Through Bitcoin’s Lightning Network, people in Nigeria, Kenya, and Ghana may now receive immediate, low-cost remittance payments in their native currency.
Bitcoin payments app Tuesday, Strike announced the debut of Transfer Globally, a new tool that allows U.S. consumers to send money to Africa quickly and affordably.
According to Strike’s CEO and founder Jack Mallers: “With excessive rates to move monies in and out of Africa and incumbent providers discontinuing services, payments businesses are struggling to function in Africa and individuals cannot send money home to their families.” “Strike allows users to move US cash simply and instantly across international boundaries.”
Initially, the remittances service enables individuals in Nigeria, Kenya, and Ghana to receive U.S. dollars and instantaneously change them to their local currency. The functionality is made possible by cooperation between Strike and Bitnob, a local Bitcoin app.
Bernard Parah, founder and chief executive officer of Bitnob, said in a statement that the present financial system does not offer fair access for individuals and organizations from Africa.
Strike and Bitnob serve as a bridge between the two continents by linking local financial institutions to the global Lighting network, Bitcoin’s overlay protocol for inexpensive and quick payments.
“Now, utilizing Lightning rails beneath the hood, Transmit Globally gives U.S. consumers with a cheaper, quicker, and more creative option to instantaneously send payments to Africa,” according to the release. Instantaneously converted into naira, cedi, or shillings, and put immediately into the recipient’s bank account, mobile money account, or Bitnob account. Strike said that it intends to allow Send Global in other African nations in the near future.
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