Stellar To Launch New Europe-Africa Payment Corridor With This Partner
25 Outubro 2021 - 3:00PM
NEWSBTC
The Stellar ecosystem continues to expand. Today they have
announced a partnership with global payments company Flutterwave to
launch two new payment corridors between Europe and Africa. Related
Reading | How Stellar’s $40M Investment In Tala Will Give
Millions Access To Financial Services To be supported by the
Stellar network with their main EU anchor TEMPO, a payment
institution that offers its services for the corporate sector, the
corridors will process transactions with USDC. In that way, the
partners seek to provide a simplified way of sending remittances
between the two continents. Thus, the collaboration could create a
positive impact throughout the African region as it provides
businesses with friction and accessible digital payment method. To
achieve this objective, the XLM-based companies Flutterwave and
TEMPO will create an “affordable Pan-African payments
infrastructure”. In doing so, the partners expect to gain more
adoption and acceptance as an alternative payment system as opposed
to the more expensive and restricted payment companies in the
traditional sector. The CEO at Flutterware Olugbenga Agboola
claimed in a press release shared by the Stellar Development
Foundation (SDF) that sending money to the Sub-Saharan region is
one of the most expensive processes worldwide. Related Reading
| Stellar Leads Crypto Gains as XLM Rallies by 49%; Pullback
Ahead? In that sense, their partnership with the SDF tries to make
the process more cost-efficient and accessible. Agboola said the
following: 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.
Africa And The Future Of Payments Power By Stellar Africa and the
Sub-Saharan region have one of the larger unbanked populations in
the world. The partners attempt to bring inclusivity and financial
access to the millions of people living under these circumstances
by reducing remittance costs and proving access to financial
services. Suren Ayriyan, CEO at TEMPO, said the partnership is an
exciting step into their expansion using Stellar rails. Ayriyan
added: Customers across Europe will be able to send funds faster
and at a lower cost to support their families and conduct business
in Africa, landing funds right into their local bank account. We
hope to continue working with Stellar anchors to exponentially
increase our currency corridors and offerings, providing cheap,
secure and fast global money transfers to all TEMPO customers, both
existing and new. Finally, Denelle Dixon, CEO and Executive
Director of the SDF called the collaboration with TEMPO and
Flutterwave a new advancement to leverage crypto-based technology
to improve the financial system. Dixon said: Flutterwave is doing
important work in a region that has been historically underserved,
and SDF is committed to helping them create a tangible impact on
financial access and inclusion across the African continent and
beyond. As of press time, XLM records 2.2% and 36.2% profits in the
and monthly charts, respectively. The cryptocurrency has seen an
important price surge due to the constant expansion of its
ecosystem. Related Reading | Stellar To Power VISA’s New
Partnership, XLM Begins Breakout
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