Revolutionary Money Transfers: Centi and Centbee Partner to Empower African Diaspora with Affordable Blockchain-Based Transfers
Zurich – June 1, 2023: In a major step towards empowering the African diaspora community, Swiss fintech pioneer, Centi, and leading global digital money wallet, Centbee, have joined forces to redefine money transfer services from Switzerland to Africa. By implementing advanced blockchain technology, this partnership is poised to make cross-border money transfers more streamlined, cost-effective and inclusive.
Remittances are the economic backbone of many African households, with Switzerland’s sizeable diaspora community playing a significant role. According to the World Bank, remittances from Switzerland abroad exceeded $8.2 billion in 2020, with a significant portion dedicated to African countries.
Traditionally, money transfers are heavily dependent on bank transfers and credit cards, which creates challenges for the unbanked and underbanked communities in Europe. To address this critical issue, Centi has developed a unique cash on-ramp feature, while Centbee offers ramps in various African countries including Ghana, Senegal, Cameroon, Nigeria, Kenya and Uganda. This synergy promises to significantly strengthen financial inclusion.
Preliminary tests indicate that sending CHF 50 in cash to Ghana using Centi and Centbee’s combined service can be 85% cheaper than the market leader. This means recipients get up to 30% more cash in hand based on the same CHF 50 sent from Switzerland. This revolutionary model can pose a formidable challenge to traditional service providers with high fees.
The partnership also sees greater savings potential by leveraging Centi’s cutting-edge blockchain technology combined with a unique Swiss bank-guaranteed stablecoin, along with Centbee’s easy-to-use digital money wallet and extensive knowledge of the African market. This association is expected to bring about a marked improvement in remittance services, providing much-needed financial relief to families and communities in Africa.
Bernhard Müller, CEO of Centi, emphasizes the shared vision that drives this partnership: “Our collaboration with Centbee is rooted in a shared commitment to make financial services more accessible and affordable for underbanked communities. Together, we aim to challenge and transform the remittance landscape.”
Lorien Gamaroff, CEO of Centbee echoes this sentiment, adding: “Our partnership with Centi, a frontrunner in digital payments, aligns seamlessly with our goal of making digital cash accessible to everyone. We are confident that this partnership will bring significant benefits to our users and the wider African community.”
This collaboration between Centi and Centbee demonstrates the transformative potential of blockchain technology to revolutionize global money transfer services. By making these services more affordable and accessible, we are moving one step closer to financial inclusion for all in Africa.
Centi is a Swiss fintech startup, focused on leveraging blockchain technology to revolutionize financial services. By meeting the needs of unbanked and underbanked communities, Centi offers cost-effective, efficient and accessible digital financial solutions. With its innovative cash on-ramp feature, Swiss bank-guaranteed stablecoin and strategic partnerships, Centi is challenging the status quo and shaping the future of the money transfer industry. The company’s commitment to financial inclusion and affordability reflects its mission to drive significant societal change through cutting-edge fintech solutions. Learn more at www.centi.ch.
Centbee is a digital money wallet that makes it easy for global consumers to buy, spend and send digital money to friends and family on their mobile phone using the BSV blockchain. Learn more at www.centbee.com.
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