Flutterwave has partnered with the Stellar Development Foundation to use the USDC stablecoin to facilitate money transfers between Africa and Europe.
Global payments company Flutterwave has partnered with remittance operator Tempo Payments, Stellar’s main payment partner in the EU. Flutterwave CEO Olugbenga Agboola noted that sending money to Africa is more expensive than any other region in the world. The new partnership will help provide essential financial services to African business owners, he said.
Africa is becoming a key market for payment companies because most of the population does not have access to banking services. Several payment companies already operate in the country, including WorldRemit, Azimo, Transferwise, Payoneer and Xoom. Flutterwave has processed more than 140 million transactions worth more than $ 9 billion. In addition, the firm has infrastructure in 33 African countries, including Nigeria, Rwanda, Uganda, Kenya and South Africa.
Stellar Development Foundation is steadily expanding its presence in Africa. So, in November 2020, the organization merged with the East African payment company ClickPesa, which connects banking systems in Tanzania, Kenya and Rwanda.
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