View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
May 28, 2022

Centbee introduces blockchain-enabled cross-border remittances

Centbee has launched a new blockchain-based remittance service that will allow consumers living in the UK to send digital cash via the blockchain to West Africa.

The service will allow UK consumers to use their Centbee wallet to send money to a recipient’s Vodafone, Tigo MTN, or Airtel mobile money wallets as well as their bank accounts.

They will be able to send money to West African countries, including Nigeria, Ghana, Senegal, Ivory Coast, Mali, Niger and Benin.

Centbee co-CEO Lorien Gamaroff said: “By using the BSV blockchain to enable cross-border payments, we’re able to significantly reduce the costs of sending money, making it more affordable – under £2 per send – for people to send money home. Remittances take a few seconds to send, so when you send money from the UK, you know your family will receive that money, ready to spend, in seconds.”

The new remittance feature in Centbee wallet is said to build on its existing functionality which allows its 50,000 customers to buy, send and spend via their mobile phones.

The firm recently rolled out a blockchain-based loyalty programme, dubbed Centbee Honey, that offers users a ready-to-spend instant digital cash rewards in their Centbee wallet.

According to the firm, the addition of Centbee Honey significantly impacted its sales volumes and in-app usage.

Centbee co-founder Angus Brown noted that the launch of the cross-border remittances positions the firm for further rapid growth.

Brown added: “We’ve worked hard to find solutions leveraging the BSV blockchain to create useful and valuable services for our consumers across the world; our numbers show that consumers like having a digital cash wallet that can do it all – send money, buy products and services that they need and get rewarded instantly. The introduction of remittances to Centbee wallet builds on our vision of making digital cash useful to everyone, everywhere.”

In 2018, London-based blockchain research and development firm nChain Group purchased an an equity  stake in Centbee.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy


Thank you for subscribing to Electronic Payments International