The Lightning Network has made its mark in Ghana, Kenya, and Nigeria. At a conference in Ghana, CEO Jack Mallers of Strike revealed that the Bitcoin (BTC) payments company has joined forces with the mobile app Bitnob to streamline payments into Africa.
Mallers shared the exciting news at AfroBitcoin, a Bitcoin conference held in Accra, the capital of Ghana. Together with Bernard Farah, the CEO of Bitnob from Nigeria, they demonstrated how the partnership works.
To transfer money to Africa, the Lightning Network, a layer-2 payments network layered on top of Bitcoin, is utilized. The service, known as “Send Globally,” allows for instant and cost-effective payments to Africa.
Bitnob CEO Bernard Parah explained on stage that the feature does not necessitate individuals to handle Bitcoin themselves. This no-fee feature is presently accessible to individuals in Nigeria, Ghana, and Kenya. In contrast, services like Wise levy a small fee, while Western Union can charge over 10% for money transfers.
When sending dollar payments, they are promptly converted into naira, cedi, or shillings, the currencies of Nigeria, Ghana, and Kenya, respectively, and then transferred directly to recipients’ bank accounts, mobile money platforms, or Bitnob accounts.
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Mallers likened the overall user experience to PayPal’s Venmo app, as it offers instant peer-to-peer payments. Venmo, a mobile application, enables seamless and immediate payments among customers in the United States. Mallers stated that the Lightning Network has successfully accomplished conversions from dollars to naira and vice versa.
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