US-based users of Strike, a digital payment service Built on Bitcoin’s Lightning Network, the platform can now send funds instantly to Kenya, Ghana and Nigeria at low cost via a new feature called “Send Globally” that was recently added. This new feature instantly converts funds to local currency before moving them to the recipient’s respective bank or mobile money account.
High cost of sending funds to Africa
Strike, a digital payments platform built on Bitcoin’s Lightning Network, recently added features to its platform. enables instant and low-cost remittances. Expense payment to Africa. Known as “Send Globally,” this feature is currently available for US-based users and applies to payments to Ghana, Kenya, and Nigeria.
Using Lightning Network rails, as explained in the digital payments company’s press statement of December 6, Remittances become almost costless. According to a recent World Bank Migration and Development Brief, remittance costs to Sub-Saharan Africa are now among the highest in the world.
Direct Deposits to Recipient Accounts
To overcome this cost issue, and other challenges associated with cross-border remittances, Strike launched an African payment system called Bitnob. partnered with the platform. Meanwhile, regarding the claims of the new features, Strike founder and CEO Jack Mallers said: Developing country. With exorbitant fees to get in and out of Africa, incumbent providers shutting down services, payment companies are struggling to operate in Africa and people are unable to send money to their families.
Through Strike, users looking to transfer funds to any of the three countries now have the opportunity to “send US dollars across borders easily and instantly,” Mallers said. says. With the new feature, payments to any of the three countries will be instantly converted to the respective country’s currency and deposited into the recipient’s bank or mobile money account.
Strike will continue to expand its payment services into Africa through integrations and partnerships with cross-border payment providers such as Chipper Cash, according to a statement.
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