Stellar will use USDC for money transfers between Europe and Africa

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.

You may also like

Low gold – Ing
Markets
Joshua

Low gold – Ing

Gold prices fell for the third consecutive session, they point out in Ing raw materials, Ewa Manthey and Warren Patterson.

EUR: Good News about Commerce – Ing
Markets
Joshua

EUR: Good News about Commerce – Ing

Dax futures are currently contributing to rise 1.2% while investors welcome some clarity about trade. If this is still the