Bitcoin-Based Payment Network to Facilitate Remittances to Africa

Strike announced plans to improve remittance payments into Africa via the Lightning Network on Bitcoin, thanks to the partnership with the mobile app Bitnob

bitcoin africa

Lightning Network to Facilitate Remittances to Africa. Source: shutterstock.com

On the stage of the AfroBitcoin conference, Strike CEO Jack Mallers announced that the crypto payments company has partnered with the mobile app Bitnob to facilitate remittance into Africa.

The new service will utilise the layer-2 Lightning Network built on Bitcoin. The feature called “Send Globally” will enable instant, low-cost payments to Africa, while customers don’t necessarily use Bitcoin themselves.

Dollar payments will be instantly converted into African currencies such as naira, cedi or shillings. The money gets directly deposited to recipients’ bank accounts, mobile money wallets, or Bitnob accounts. The new remittance service will incur no transaction fees. It is currently available in Nigeria, Ghana and Kenya.

“The current financial system isn't set up in a way that ensures equal access for people and institutions from Africa. What we have built reduces the pressure on our financial institutions in sourcing USD liquidity. People can now easily exchange value from the US to people in Africa in the cheapest way possible. We can now save people sending money back home to Africa billions of USD in transfer fees.”
Bernard Parah, Founder and CEO of Bitnob

In addition, Strike will expand payment services to Africa through integrations and partnerships with local fintechs. These include Chipper Cash – one of Africa’s largest P2P and cross-border payment service providers.

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