Stellar, the blockchain network that enables cheap cross-border financial transactions, is set to enable two more remittance channels between Europe and Africa.
According to an announcement released on Oct. 25, the Stellar Development Foundation (SDF) has partnered with payment company Flutterwave to enable USD coin (USDC) transfers in the expanding Europe-Africa corridor.
As part of the collaboration, Flutterwave will partner with TEMPO Payments, a France-based company that was among the first to develop the Stellar ecosystem.
The companies want to explore blockchain technology to make it easier for a growing number of people to send money from Europe to Africa. The project even comes as the crypto usage in countries like Nigeria, Kenya, Ghana and South Africa signals the increasing status of Africa as an important crypto border.
Inexpensive and faster payments
Flutterwave chief executive officer Olugbenga Agboola said in a statement that no other region is as expensive to send money as sub-Saharan Africa. According to him, the partnership with SDF and TEMPO opens a payment corridor that ensures that African companies get more of “inexpensive money transfer services.“
Suren Ayriyan, the CEO of TEMPO based in Paris, noted that the use of USDC and Stellar will see their customers from across Europe.Send funds faster and at lower cost to support their families and do businessS. “
The cooperation with Flutterwave also makes it easier for customers to transfer money directly to an account at a local bank.
Flutterwave is represented in over 30 African countries and has large companies such as Facebook, Uber and Booking.com among its customer base. The payment company has reportedly processed over $ 9 billion in transactions.