As per reports from BusinessWire, Strike, a top digital payments platform built on Bitcoin's Lightning Network just released "Send Globally," which lets people send money to Africa quickly and cheaply. Strike's Send Globally is available to U.S. users today, covering Nigeria, Kenya, and Ghana.
High fees, slow settlements, and a lack of innovation in cross-border payments hurt the developing world, said Strike CEO Jack Mallers. With expensive rates to move monies in and out of Africa and incumbent suppliers discontinuing services, payments companies are suffering in Africa, and consumers can't send money home.
Strike allows U.S. currency transfers across borders quickly and easily. Strike teamed up with Bitnob to facilitate fast African payments. Through Lightning Rails, Strike's Make Globally functionality allows U.S. users to send money to Africa rapidly.
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For example, strike users may send money to Nigeria, Ghana, and Kenya instantaneously with Send Globally. Instantly converted payments are placed into a recipient's bank, mobile money, or Bitnob account. As a result, "Send Globally" improves the speed, price, and ease of payments to Africa, even in nations with fewer options.
Source: Facebook (Illustration showing money transfer from Alice in Nigeria to Bob in the USA)
Bernard Parah, Bitnob's founder and CEO said the current financial system doesn't offer equal access for Africans and institutions. "What we've constructed lessens the pressure on our banks to get USD cash."
People can now swap money cheaply from the U.S. to Africa. "As a result, we can save Africans billions of dollars in transfer costs."
Solving cross-border transfers into Africa using Bitcoin would improve local economies. $17.2 billion was remitted to Nigeria in 2020. The World Bank estimates that sending $200 in 2020 will cost $17.8 (8.9%). It's equivalent to Samoa's GDP in missed fees.
Nigerians would profit financially if remittance costs were eliminated by using Bitcoin payment rails. Kenya and Ghana are similar. Thousands of Ghanaians and Kenyans in the US send money home. Remittances have boosted crypto in Africa in recent years.
Strike will expand payment services to Africa through integrations and exploratory collaborations, notably with Chipper Cash, one of Africa's largest peer-to-peer and cross-border payment service providers.
