The Stellar Development Foundation announced that Flutterwave has opened up a new way for people in Europe and Africa to send money. Flutterwave is using the Stellar (XLM) network and USDC to make remittance easier through TEMPO.
Olugbenga Agboola, the CEO of Flutterwave, said that it is more expensive to send money to sub-Saharan Africa than anywhere else in the world. But now, they are using Stellar to expand their payment corridors and bring affordable money transfer services to African business owners.
The CEO of TEMPO said, “We’re excited to partner with Flutterwave. They can use Stellar XLM, and we can help customers in Europe send money to Africa more quickly and cheaply. We hope to keep working with Stellar anchors so that we can provide people from around the world with more options for sending money.”
Businesses can use these new passageways to help them create more efficient and cost-effective remittance services. This will be good for businesses. Flutterwave also plans to expand Stellar-based capabilities and add additional currencies to support.
The Stellar Development Foundation’s goal is to provide equitable access to the global financial system. Flutterwave and TEMPO help because they have a lot of clients in Africa. This creates an efficient and cheap payment infrastructure that supports the Stellar Development Foundation’s goal of providing accessible worldwide financial services. Stellar continues to grow as it becomes more mature and viable than other cryptocurrencies in its ability to take over current remittance processes.
This collaboration is an excellent way to make financial services more accessible and affordable for underbanked people. This will happen because of the great technology that Stellar Development Foundation is using.
What is Fluttwerwave
Flutterwave is an African-based fintech company that provides a payment infrastructure for global merchants and payments providers across the continent. The headquarters are in San Francisco, California, with operations in Nigeria among other countries like Kenya, Ghana, South Africa, or Seven More African Nations.
A crew of young entrepreneurs saw an opportunity to create solutions where others couldn’t, so they founded Fluttersaw six years ago, growing steadily since then thanks primarily to its expansion beyond America’s shores.
To date, it’s helped more than 250 companies accept 85 different currencies worldwide, including Bitcoin, through Blockchain technology while also streamlining commercial transactions.
The founders of Flutterwaves were born in Nigeria, raised near Lagos; they started their business with $20k worth of capital by pitching on ABC’s Shark Tank show (all seven Sharks invested). Nowadays, there are over 100 countries where you can use your card without drawing attention, thanks to these guys.
Flutterwave wants to become a global payments company, which has over 500k users already- with one new offering merchants’ mobile devices into point of sale mode to accept payments while making sales.
The company has the vision to simplify the checkout process for customers and merchants alike. One such initiative is Flutterwave Mobile, which would turn mobile devices into point-of-sale machines that allow consumers who have gone online but prefer not having paperwork or bulky credit cards while still accepting payments in stores without any additional hardware investment by retailers themselves.
This new partnership between Flutterwave and TEMPO helps make remittance easier for people in Europe and Africa. It is a significant step forward to the Stellar Development Foundation’s goal of equitable access to global financial services. It provides an efficient and cheap payment infrastructure that many clients across Africa can use.