Stellar To Launch New Europe-Africa Payment Corridor With This Partner

Reynaldo Marquez

3 years ago

2 mins read

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The Stellar ecosystem continues to expand. Today they have announced a partnership with global payments company Flutterwave to launch two new payment corridors between Europe and Africa.

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 corridors will process transactions with USDC.

In that way, the partners seek to provide a simplified way of sending remittances between the two continents. Thus, the collaboration could create a positive impact throughout the African region as it provides businesses with friction and accessible digital payment method.

To achieve this objective, the XLM-based companies Flutterwave and TEMPO will create an “affordable Pan-African payments infrastructure”.

In doing so, 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 claimed in a press release shared by the Stellar Development Foundation (SDF) that sending money to the Sub-Saharan region is one of the most expensive processes worldwide.

In that sense, their partnership with the SDF tries to make the process more cost-efficient and accessible. Agboola said the following:

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 And The Future Of Payments Power By Stellar

Africa and the Sub-Saharan region have one of the larger unbanked populations in the world. The partners attempt 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 the partnership is an exciting step into their expansion using Stellar rails. Ayriyan added:

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 called the collaboration with TEMPO and Flutterwave a new advancement to leverage crypto-based technology to improve the financial system. Dixon 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.

As of press time, XLM records 2.2% and 36.2% profits in the and monthly charts, respectively. The cryptocurrency has seen an important price surge due to the constant expansion of its ecosystem.

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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