Stellar.org, a Silicon Valley-based non-profit foundation, has partnered with Oradian, a company that sells cloud-based software to micro finance institutions (MFIs) in developing countries, to launch a payment transfer network in Nigeria.
The network, which will offer transaction facility among microfinance organizations, will enable money to move between people, companies and financial institutions.
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The integration of Stellar and Oradian will provide services to over 200 branches serving more than 300,000 clients based in rural areas across the country.
Following the integration of Stellar network into Oradian, MFIs will be able to make transaction between their branches, while MFI customers will be able to send money to other users by visiting their local MFI.
Oradian managing director Antonio Separovic said: "With Stellar’s technology, we change the way money is being handled and transferred across geographies, in a secure, instant and cheap manner."
Stellar.org executive director Joyce Kim said: "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."
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By GlobalData
