Global Courant
Swiss fintech pioneer Centi and leading global digital wallet Centbee (www.centbee.com), announced today at the Blockchain Conference in London that they have joined forces to redefine remittance services from Switzerland to Africa. By deploying advanced blockchain technology, this partnership is poised to make cross-border money transfers more streamlined, cost-effective and inclusive.
Remittances are the financial backbone of many African households, with Switzerland’s sizeable diaspora community playing an important role. According to the World Bank, Switzerland’s remittances abroad in 2020 amounted to more than $8.2 billion, a significant portion of which was destined for African countries.
Traditionally, remittances have relied heavily on bank transfers and credit cards, creating challenges for the bankless and unbanked communities of Europe. To address this critical issue, Centi has developed a unique cash on ramp feature, while Centbee offers off ramps in several African countries including Ghana, Senegal, Cameroon, Nigeria, Kenya and Uganda. This synergy promises to significantly improve financial inclusion.
Preliminary tests indicate that sending CHF 50 in cash to Ghana using the combined service of Centi and Centbee can be 85% cheaper than the market leader. This translates to recipients getting their hands on up to 30% more cash based on the same CHF50 sent from Switzerland. This revolutionary model could pose a formidable challenge to traditional high-fee money transfer providers.
The partnership also sees greater savings potential by leveraging Centi’s groundbreaking blockchain technology in combination with a unique Swiss bank-backed stablecoin, in addition to Centbee’s easy-to-use digital money wallet and extensive knowledge of the African market. This union is expected to bring about a marked improvement in remittance services, providing much-needed financial support to families and communities in Africa.
Bernhard Müller, CEO of Centi, underscores the vision behind this partnership: “Our partnership with Centbee is rooted in a shared commitment to make financial services more accessible and affordable for underserved communities. Together we want to challenge and transform the payment landscape.”
Echoing this sentiment, Lorien Gamaroff, CEO of Centbee, adds: “Our partnership with Centi, a digital payments leader, aligns seamlessly with our mission to make digital money accessible to everyone. We are confident that this collaboration 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 remittance services. Making these services more affordable and accessible will take us one step closer to financial inclusion for everyone in Africa.
Distributed by APO Group on behalf of Centbee.
Centbee Media Questions:
For more information, please address:
Heidi Patmore
Centby
+27 82 579 9473
(email protected)
Questions about Centi Media:
For press or interview inquiries, please contact:
Frederick Heselhaus
E: (email protected)
About Centi:
Centi is a Swiss fintech startup, focused on using blockchain technology to revolutionize the financial services industry. Meeting the needs of unbanked and bankless communities, Centi provides cost-effective, efficient and accessible digital finance solutions. With its innovative cash-on-ramp feature, Swiss bank-backed stablecoin, and strategic partnerships, Centi is challenging the status quo and shaping the future of the remittance industry. The company’s commitment to financial inclusion and affordability reflects its mission to drive significant societal change through advanced fintech solutions. More information on www.centi.ch.
About Centbee:
Centbee is a digital money wallet that makes it easy for consumers around the world to buy, spend and send digital money to their friends and family on their mobile phones using the BSV blockchain. More information on www.centbee.com
This press release is issued by APO. The content is not checked by the African Business editors and none of the content has been checked or validated by our editors, proofreaders or fact-checkers. The publisher is solely responsible for the content of this announcement.
