For users of the British crypto exchange CoinCorner, the ability to send fiat transfers from the UK and the EU to Africa using Bitcoin and the Lightning Network micropayment network is open.
CoinCorner customers can now “Send Globally” from the UK and Europe to Africa, using #Bitcoin and the Lightning Network 🌍⚡️
We’ve partnered with @Bitnob_official to facilitate cross-border transactions from the UK and Europe to Nigeria, Kenya and Ghana.https://t.co/ves2EtrSKs
— CoinCorner ⚡️ Buy Bitcoin at CoinCorner.com (@CoinCorner) December 12, 2022
The Bitnob platform acted as a partner for the implementation of the Send Globally service.
Through the app, you can send pounds sterling (GBP) or euros (EUR) to Nigeria, Kenya and Ghana directly to your bank account.
During the transaction, the funds of the CoinCorner client using Send Globally are converted into bitcoin and sent via the Lightning Network to Bitnob. The latter immediately converts them into the appropriate local currency: naira (NGN), shillings (KES) or cedi (GHS).
According to CoinCorner, in the direction of these three countries from the UK alone, the annual volume of transfers is about 12 billion GBP.
In addition, Bitnob CEO Bernard Para recalled that sub-Saharan Africa remains one of the most expensive regions for money transfers. According to the World Bank at the end of 2020, sending $200 there cost an average of 8.2% of the amount.
“Bitcoin powers the future of money, and our partnership provides a compelling example of what it will look like,” Para concluded.
Earlier we wrote that in November the developers fixed critical bug in the Lightning Network that caused the network to fail.
