Flutterwave and Hedera (HBAR) Join Forces for Instant Payments Revolution in Africa

• Flutterwave and Hedera have partnered to integrate the stablecoin USDC on the Hedera network to enhance cross-border financial transactions in Africa.

• The partnership was announced at the Africa Money & DeFi Summit West Africa, a platform that fosters collaborations in the fintech and cryptocurrency sectors.

Flutterwave, a foremost African payments company, and Hedera, a notable player in the cryptocurrency domain, have announced their groundbreaking partnership. At the heart of this collaboration lies the integration of USDC (USD Coin) on the Hedera network. USDC is a stablecoin tied to the US dollar. 

The cryptocurrency market lauds USDC for its stability and dependability. Flutterwave gears up to offer users instant, affordable payments and remittances by bringing USDC to its platform, marking a significant stride in enhancing cross-border financial transactions in Africa.

Benefits for Both Parties

This integration doesn’t just spell success for Flutterwave. Hedera stands to benefit greatly, potentially witnessing a surge in the adoption and utilization of its network, further cementing its position in the blockchain ecosystem. They unveiled the partnership during the Africa Money & DeFi Summit West Africa on October 3rd and 4th.

This summit, known for bridging African fintech and crypto magnates with global businesses, has provided fertile ground for collaborations that shape the future of fintech, decentralized finance, payments, startups, and other blockchain-associated ventures.

Peter Schroeder, Director at Circle, the enterprise behind the USDC stablecoin, validated the collaboration, emphasizing the magnitude of the partnership within the broader crypto world. Flutterwave’s CEO, Olugbenga Agboola, shed light on the company’s expansion blueprints and dedication to simplifying transactions. 

Flutterwave has its sights set on extending its services to other nations, leveraging its strong foothold in countries like the UK and India to solidify its status as a global fintech trailblazer.

Past Successes and Future Aspirations

The commitment of Flutterwave to innovative financial solutions is not new. In 2021, it successfully integrated USDC into the Stellar network, which streamlined remittances between Africa and Europe. Its recent partnership with Hedera aims to magnify its impact in the tech and finance sectors.

Hedera has been proactive in rolling out enterprise stablecoin services. They recently unveiled their SDK, termed the Stablecoin Studio. This toolkit empowers organizations globally to swiftly launch and manage tailored stablecoins on the Hedera Network, ensuring a streamlined user experience that includes features like proof-of-reserve functionality and compliance tools. Notably, Shinhan Bank from Korea and SCB TechX from Taiwan built a successful stablecoin remittance trial on Hedera.

Meanwhile, Flutterwave continues its march toward modernizing its offerings. As the lead sponsor for the upcoming African Fintech Festival in Zambia, the company has rebranded its cross-border remittance solution, now known as the Send App. This revamped tool facilitates swifter, cost-effective money transfers from the diaspora to Africa, expanding its reach to include nations like Egypt and Senegal. Currently, the platform boasts a remarkable coverage of over 34 countries since its debut in 2021.

Flutterwave’s achievements extend beyond this. The company has processed transactions worth over $25 billion and catered to over a million businesses, positioning itself for further growth. Recent license acquisitions in Rwanda and Egypt, coupled with plans to penetrate the Indian market via partnerships with IndusInd Bank and Capgemini, further highlight its ambition.