Stellar And Flutterware To Build Europe-Africa Payment Corridors
The Stellar ecosystem continues to grow, today announcing a partnership with global payments company Flutterwave to launch two new payment corridors between Europe and Africa.
The payment corridors will process transactions in USDC, to be supported by the Stellar network with their main EU anchor TEMPO, a payment institution that offers its services for the corporate sector.
The partners aim to provide a simplified way of sending remittances between the two continents. The collaboration could create a positive impact throughout the African region, and offer businesses an easily accessible digital payment method.
XLM-based companies Flutterwave and TEMPO will create an “affordable Pan-African payments infrastructure”, in order to achieve this goal.
The partners expect to gain more adoption and acceptance as an alternative payment system as opposed to the more expensive and restricted payment companies in the traditional sector.
The CEO at Flutterware Olugbenga Agboola said in a press release that sending money to the Sub-Saharan region is one of the most expensive processes worldwide.
The partnership with the Stellar Development Foundation (SDF) aims to overcome this and make the process more cost-efficient and accessible.
Agboola commented:
“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.”
Africa & Stellar
Africa and the Sub-Saharan region have one of the larger numbers of unbanked populations in the world. The partnership aims to bring inclusivity and financial access to the millions of people living under these circumstances by reducing remittance costs and proving access to financial services.
Suren Ayriyan, CEO at TEMPO, said:
“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.”
Finally, Denelle Dixon, CEO and Executive Director of the SDF said:
“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.”
At the time of writing, XLM trades at $0.39 level. Due to the constant expansion of its ecosystem, XLM price has been on the rise.
