Stellar just made it easier to send money across borders.
Flutterwave will soon open two new corridors, Europe and Africa, with Stellar-powered payment. Businesses focused on improving remittance services can now benefit from these new corridors
Businesses focused on improving remittance services will greatly benefit from the opening of these new corridors.
Stellar Development Foundation (SDF), a non-profit that supports the Stellar network, announced yesterday that Flutterwave, a payments company, has launched two new services for sending money to and from Europe and Africa using Stellar.
Remittances are currently a multibillion-dollar market in Africa, and crypto use could be a part of that pie. Flutterwave would use the Stellar network and Stellar-based USD Coin to streamline remittances on the continent.
The Impact of Stellar
Businesses seeking to improve the efficiency and effectiveness of their remittance services will greatly benefit from the opening of these new corridors, contributing to a more robust, more inclusive Pan-African digital payment infrastructure.
As a result, Flutterwave plans to extend Stellar-based capabilities to additional African countries as it expands its currency support. “Sending money to sub-Saharan Africa costs more than sending money anywhere else in the world,” says Olugbenga Agboola. “Our new payment corridors on Stellar will allow us to continue expanding the Flutterwave network to bring all-important, cost-effective money transfer services to African business owners.”
By connecting Stellar-based businesses like Flutterwave and TEMPO in Africa – which also have a large, complementary user base – the Stellar Development Foundation is developing a Pan-African payments infrastructure that facilitates equitable income distribution across the continent.
The development of these payment rails further establishes Stellar as a mature, viable digital alternative to traditional lengthy and expensive remittance methods.
“The work Flutterwave is doing in a region that has traditionally been underserved is important, and SDF is committed to helping them expand their reach and impact across the African continent and beyond,” explained Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation.
As she said, “This partnership goes a long way toward making financial services more accessible and affordable to underbanked individuals worldwide.”
Stellar is a decentralized, scalable cryptocurrency designed specifically for financial products and services. Financial institutions around the world benefit from Stellar by issuing assets and settling payments on the Stellar network. Stellar accounts number over 5 million, according to data provided to CryptoSlate.
Via this site.