Stellar ecosystem expands with more efficient cross-border payment and remittance flows from Europe to Africa
SAN FRANCISCO, Oct. 25, 2021 /PRNewswire/ — Today, the Stellar Development Foundation (SDF) announced that Flutterwave, a global payments technology company, has launched two new remittance corridors between Europe and Africa on the Stellar network. Working with TEMPO, Flutterwave is leveraging the Stellar network and Stellar USDC to simplify remittances in Africa.
Opening these new corridors will greatly benefit businesses focused on building more efficient, cost-effective remittance services, contributing to a stronger, more inclusive Pan-African digital payments infrastructure. Flutterwave plans 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.”
Connecting Stellar-based businesses like Flutterwave and TEMPO — which also has a significant, complementary user base in Africa — creates an efficient and affordable Pan-African payments infrastructure, supporting the Stellar Development Foundation’s mission to create equitable access to the global financial system. With these payment rails in place, Stellar continues to establish itself as a mature, viable digital alternative to traditionally lengthy and expensive methods for sending remittances.
According to TEMPO CEO, Suren Ayriyan, “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.”
“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,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. “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.”
Flutterwave is a global payments technology company that helps businesses all over the world expand their operations in Africa and other emerging markets through a platform that enables cross-border transactions via one API. Flutterwave has processed over 140M transactions worth over USD $9B to date and serves more than 290,000 businesses including customers like Uber, Flywire, Booking.com, and Facebook. The Company’s key advantage is international payment processing in 150 currencies and multiple payment modes, including local and international cards, mobile wallets, bank transfers, and Barter by Flutterwave. Flutterwave has an infrastructure reach 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.
Stellar 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 digital asset issuance, designed to connect the world’s financial infrastructure. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 5 million accounts.
About the Stellar Development Foundation
The 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. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology.
About TEMPO Payments
TEMPO Payments is a payment institution and the principal EU anchor for Stellar blockchain payments. As a cross-border transactions and settlements operator, TEMPO provides payment services for businesses worldwide and stands for the complete transparency of all operations, the immutability of records, high transaction speeds and highly competitive commission rates. The company’s mission is to build a unique payment ecosystem, allowing entrepreneurs to take their business to the next level of growth, by adopting disruptive fintech solutions and helping individuals to fully benefit from the next-gen financial services. For more information, visit https://payments.tempo.eu.com/