Fintech Startup Plans Borderless Payment Platform In Nigeria

Due Network, a next-gen fintech startup, has announced plans to launch its global payment platform in Nigeria. The solution offers borderless multi-currency accounts, enabling seamless international money movement for businesses and individuals alike.

Due currently provides over 50 markets with uninterrupted access to global liquidity by connecting various domestic payment rails around the world, while facilitating the transactions at much lower costs and significantly faster settlement times compared to existing methods. As an example, a company in Nigeria will be able to use naira currency via Nigeria Inter-Bank Settlement System instant payment platform to pay its vendor in Europe, who then can receive the payment in euro currency, instantly, at near-zero costs and with a few clicks from a single interface.

CEO and co-founder, Due Network, Robert Sargsian, in a press briefing on Tuesday, in Lagos, averred that “The global payments ecosystem is riddled with inefficiencies. Receiving funds from overseas, paying international vendors or even moving intra-company funds across countries is expensive, slow and hard to access. We are here to challenge and change that.”

Powered by open and interoperable decentralised ledger protocols, Sargsian said Due enables 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.

Headquartered in London, UK, Due Network recently announced its $3.3 million Seed round to further develop Due’s technology and expand its fiat currency connectivity to more markets.