US-based digital payments platform Strike, which utilizes Bitcoin’s Lightning Network, has now enabled users to transfer funds instantly and affordably to countries in Africa. The new feature, dubbed “Send Globally,” allows for the conversion of funds to the local currency before it is sent to the recipient’s bank account or mobile money.
High Cost of Sending Money to Sub-Saharan Africa
As per a recent World Bank report on migration and development, the cost of sending money to the Sub-Saharan African region is one of the highest when compared to other locations around the world. To address this issue and other obstacles posed when transferring funds across international borders, Strike has partnered with African payment platform Bitnob.
Jack Mallers, the CEO and founder of Strike, commented on the new feature:
The developing world has suffered from slow settlements, fees, and lack of innovation in cross border payments. With payment companies finding it hard to do business in a country where established providers have suspended services, people are often unable to send money home for their families.
Mallers added that Strike users in the US can now “easily and instantly transfer their US dollars across borders” to Ghana, Kenya, and Nigeria.
The digital payments firm also stated that it is looking to expand its payments service with new integrations and partnerships through cross-border payments providers such as Chipper Cash.
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