Due Network, a next-gen fintech startup, has announced plans to launch its global payments platform in Nigeria.
The company, which made the announcement at a virtual media meeting, said the payment solution would offer borderless multi-currency accounts, enabling seamless international money movement for businesses and individuals alike.
Due Networks provides uninterrupted access to global liquidity to over 50 markets 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.
According to Due Network, a company in Nigeria will be able to use the Naira via NIP to pay their vendor in Europe, who then can receive the payment in EUR instantly via SEPA, at near-zero costs and with a few clicks from a single interface.
Giving further explanation about the payment platform, the CEO and co-Founder of Due Network, Robert Sargsian, said: “The global payments ecosystem is riddled with inefficiencies. Receiving funds from overseas, paying international vendors or even moving intracompany funds across countries is expensive, slow and hard to access. We are here to challenge and change all of that.”
Powered by open and interoperable decentralised ledger protocols, Due Network 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.
Notably, all Due Network accounts are fully non-custodial, meaning the clients maintain complete control and custody over their funds on the platform. No intermediaries and 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.