The paytech company Flutterwave has utilised the Stellar Development Foundation‘s (SDF) network to open up two new remittance corridors between Europe and Africa.
Working in collaboration with TEMPO, Flutterwave is simplifying remittance services in Africa through leveraging the Stellar network and the Stellar USD Coin.
The establishing of these new payment corridors is set to greatly benefit businesses that are focused on building more efficient, cost-effective remittance services. On a wider scale, the payment corridors are also predicted to facilitate a stronger, more inclusive Pan-African digital payments infrastructure.
Connecting Stellar-based businesses like Flutterwave and TEMPO — with themselves accommodating a significant user base in Africa — creates an efficient and affordable Pan-African payments infrastructure, supporting the Stellar Development Foundation’s overarching mission to create equitable access to the global financial system.
With these payment rails now in place, Stellar has been able to demonstrate the practicality of a viable digital alternative to traditionally lengthy and expensive methods of sending remittances.
It’s reported that Flutterwave is planning to extend Stellar-based capabilities to additional African countries as it continues to grow the number of currencies it supports.
“It is more expensive to send money to sub-Saharan Africa than to any other region in the world,” said Olugbenga Agboola, CEO at Flutterwave. “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.”
TEMPO’s CEO Suren Ayriyan added: “We’re excited to partner with Flutterwave to extend our service ecosystem into Africa using Stellar rails. 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.”
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation comments: “This partnership marks a further step in our efforts to harness the power of technology to make financial services more inclusive and affordable for underbanked individuals worldwide. 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.”