The European Central Bank (ECB) and the Federal Reserve System are collaborating to create a new cross-border payment system that uses blockchain technology. This will help central banks in Europe make faster, more efficient transactions. it will also give African nations an easier way of conducting financial transactions across borders.
The “what is stellar lumens” is a cryptocurrency that will soon be coming to Europe and Africa. Stellar Lumens are decentralized, open-source payments system.
Flutterwave, a global payments technology business, has established two new remittance corridors between Europe and Africa on the Stellar network, according to the Stellar Development Foundation (SDF), a non-profit supporting the Stellar network.
To make transfers in Africa easier, Flutterwave would use the Stellar network and the Stellar-based USD Coin. In Africa, remittances are presently a multibillion-dollar sector, and bitcoin adoption may only account for a small portion of that.
We’re excited to announce that @theflutterwave, a global payments technology business, has partnered with @tempo eu to develop two new remittance corridors between Europe and Africa on the Stellar network. https://t.co/76tt3TPXWx
October 25, 2021 — Stellar (@StellarOrg)
What does the Stellar move do for you?
The opening of these new corridors will help firms focusing on developing more efficient and cost-effective remittance services, as well as contributing to a stronger and more inclusive Pan-African digital payments infrastructure.
As a result, Flutterwave intends to expand Stellar-based capabilities to other African nations as the number of currencies it supports grows.
“Sending money to Sub-Saharan Africa is more costly than sending money to any other location in the globe,” said Olugbenga Agboola, CEO of Flutterwave. “Our new Stellar payment lanes will let us to continue developing the Flutterwave network, bringing critical, low-cost money transfer services to African company owners.”
Connecting Stellar-based businesses like Flutterwave and TEMPO — both of which have a large, complementary user base in Africa — creates an efficient and affordable Pan-African payments infrastructure, advancing the Stellar Development Foundation’s mission of ensuring equitable access to the global financial system.
Stellar continues to establish itself as a mature, viable digital alternative to old, time-consuming, and costly means of transmitting remittances with the addition of these payment rails.
“Flutterwave is doing important work in a historically underserved region, and SDF is committed to assisting them in making a tangible impact on financial access and inclusion across the African continent and beyond,” said Denelle Dixon, the Stellar Development Foundation’s CEO and Executive Director.
“This alliance represents a significant step forward in our efforts to harness the power of technology to make financial services more accessible and cheap for the world’s underbanked,” she said.
Stellar is a scalable and decentralized cryptocurrency designed for financial services and businesses. The Stellar network, which has expanded to over 5 million accounts, is used by financial institutions all over the globe to issue assets and settle payments.
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