In recent weeks, Stellar (XLM/USD) has been adamant about creating a space for itself in the rapidly growing crypto payments sector. The Stellar Development Foundation has now announced that it is working on a new remittance channel that will link Europe and Africa via the USD Coin (USDC).
The announcement made on October 25 further states that Stellar will team up with Flutterwave to facilitate the use of the USD Coin on its network. Flutterwave will also work with Tempo Payments, a money transfer firm in Paris that is also among Stellar’s partners.
Tap into Africa’s Remittance Market
Speaking on this initiative, the CEO of Flutterwave, Olugbenga Agboola, stated that,
It is more expensive to send money to sub-Saharan Africa than to any other region in the world. Our new payment corridors on Stellar will allow us to continue expanding the Flutterwave network to bring all-important, cost-effective money transfers services to African business owners.
The CEO of the Stellar Development Foundation, Denelle Dixon, also noted that this initiative would be a step further in enabling the firm to achieve its financial inclusion and affordability goals. Dixon further applauded Flutterwave for its impact on the region and noted that it would support the firm in bringing financial access and inclusion to the African continent.
Flutterwave is one of the leading remittance firms globally. The firm states that it has processed over 140 million transactions worth more than $9 billion since inception. The platform also has a presence in over 33 African countries, including South Africa, Nigeria, Kenya, Uganda and Rwanda. Some of the businesses it serves include Facebook and Uber.
Stellar Targeting major Growth
As aforementioned, Stellar has been working
