Sunday, November 28

▷ Flutterwave enables new Europe-Africa payment corridors via Stellar


26.10.2021 – 02:24

The Stellar Development Foundation

San Francisco (ots/PRNewswire)

The Stellar ecosystem is expanding with more efficient cross-border payment and remittance flows from Europe to Africa

Today was the Stellar Development Foundation (SDF) announced that Flutterwave, a global payment technology company, has established two new remittance corridors between Europe and Africa through the Stellar network. In collaboration with WEATHER 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 further expand the Flutterwave network to provide essential and affordable money transfer services to African business owners.”

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.

Suren Ayriyan, CEO of TEMPO, said: “We are excited to partner 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 transferring funds directly to their local bank account. We hope to continue working with Stellar to exponentially expand our currency corridors and offerings and all TEMPO customers, both to provide cheap, secure and fast global money transfers, 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. “Flutterwave is doing 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.”

Information on FlutterwaveFlutterwave is a global payments technology company helping companies around the world expand their business in Africa and other emerging markets through a platform that enables cross-border transactions through a single API. To date, Flutterwave has processed over 140 million transactions valued at over $ 9 billion and serves more than 290,000 companies, including clients such as Uber, Flywire, Booking.com and Facebook. The company’s main advantage is international payment processing in 150 currencies and multiple payment methods including local and international cards, mobile wallets, bank transfers and Barter by Flutterwave. Flutterwave has infrastructure in over 33 African countries, including Nigeria, Rwanda, Uganda, Kenya and South Africa. For more information on Flutterwave’s journey, please visit www.flutterwave.com.

Information on StellarStellar is a decentralized, fast, scalable and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for the issuance of digital assets with which the global financial infrastructure is to be networked. Dozens of financial institutions worldwide are issuing assets and making payments through the Stellar network, which already has over 5 million accounts.

Information on the Stellar Development FoundationThe Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open source network that connects the world’s financial infrastructure. Established in 2014, the foundation helps evolve Stellar’s code base, supports the technical and business communities that develop the Stellar network, and acts as the voice for regulators and institutions. The foundation strives for equitable access to the global financial system and uses the Stellar network to unlock the world’s economic potential through blockchain technology.

Information on TEMPO PaymentsTEMPO Payments is a payment institution and the main EU anchor for Stellar blockchain payments. As a provider of cross-border transactions and billing, TEMPO provides payment services for companies around the world and stands for complete transparency of all processes, the immutability of records, high transaction speeds and extremely competitive commission rates. The company’s goal is to build a unique payments ecosystem that will enable entrepreneurs to take their business to the next level of growth by leveraging groundbreaking fintech solutions and helping individuals take full advantage of the next financial services Generation to benefit. For more information, see https://payments.tempo.eu.com/whitelabel.

Photo – https://mma.prnewswire.com/media/1668284/Flutterwave_X_Stellar.jpg

Logo – https://mma.prnewswire.com/media/1096150/Stellar_Development_Foundation.jpg

Press contact:

[email protected] NOTE TO EDITORS: The executives of the
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Original content by: The Stellar Development Foundation, transmitted by news aktuell


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