two men holding smartphone with Tempo's logo in them, Tempo, Stellar, and Flutterwave's names and logos, green and white background

Nigeria Is Joining the Blockchain Game with Tempo and Flutterwave

Jul 1, 2018, 11:08AM
1 min, 54 sec READ

Partnership advances Tempo’s efforts to provide fast & secure blockchain payments and provides a gateway to expose Africa to crypto payments

Tempo Money Transfer announced its partnership with Flutterwave to introduce fast and reliable blockchain-based payments in Nigeria. The new partnership could become an entering wedge to the huge African market building on Stellar’s blockchain technology. 

Tempo Money Transfer is a France-based money transfer providing a comprehensive money transfer service from 35 countries to over 50 countries that are traditionally under-served by conventional money transfer providers. The service has over 100,000 agents worldwide including countries like Nigeria, Benin, Cameroon, Congo, Mali, and Togo and transfers are funded using a debit card, credit card, or bank transfer via P2P and blockchain technology, enabling users to remit funds to their loved ones at home. Tempo introduced the EURT (Euro Tempo Token), its own crypto token, in April last year using Stellar’s blockchain network allowing clients to transfer funds in 3-5 seconds. 

Africa's Crypto Potential Seems Promising 

Flutterwave is a Nigerian-based payment processor for African payments co-founded by Lyinoluwa Aboyeji, which aggregates payments from over 68 platforms that include mobile money, placing them on one platform. The service allows users to send and receive money in at least 30 African Countries. Flutterwave CEO is optimistic about the potential of the new partnership with Tempo.

Our partnership with Tempo is a fantastic example of the kind of innovation Flutterwave is enabling on the Stellar blockchain technology to bring down remittance costs and connect Africa to the global economy. We are excited about the impact this partnership will have on diaspora families who can now send bank payments to their loved ones back home for less / Lyinoluwa Aboyeji

Tempo will leverage on Stellar’s blockchain, making remittances easy, fast, and affordable. The Stellar network is an open source, distributed, and community-owned network used to facilitate cross-asset transfers of value, including payments.  

Blockchain and cryptocurrency are big daunting words in Africa. Its under-adoption seems to indicate that it is still seen as abstract ideas to most individuals and institutions. Recent developments, however, show that despite its many limitations regarding trade and cross-border money movements, Africa is joining the crypto game to take advantage of Smart Contracts, Security data solutions and cryptocurrency.

 

 

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.