Today the Stellar Development Foundation (SDF) announced that Flutterwave , a global payments technology company, has established two new remittance corridors between Europe and Africa through the Stellar network. In partnership with TEMPO , Flutterwave uses the Stellar network and Stellar USDC to simplify transfers in Africa.
Opening up these new corridors will greatly benefit businesses focused on building efficient, cost-effective remittance services and contribute to a stronger, more inclusive pan-African digital payments infrastructure. Flutterwave plans to expand the Stellar-based capabilities to other African countries in order to further increase the number of supported currencies.
“It is more expensive to send money to sub-Saharan Africa than to any other region in the world,” said Olugbenga Agboola , CEO of Flutterwave . “Our new payment corridors on Stellar will allow us to expand the Flutterwave network further to include African To provide business owners with essential and affordable money transfer services. ”
The combination of Stellar-based companies like Flutterwave and TEMPO – which also has a significant, complementary user base in Africa – creates an efficient and affordable pan-African payment infrastructure that supports the Stellar Development Foundation’s mission to create equal access to the global financial system.
With these payment options, Stellar continues to establish itself as a mature, workable digital alternative to the traditionally lengthy and expensive methods of sending money transfers.
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Suren Ayriyan , CEO of TEMPO , said, “We are excited to be working with Flutterwave to expand our service ecosystem to Africa with the help of Stellar Rails. Customers across Europe will be able to send funds faster and at lower cost to support their families and do business in Africa by sending funds directly to their local bank account.
We hope to continue working with Stellar to expand our currency corridors and offerings exponentially and to provide cheap, secure and fast global money transfers to all TEMPO customers, both existing and new. ”
“This partnership is another step in our quest to harness the power of technology to make financial services more accessible and affordable for underserved people around the world,” said Denelle Dixon , CEO and Executive Director of the Stellar Development Foundation important work in a region that has historically been underserved, and SDF is committed to helping the company significantly improve access to financial services and inclusion across the African continent and beyond. ”
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