Due Network, a fintech startup, has announced plans to launch a global payment platform in Nigeria.
The platform would aid borderless multi-currency accounts and enable seamless international money movement for businesses and individuals, the firm stated.
It declared that it had already provided over 50 markets with uninterrupted access to global liquidity.
It explained that with its platform, a company in Nigeria would be able to use naira via NIP to pay their vendor in Europe, who then can receive the payment in EUR.
The Chief Executive Officer and co-founder of Due Network, Robert Sargsian, during a virtual press conference, said, “The global payments’ ecosystem is riddled with inefficiencies.
“Receiving funds from overseas, paying international vendors or even moving intra-company funds across countries are expensive, slow, and hard to access. We are here to challenge and change that.”
The firm highlighted that it was powered by open and interoperable decentralised ledger protocols, which would enable Nigerian clients to use naira to add/hold digital US dollars and euros in their accounts, which can then be used to send/receive funds across Sub-Saharan Africa, the UK, EEA, and the US.
The firm whose headquarters are in London added, “Notably, all Due accounts are fully noncustodial, meaning the clients maintain complete control and custody over their funds on the platform. No intermediaries – not even Due themselves – can access the client funds in any way, providing the account holders with direct and unobstructed access without any restrictions or dependencies.”
