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- Flutterwave enables new Europe-Africa payment corridors on the Stellar network.
- Stellar revealed that Flutterwave is working with TEMPO to leverage the Stellar network and the Stellar USDC.
African-based fintech company Flutterwave has launched new remittance corridors on the Stellar Network. The fintech company announced two new remittance corridors between Europe and Africa. These new payments infrastructures will enable more efficient cross-border payment and remittance between European and African countries.
Related: MoneyGram partners with Stellar for transaction settlement, XLM shoots up 14%
Flutterwave launches new payment corridors on Stellar
Announcing the new payment corridors by Flutterwave on the 25th of October, Stellar said Flutterwave is working with money transfer company TEMPO, leveraging the Stellar network and the Stellar USDC to make remittances to Africa easier. The new corridors will be beneficial to businesses that seek to develop cost-effective remittance services. Additionally, Flutterwave is looking to extend Stellar-based capabilities to more African countries. The tech company is also planning to support more currencies.
Olugbenga Agboola, the CEO of Flutterwave, commented on the advantages of the new corridors on the Stellar network. He said:
It is more expensive to send money to sub-Saharan Africa than to any other region in the world. 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.
The mission of the Stellar Development Foundation is to create fair and balanced access to the global financial system. The new launch will support the network’s mission by connecting Stellar-based businesses to develop an efficient and cost-effective Pan African payments system.
Also, TEMPO CEO Suren Ayriyan expressed his excitement about the partnership with Flutterwave to provide services to Africa. He emphasized that its customers across Europe will now be able to easily send funds to Africa. Consumers can send money to their loved ones or conduct businesses in a faster and cheaper manner. Speaking further, Ayriyan noted that the money transfer company hopes to continuously collaborate with Stellar. According to the CEO, TEMPO hopes to provide cheap, secure, and swift global money transfers to its new and existing customers.
Stellar ecosystem expands with Europe-Africa payment corridors
Furthermore, the CEO and executive director of the Stellar Development Foundation, Denelle Dixon, spoke on the new Europe-Africa Payment corridors enabled by Flutterwave. In a statement, the CEO said that the partnership signifies the tech company’s effort to make maximum use of the power of technology to offer financial services. Dixon continued:
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.
Flutterwaves’ services span across more than 33 African countries, including Nigeria, Uganda, South Africa, Rwanda, and Kenya. Since its inception in 2016, the company has reportedly conducted more than 140 million transactions worth over $9 billion. Flutterwave serves over 290,000 businesses, such as Facebook, Uber, Booking.com, and more.
