Flutterwave partners with Stellar on Europe-Africa payment

The Stellar Development Foundation (SDF), the foundation which sponsored the native token of the Stellar Lumen network, XLM, has finalized a partnership deal with Flutterwave.

Under this new alliance, Flutterwave will use the USD Coin (USDC) stablecoin on the Stellar network to make payment services between Africa and Europe more seamless.

According to the publication, “Flutterwave, a global payments technology company, has launched two new remittance corridors between Europe and Africa on the Stellar network.”

The publication also indicated that Flutterwave’s cooperation will also extend to Stellar’s principal EU payments partner, Paris-headquartered money transfer operator, Tempo Payments.

It stated, “working with TEMPO, Flutterwave is leveraging the Stellar network and Stellar USDC to simplify remittances in Africa.”

Flutterwave’s Chief Executive Officer Olugbenga Agboola, in his statement regarding this new partnership, said: “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.”

According to Flutterwave, over 140 million transactions valued at over US$9 billion have been processed on its platform, which is currently serving over 290,000 businesses including Uber, Booking.com, and Facebook. It has a presence in over 33 African countries, including Nigeria, Rwanda, Uganda, Kenya, and South Africa.