Need to send money from the EU to Africa but traditional methods are too expensive? CoinCorner and Bitnob_official developed a solution through the Bitcoin Lightning network.
Typically transfer of funds between Europe and Africa requires a third-party facilitator like Western Union, which rely on centralized entities. These transactions often have processing times of multiple parties prior to approval and are known for their expensive cuts. World Bank
Now, users can transfer funds via the Bitcoin Lightning Network from the United Kingdom and Europe to select countries in Africa. The application, Send Globally, allows British pounds or Euros to be transferred to the local currencies of Nigeria , Kenya and Ghana . Sending remittances to Africa, especially from the U.K. and Europe, is known for its high cost. Source: IFADis a big opportunity to highlight the utility of BTC.
In 2021, data from Statista placed Nigeria in the top 10 countries for remittance payments. Additionally, the World Bank reported tha in the last year Sub-Saharan Africa made up 14.1% of global remittances.
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