Stellar And Oradian Bring Cheaper Money Transfers in Nigeria
One of the first African countries where Stellar is hoping to make a name for itself is Nigeria. Thanks to a strategic partnership with Oradian, the plan is to bring instant and cheap money transfer solutions to close to 300,000 residents. The topic of cheaper money transfers throughout African countries has been kicked around a few times in the past. Most of the established banks are not looking to expand in the region, simply because the costs would far outweigh any possible gains. But digital currency and distributed ledger technology can become a big player in this areas, and that is....
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MicroFinance Institutions (MFI), businesses and charities providing small loans to some of the world’s poorest people, have slowly but steadily been going digital. Antonio Separovic has been at the forefront of this with his company, Oradian, which provides database and accounting software for MFIs. Last year, Separovic went to Stellar’s San Francisco offices with a problem: all the MFIs he was working with had no way to send money quickly and easily between each other. “It takes 12 hours and a bus to move money from a microfinance institution (MFI) in Lagos to an MFI in the north of Nigeria.”
Stellar, the open blockchain platform and non-profit payment protocol has unveiled a slew of new partners including, notably, India’s largest private bank by consolidated assets ICICI, to bring low-cost, near instantaneous remittance solutions in India, the Philippines, Africa and Europe. Announced yesterday, Stellar revealed four new partners in some of the largest remittance markets in the world. Indian bank ICICI; Philippines-based financial inclusion-focused Fintech startup Coins.ph; pan-African Fintech firm Flutterwave which is notably plugged into the popular M-Pesa network; and....
Stellar is announcing four new partnerships with financial institutions that will enable low cost global money transfers to the Philippines, India and Europe, and cross-border M-Pesa payments to and from Kenya, Ghana and Nigeria. Stellar is a Silicon Valley based nonprofit that supports the Stellar network, a free, open-source network designed to connect diverse financial systems and let anyone facilitate low cost financial services — payments, savings, loans, insurance — for their community. The organization claims that the Stellar network enables money to move directly between people,....
According to a report published by the Bank of International Settlements (BIS) and a group of central banks, digital currencies can lead to faster settlement and cheaper transfers. Moreover, the banking group leveraged a prototype that shows how money transfers can be done in seconds with very little processing fees.
Inexpensive Transfers & Speed: Bank of International Settlements Report Says Digital Currencies Can Be More Effective
During the second week of September, the head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, explained....
Travel much? Bitcoinist discovered that using Bitcoin instead of local currency gives you more Big Macs for your bits, particularly in places like Venezuela and Nigeria. Attn: Travelers & Digital Nomads. It’s common knowledge that buying Bitcoin might make a great investment. It can also save you money when you use it to buy products at Amazon via Purse.io. Less well known is that using Bitcoin can slash your travel costs as well particularly in places like Venezuela and Nigeria. Both these countries have capital controls on their economies and black markets for hard currency,....