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Cross-border Stellar (XLM) payments are soon coming to Europe and Africa Cross-border Stellar (XLM) payments are soon coming to Europe and Africa

Cross-border Stellar (XLM) payments are soon coming to Europe and Africa

Opening these new corridors will greatly benefit businesses focused on building more efficient, cost-effective remittance services.

Cross-border Stellar (XLM) payments are soon coming to Europe and Africa

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The Stellar Development Foundation (SDF), the non-profit supporting the Stellar network, announced yesterday that Flutterwave, a global payments technology company, has launched two new remittance corridors between Europe and Africa on the Stellar network.ย 

Flutterwave would leverage the Stellar network and Stellar-based USD Coin to simplify remittances in Africa. Remittances are currently a multibillion-dollar market in the continent, and crypto usage could just account for a piece of that pie.

How does the Stellar move help?

Opening these new corridors will greatly benefit businesses focused on building more efficient, cost-effective remittance services, contributing to a stronger, more inclusive Pan-African digital payments infrastructure.ย 

As such, Flutterwave plans to extend Stellar-based capabilities to additional African countries as it continues to grow the number of currencies it supports.

โ€œIt is more expensive to send money to sub-Saharan Africa than to any other region in the world,โ€ said Olugbenga Agboola, CEO at Flutterwave. โ€œOur 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.โ€

Connecting Stellar-based businesses like Flutterwave and TEMPO โ€” which also has a significant, complementary user base in Africa โ€” creates an efficient and affordable Pan-African payments infrastructure, supporting the Stellar Development Foundationโ€™s mission to create equitable access to the global financial system.ย 

Benefiting Africa

With these payment rails in place, Stellar continues to establish itself as a mature, viable digital alternative to traditionally lengthy and expensive methods for sending remittances.

โ€œFlutterwave 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,โ€ said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation.

She added, โ€œThis partnership marks a further step in our efforts to harness the power of technology to make financial services more inclusive and affordable for underbanked individuals worldwide.โ€

Stellar is a decentralized and scalable cryptocurrency made for financial products and services. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 5 million accounts as per data provided to CryptoSlate.