Blockchain technology is still moving forward despite the current bear market and the recent failure and bankruptcy of several significant crypto firms. Despite the recent events, crypto is aggressively being promoted for global adoption and accessibility.
Although it is well known that issues with remittances to African countries have not been fully resolved, CoinCorner and Bitnob have announced a new partnership. According to the parties involved, this partnership will contribute to improving the effectiveness of cross-border fiat currency transfers.
It is common knowledge that a third-party service provider, such as Western Union, is required to successfully transfer fiat currencies between Europe and Africa. These third-party services take a lot of time, and the fees are exorbitant.
According to a World Bank report, in 2020, remittances to Africa had increased to about $40 billion annually, with Nigeria leading the list of recipient nations.
Through the Bitcoin Lightning Network, users of this application can send money from Europe to the listed African nations. It will enable the transfer of GBP to African currencies such as the Kenyan shilling (KES), Ghanaian cedi, and Nigerian naira (GHS).
By first converting the money into Bitcoin and then immediately transferring it to the recipient’s local account, the Bitcoin Lightning Network will make transactions possible.
“The borderless nature of Bitcoin has made it a great tool to harness in sending money around the world, and with the introduction of the Bitcoin Lightning Network, sending money is now instant and low cost,” said Danny Scott, CEO of CoinCorner.
Nigeria has been ranked above all other nations in terms of remittances from foreign countries, as it receives the most foreign currency in Africa, according to statistics from various sources. This could be due to the increasing exodus of Nigerian nationals to other parts of the world in search of greener pastures.
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