to-end encryption for all transactions
  • Multi-factor authentication required
  • Real-time fraud monitoring
  • Secure API integrations with local providers
  • Transaction confirmation requirements
Legal Requirements:
  • Full KYC verification mandatory
  • Anti-money laundering (AML) checks
  • Transaction reporting to local authorities
  • Compliance with local banking regulations
  • Customer due diligence procedures
Verification Process:
  • Bank account ownership verification
  • Mobile wallet account confirmation
  • Identity document validation
  • Address verification requirements
  • Enhanced due diligence for large amounts

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Best Practices

1

Verify Account Details

Accuracy is Critical:
  • Double-check all bank account information
  • Ensure mobile wallet numbers are correct
  • Verify account holder names match exactly
  • Test with small amounts first
2

Monitor Exchange Rates

Optimize Conversions:
  • Check rates before converting large amounts
  • Consider market timing for better rates
  • Monitor rate trends over time
  • Set up rate alerts if needed
3

Plan for Processing Times

Timing Considerations:
  • Allow extra time for bank transfers
  • Use mobile money for urgent needs
  • Consider weekends and holidays
  • Plan around local banking hours
4

Keep Records

Documentation:
  • Save all transaction confirmations
  • Keep exchange rate records
  • Maintain withdrawal receipts
  • Track for tax and accounting purposes

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Coming Soon

Malawi Banking 🇲🇼

Bank Account Support:
  • Local Malawian bank partnerships
  • Direct bank transfers
  • Enhanced withdrawal limits
  • Secure bank-to-bank transfers

Additional Regions

Expansion Roadmap:
  • More African countries
  • Additional mobile money providers
  • Expanded banking partnerships
  • New local currencies
Cashout functionality requires completed KYC verification and may have different limits based on your verification level and transaction history.