Since banks charge high fees on international transfers to Africa, solutions are being developed with Web3 technologies to reduce these costs. Lately, CoinCorner has partnered with Bitnob for instant, fee-free transfers through the use of the Lightning Network.
Towards an improvement of monetary services in Africa?
After the announcement of Strike, it’s CoinCorner’s turn to use the solution ” Send Globally “. Developed by the Bitnob company, this feature allows users of CoinCoiner money transfer from European Union countries and England to Nigeria, Kenya, and Ghana.
To improve the daily lives of its users, Bitnob uses Lightning Network technology, allowing transfers instantly and at almost non-existent costs. As a reminder, the Lightning Network is an overlay of the Bitcoin (BTC) network that drastically improves scalability.
👉 To know everything about the uses of the Lightning Network
When a user uses the service ” Send Globally on CoinCorner, he does not need to own bitcoins : the sender only has to enter his local currency in the application, therefore the euro or the pound. In return, the recipient will receive their transfer directly in their local currency:
- the Nigerian naira (NGN) for Nigeria;
- the Kenyan shilling (KES) for Kenya;
- the Ghanaian cedi (GHS) for Ghana.
👉 How to buy Bitcoin (BTC) by credit card in 2022?
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Why is this a good initiative for Africa?
In a context where banking intermediaries charge high fees on transfers to AfricaCoinCorner positions itself as a company that gives economic power back to its users, as its CEO Danny Scott points out:
“For us at Bitnob, this is another leap forward in the economic empowerment of Africans. Sub-Saharan Africa remains the most expensive region to send money, where sending $200 cost an average of 8.2% in the fourth quarter of 2020 according to the World Bank. »
Furthermore, the second shortcoming of international bank transfers is the execution time of the transfers, which may take several working days. On the contrary, with the Lightning Network, the funds are transferable instantlyregardless of the day or time of sending.
With this type of solution, technologies related to Web3 can improve the daily lives of millions of people around the world: if the Lightning Network becomes democratized on a global scale, the most disadvantaged populations will obtain direct access to banking services, in places where infrastructure is often non-existent.
👉 Also in the News – Strike Unveils Fast, Free Transfers to Africa Using the Lightning Network
The No. 1 exchange in the world – Regulated in France
10% off your fees with code SVULQ98B 🔥
Source: CoinCorner
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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