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Stellar, Oradian To Launch First Live Money Transfer Network In Nigeria
Stellar, an open-source platform for building financial products, has announced that a new low-cost payment transfer network among several microfinance organizations in Nigeria is now live.
The service has been made available via integration with Oradian, a cloud-based core banking solution provider, and reaches 200 branches and serves more than 300,000 end clients mainly in rural areas across Nigeria.
Joyce Kim, Executive Director of Stellar, said that the companies are working to launch the first live money transfer network in Nigeria.
“With the Oradian integration, communities that primarily relied upon cash for money transfer in and out of their villages can now transfer money instantly and safely, regardless of their location. This is the first step towards creating a universal payment network for the unbanked, and brings us closer to fulfilling Stellar.org’s mission of using a universal platform to bring financial services to all, AllCoinsNews quoted Kim.
Nigeria is the largest and most populous country in Africa and Oradian aims to bridge the gap between the country’s growing economy and its unbanked citizens by enabling efficient and reliable financial transactions. Moreover, Oradian’s network of micro finance institutions will open the door to localized solutions, thereby ensuring that communities can design, develop, and iterate independently.
“We are delighted to be working with Stellar, as this supports our ambition to empower the delivery of financial services to the underserved. With Stellar’s technology, we change the way money is being handled and transferred across geographies, in a secure, instant and cheap manner. This new disruptive service further proves that Oradian’s core-banking system is the leader in bringing new services to the underserved at scale”, said Antonio Separovic, Managing Director at Oradian.